A programme to boost oil production in Kuwait has stimulated growth in construction and petrochemicals. After hydrocarbons extraction and refining, the petrochemicals industry is the largest in Kuwait, with the bulk of production exported to Asia. Manufacturing, meanwhile, is set for continued growth as the country makes a greater push to diversify its industrial base – efforts that will be...
The Middle East Industry
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Kuwait’s insurance sector has posted solid expansion in recent years on the back of growth in a handful of key areas including takaful (Islamic insurance) and other non-life segments, with the industry as a whole bringing in $1.04bn in gross written premiums (GWPs) in 2014. The industry is a crowded one in Kuwait, with the top five insurers controlling around 60% of revenues at the end of 2013...
Chapter | Security, Aerospace & Defence from The Report: Saudi Arabia 2015
In 2014 Saudi Arabia spent 35% of its budget on defence, equivalent to roughly $80.7bn. The coming years are likely to see increased emphasis on homeland security in three areas: securing the Kingdom’s northern and southern borders, cybersecurity and counter-terrorism. The Kingdom remains focused on developing a sophisticated domestic defence industry, investing heavily to this end in research...
The abundance of hydrocarbons in the Kingdom has led to a proliferation of downstream petrochemicals businesses. The natural gas that is allocated to producers at a subsidised price forms a significant part of Saudi Arabia’s value proposition to foreign investors. Demand from rapidly expanding markets in Asia, as well as steady sales to established Asian centres, should ensure that the Kingdom...
The regulatory intervention that followed intense price competition in 2013 has enabled Saudi Arabia’s insurance market to return to a trajectory of sustainable growth over the course of 2014. Competition in the sector is still stiff, however, with 35 insurance and re-insurance companies in operation as of December 2014. In 2006 the authorities enacted the Health Insurance Law, which initially...
The accession of King Salman bin Abdulaziz Al Saud in January 2015 was the start of a new chapter for the Kingdom, and with the fall in global oil prices and continued regional turbulence there are undoubtedly challenges to be met. However, domestic stability, combined with the government’s commitment to major development projects and sustained focus on economic diversification, indicate a positive overall outlook for the country moving forward.