With GDP per capita among the highest in the world at $43,200, Kuwait is seeing its retail market continue to perform robustly, underpinned by a strong appetite for luxury products and the strong purchasing power of a young and diverse population. The value of wholesale and retail trade in Kuwait grew 22% between 2010 and 2013, reaching a value of $5.65bn. Meanwhile, the local retail market is...
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...
Access to the internet, especially via mobile devices, has accelerated rapidly in Kuwait since the government liberalised the telecoms and IT sector in the early 2000s. The nation now has one of the highest smartphone penetration rates in the region, at 69% of the population in 2014 after seeing 40% growth on the previous year. As one of the first GCC nations to embrace competition by allowing...
The Kuwaiti construction market saw a marked rebound in 2014, with the government moving forward with key developments in a number of sectors. The Public Authority for Housing and Welfare has a mandate to provide housing for 2.6m people by 2030. The country’s oil and gas sector was a major contributor to the country’s resurgence in construction projects, with oil and gas projects representing...
Kuwait’s position as one of the biggest players in the international energy markets is backed by its proven reserves, currently the sixth-largest in the world. While international oil prices will have a significant impact on state revenues moving forward, low production costs and ample fiscal reserves should shield the country from the price downturn. The country increased its oil production...
Proximity to major regional markets, which have a combined population of 140m and $1.3trn in output, is a major advantage to Kuwait’s transport and logistics sector. The government has outlined a number of infrastructure projects and upgrades to be implemented as part of Kuwait Development Plan, with enhancements to sea and air links a major priority for the state. The country’s international...
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