Over the course of the past decade Kuwait has worked to shore up its longstanding reputation as a centre for Islamic financial services (IFS), leading to the rapid expansion of sharia-compliant banks and investment companies (ICs) in recent years. Islamic banking assets, which accounted for just over 20% of total banking sector assets in 2005...
As one of the world’s largest oil producers, Kuwait’s energy sector has supported a rapid pace of economic growth since the discovery of oil in the country in the early 1930s. Revenues from these resources have helped Kuwait to become one of the wealthiest countries in the world in terms of GDP per capita. Despite a significant increase in...
In recent years Kuwait has seen steadily expanding trade activity with neighbouring countries – including the member states of the GCC and other Middle East nations – and a variety of key partners further afield. At the same time, the government has introduced a substantial amount of new legislation in an effort to boost foreign direct...
While Kuwait’s banking sector fared well in the wake of the 2007-08 international financial crisis compared to many GCC states, the sector regulators – the Central Bank of Kuwait (CBK) and the Capital Markets Authority (CMA) – have nevertheless worked to shore up the industry to ensure its long-term stability.
After setting out a broad outline of the country’s second five-year development plan in August 2014, the government approved the KD34.15bn ($117.65bn) strategy in February 2015. The announcement builds on a successful year of project implementation in 2014 and emphasises a commitment from the authorities to maintain capital investment, despite...
The Kuwait Development Plan 2015-20 looks to address a range of challenges and hurdles that have hindered the country’s economic development strategy over the last five years. While 2014 proved to be a stellar year in terms of projects awarded and implemented, the government has recognised that reforms are required in order to maximise the...
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