Why Kuwait

Discover more about the geography, and economy of Kuwait.

Overview

Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. Budget surpluses have stayed around 30% of GDP, which has led to higher budget expenditures, particularly wage hikes for many public sector employees, as well as increased allotments to Kuwait's Future Generations Fund. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the historically acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms.

The Marine Industry

Kuwait is one of the largest leisure boating markets in the Gulf. According to figures from the Kuwaiti Government, there are now an estimated 15,000* registered leisure boats. Kuwaitis have always been sea people and the boat ownership ratio is estimated at one boat for every 44 Kuwaiti nationals and expatriates with higher incomes, a figure that is very high even for developed boating markets in Europe and the United States.

Kuwait is one of the largest leisure boating markets in the Gulf. According to figures from the Kuwaiti Government, there are now an estimated 15,000* registered leisure boats. Kuwaitis have always been sea people and the boat ownership ratio is estimated at one boat for every 44 Kuwaiti nationals and expatriates with higher incomes, a figure that is very high even for developed boating markets in Europe and the United States.

The market is almost exclusively an imported one for small boats and yachts with a small network of boat distributors associated with all of the major Gulf boat builders and European and US shipyards. The boating season in Kuwait is from April to September, the opposite of that to the lower Gulf states such as the UAE, Qatar and Oman.

Vision

Kuwait's Vision in 2035, aimed at transferring Kuwait into a financial and commercial hub attracting investment, where the private sector leads the economic activity, the spirit of competition is increased and production efficiency raised in light of an institutional supportive body of the state, as well as establishing values, maintaining social identity, realizing human development, balanced development and providing suitable infrastructure, advanced legislations and encouraging the overall business environment. Among the most prominent aspirations comprised by the vision is to restore the regional pioneering role of the State of Kuwait as a financial and commercial hub reviving the central role of the Kuwaiti private sector in leading, developing, rebuilding the important and various roles of the State. In an effort to create the appropriate environment for the implementation of all policies in the plan, the Government has established frameworks for the long- term strategic vision a

Quick Facts

Kuwait has the world’s fifth largest proven oil reserves.
Kuwait has the third highest density of millionaires in the world.
Kuwait is the second most free economy in the Middle East.
Kuwait has 15,000* registered leisure boats (*last counted in 2012).
Kuwait currency is the highest valued currency unit in the world.
Kuwait is the Arab world's largest foreign investor, with $8.4 billion in Foreign Direct Investments.