One of the foremost and earliest players in the global market for Islamic financial services, Kuwait could soon see the segment play a larger role in the banking sector. Half way through 2013, Kuwait housed more than $70bn in sharia-compliant banking assets, around 6% of the global total and a figure widely expected to grow in the coming years. Key drivers include a sector- wide focus on asset...
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Chapter | Islamic Financial Services from The Report: Kuwait 2014
Chapter | Capital Markets from The Report: Kuwait 2014
The Kuwait Stock Exchange is the fourth-largest GCC bourse by market capitalisation, with earnings and market capitalisation rising substantially in 2012. The majority of trading activity is among small-cap stocks, but many local players remain optimistic about future performance. The privatisation of the exchange is expected to take place by the end of 2014, and this is widely anticipated to...
The banking sector is considered the backbone of the non-oil economy. The industry has posted steady growth since the global downturn and total assets of local banks were $190.2bn at the end of the first quarter of 2014, up from $181.1bn at the end of 2013 and $158.6bn at the end of 2012. Banking and financial sector legislation that was enacted during 2009 has been helping improve stability...
Seven decades of expanding oil production have led to Kuwait having one of the world’s highest GDP-per-capita ratios. The generous welfare system guarantees free education, health care and housing to citizens, while subsidised electricity, water and fuel prices are offered to residents. GDP growth reached 4.5% in 2013 and is expected to rise to 5% in 2014, while fiscal reforms will help ensure...
Chapter | Country Profile from The Report: Kuwait 2014
As a major global oil producer, Kuwait has come a long way in recent decades to overcome several key financial and political challenges. By continuing with efforts to diversify the national economy and reduce dependence on oil revenues, the country is also adding increased momentum to several large infrastructure projects. The authorities are also working to further integrate the country into...
Kuwait accounts for approximately 6.1% of the world’s proven oil reserves, with hydrocarbons revenues comprising more than 65% of the country’s GDP and 95% of total exports in 2013. Cautious budgetary decisions have resulted in large surpluses, creating a solid base for public expenditure programmes such as the National Development Plan, which is set to diversify the economy and boost employment.