Financial Services

While many established global stock markets have seen mixed performance in recent years, Kuwait’s have shown positive gains – highlighting the robust nature of its capital markets. With an economy backed by rising oil prices and a solid, well-capitalised financial sector, the country continues to see international investor interest grow. Indeed, its benchmark indices recorded...

Kuwait has taken steps to align financial flows with environmental and socio-economic targets under the UN’s Sustainable Development Goals (SDGs), although the country’s pledge to reduce its greenhouse gas emissions by 7.4% by 2035 falls short of the reduction target of 45% set in the Paris Agreement.

Alongside significant political efforts to speed up the energy transition, 2021 was a record-breaking year for green finance, as governments, international institutions and lenders alike sought to support the shift towards renewables. This mirrored developments in generation: new renewable energy capacity reached an all-time high of 290 GW in 2021. Meanwhile, the issuance of...

Insurance companies worldwide have been preparing for the most significant change in global accounting standards in almost two decades. On January 1, 2023 the International Financial Reporting Standard (IFRS) 17 came into effect. Replacing the previous standard, IFRS 4, which was issued in 2004, IFRS 17 aims to standardise insurance accounting globally through a uniform...

The Kuwaiti insurance sector is undergoing a period of change and growth, as a new regulatory body finds its feet and companies emerge from the Covid-19 pandemic. Stronger oversight and a move towards greater standardisation, coupled with the continuing evolution of digital insurance technology (insurtech), are likely to see that trend continue, with the country’s crowded...