In a year of global economic uncertainty fuelled by inflation, geopolitical crises and supply chain insecurity, the Middle East witnessed a second consecutive year of economic growth, with countries in the region investing in new technologies and projects that could herald greater integration in the years ahead.
Kuwait’s economy has long been underpinned by the production and export of crude oil. Although the rise in oil prices in 2021-22 boosted government revenue and macroeconomic stability, the Covid-19 pandemic – which preceded the commodity price boom – also underscored the risks of overreliance on an industry subject to fluctuating global demand. This has created a fresh impetus...
As part of plans to expand and diversify its global trade partners and fulfil their respective national development strategies, the GCC has launched negotiations with the UK on a free trade agreement (FTA). This partnership is expected to bolster the bloc’s economy, help attract investment and provide greater opportunities for local businesses.
Development aid is a fundamental and long-standing pillar of Kuwait’s foreign policy. Since independence, the combination of the country’s geography, relatively small armed forces and oil wealth have shaped the views of Kuwaiti leadership on the importance of bilateral and multilateral development cooperation as a tool of diplomacy. The country has pioneered regional efforts...
Situated in the north-western corner of the Gulf, bordered by Iraq and Saudi Arabia, Kuwait is a hereditary constitutional monarchy and a founding member of both the GCC and the Organisation of the Petroleum Exporting Countries. The country’s plentiful oil reserves have provided a strong platform for economic development and prosperity.
Vision 2030 was launched in 2016 with the aim of renewing the social contract between the long-ruling Al Saud family and various segments of society, as well as addressing fiscal imbalances resulting from a reliance on oil revenue, low labour force participation rates and generous social benefits.
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