The Middle East

Like other GCC states, Oman’s economy is largely driven by oil and gas activity. However, with fewer and more complex hydrocarbons reserves than its neighbours, it is under greater pressure to diversify its economic base. The scale of this challenge was highlighted by recent falling oil prices, which led to the largest fiscal deficit in more than a decade. Nevertheless, a combination of...

Located in the south-eastern quarter of the Arabian Peninsula, Oman is the only member of the GCC situated outside of the Gulf. Leveraging its strategic location, Oman has invested in infrastructure with the goal of becoming a global logistics centre. Diversification efforts are a driving force behind economic growth while infrastructure and transport works are boosting connectivity. The...

With major new development projects under way across all transport sectors, Kuwait is pouring billions of dinars into transforming its roads, ports and airports. The country’s medium-term objective is to capitalise on its strategic location in order to become the northern nexus of the Gulf, facilitating and profiting from flows of international trade across the region for decades to come. In...

In 2017 and early 2018 Kuwait’s insurance sector enjoyed growth on the strength of steadily rising premium, regulatory tweaks and forays by individual underwriters into a number of new market segments. Nonetheless, according to many stakeholders, the obsolescence of the country’s insurance law remains a major hurdle to the sector’s future growth. Various iterations of a new insurance law have...

Over the course of 2017-18 Kuwait’s Islamic financial services (IFS) industry saw continued growth and ongoing development, shoring up the country’s long-standing reputation as a global centre for sharia-compliant banking, insurance and investment activities. Global IFS assets topped $2trn for the first time in 2017, with Kuwait accounting for 6% of these assets, having an estimated value of $...