Technology development is central to Kuwait’s long-term plans to diversify the economy, with the government attempting to position the country as a regional leader in ICT and financial services. The competition in those spaces across the GCC is fierce, and countries such as the UAE and Saudi Arabia are making concerted investment in ICT infrastructure and financial technology. The highly...
Kuwait ICT
The economy of Kuwait has long been underpinned by the production and export of crude oil. Although the rise in energy prices in 2021-22 boosted government revenue and macroeconomic stability, the Covid-19 pandemic, which preceded the commodity price boom, underscored the risk of over-reliance on an industry subject to fluctuating global demand. This has created fresh impetus for economic diversification, with robust public finances providing a strong platform to...
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The economy of Kuwait has long been underpinned by the production and export of crude oil. Although the rise in energy prices in 2021-22 boosted government revenue and macroeconomic stability, the Covid-19 pandemic, which preceded the commodity price boom, underscored the risk of over-reliance on an industry subject to fluctuating global demand. This has created fresh impetus for economic diversification, with robust public finances providing a strong platform to...
With Kuwait’s national strategy focused on establishing the country as a global and regional knowledge and communications hub, ICT development has...
With the sixth-largest proven oil reserves in the world, and an industry that dates back to the early days of oil and gas dominance in energy, Kuwait is among the world’s principal hydrocarbons powers. Yet, given the lower oil prices seen in global markets in recent years, initiatives outlined in the New Kuwait 2035 development plan come at a critical time in terms of enhancing the state’s competitiveness as a destination for foreign direct investment.
The government’s New Kuwait 2035 strategy has signalled ICT development as a key pillar that is expected to attract investment and boost the local economy. In 2016 telecoms accounted for 7.7% of non-oil revenue and 3.92% of total GDP at constant prices, according to the Central Statistical Bureau. Though its contribution to the non-oil sector grew to 8.2% in 2017, its GDP share dipped slightly to...
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.
Characterised by high penetration rates, early adoption of new technology and healthy average revenue per user, the Kuwait telecommunications sector is a small but profitable market in which three major regional providers compete. Faced with the erosion of traditional voice and text revenue streams, all three companies are focusing on strategies to improve services while also monetising data...