As hydrocarbons forms the backbone of Kuwait’s economy, the resurgence in global commodity markets bodes well for the future and has led to a renewed sense of optimism. The recovering market is also supporting the government’s diversification efforts under the auspices of the Kuwait National Development Plan, or New Kuwait.
How have local companies adjusted their business strategies to weather the ongoing economic climate?
Abu Dhabi has moved ahead with plans to bolster the emirate’s non-oil economy following the launch of a Dh50bn ($13.6bn) programme aimed at fast-tracking economic growth and social development.
Qatar is ramping up efforts to increase foreign investment and incentivise activity in a range of different industries, unveiling plans to launch two new free trade zones.
The introduction of a goods and services tax, coupled with cost-cutting measures and a proposed multibillion-dollar loan, is expected to help Bahrain improve its fiscal position and reduce national debt.
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