OBG launches latest publication on country’s economy
KUWAIT: A new report from the global research and consultancy firm Oxford Business Group (OBG) looks in detail at Kuwait’s efforts to diversify its economy and develop key sectors earmarked for growth, including manufacturing and telecoms.
The Report: Kuwait 2018 tracks the drive under way to boost the role played by the private sector in a raft of infrastructure projects, which are needed to support the country’s industrial development.
It features in-depth coverage of the myriad transport initiatives in the pipeline, including roads, bridges, ports and airport expansion plans, which will be pivotal in helping Kuwait to address congestion and connectivity issues. OBG also shines a spotlight on the country’s rail transit system, which, together with other transport initiatives, is expected to be instrumental in helping the country make the most of its strategic location and carve a niche as a regional hub for international trade.
In addition, the report considers the rising demand for homes that are needed to accommodate Kuwait’s growing population and the positive impact this is having on the country’s construction sector.
With ICT development identified in Kuwait’s 2035 strategy as a sector ripe for investment, OBG’s report examines the key developments that are expected to support tech growth, such as the rollout of 5G, which will pave the way for the launch of new network services and further innovation.
The publication also highlights the opportunities that are continuing to emerge across the energy sector, on the back of the government’s ambitious production targets for oil, gas and refining operations, and increased focus on the petrochemicals segment.
The Report: Kuwait 2018 contains a contribution from His Highness the Amir Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah, together with a detailed sector-by-sector guide for investors.
It also features a wide range of contributions from other high-profile personalities, including: Sheikh Meshaal Jaber Al-Sabah, Director-General, Kuwait Direct Investment Promotion Agency; Mohammad Y Al-Hashel, Governor, Central Bank of Kuwait; and Sheikh Yousef Al-Abdullah Al-Sabah Al-Nasser Al-Sabah, Director-General, Kuwait Ports Authority.
Commenting ahead of the launch, OBG’s Editor in Chief and Managing Editor for the Middle East, Oliver Cornock, said that Kuwait’s longstanding practice of using oil revenue to build a deep portfolio of global investments had ensured it was in a strong position to push forward with its diversification drive and attract foreign investment for the country’s projects, even when oil prices were falling.
“Having maintained its capital spending plans in challenging times, Kuwait is now well placed to develop the new industries identified in its 2035 strategy and move towards greater global integration,” he said. “The recovery in oil prices has also enabled the government to return the current account balance to a surplus, which bodes well for the next phase of the country’s economic expansion.”
The Report: Kuwait 2018 marks the culmination of more than 12 months of field research by a team of analysts from Oxford Business Group. The publication assesses trends and developments across the country, including those in macroeconomics, infrastructure, banking and others.
The Report: Kuwait 2018 has been produced with Kuwait Direct Investment Promotion Agency and Al-Tamimi & Co. It is available online and in print.