ETIQUETTE: Kuwait is a relatively conservative Muslim country. Islam is the official religion of Kuwait, with 57% of the population being Arab. The population is around 2.5m, including 1m non-nationals. It is customary to exchange handshakes when introducing yourself, but when introducing yourself to...
set swapping. The NOC offers contractors three main investment options: an NOC pre-approved offset project; a project proposed by the contractor with NOC post-approval; or participation in offset funds developed or approved by the NOC. There is variation in the type of offset projects that the NOC can accept as proposals or propose itself, including joint ventures, greenfield...
Like many countries fortunate enough to post regular budget surpluses, Kuwait has sought to put its excess liquidity to work in international markets. According to the Sovereign Wealth Fund (SWF) Institute, the Kuwait Investment Authority (KIA) represents the sixth-largest SWF in the world. Furthermore, although it has a broad mandate to invest both...
The potential benefits a privatisation strategy offers to Kuwait are similar to those experienced in other jurisdictions, especially the possibility of increased foreign direct investment (FDI), the potential to reduce public spending and greater tax revenues. Other significant advantages include improved sector efficiency, encouraging Kuwaiti...
A landmark flight from Baghdad that touched down in February 2013 at Kuwait International Airport looks set to usher in a new era of stronger economic ties between the two Gulf neighbours. The resumption of direct air travel between Iraq's capital and Kuwait, which is building on a steadily rising flow of traffic between the two countries, is good...
The discovery of Kuwait’s Burgan oilfield in 1938 set the state on a path of development that has made it one of the richest nations in the world, and its buoyant oil revenues, years of budget surpluses, and a young and growing population combine to underwrite the nation’s future economic expansion. Alongside Qatar and the UAE, Kuwait boasts the...
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