Kuwait

Kuwait is situated on the eastern tip of Arabia, and shares borders with Saudi Arabia and Iraq. Its total area is 17,818 Sq. Km. Kuwait is ruled by the Sabah dynasty since the 18th Century.

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. Kuwaiti officials plan to increase production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income.

Today the State of Kuwait is the 15th richest country on earth by GDP per capita ($ 65,500 – {2017}). The Kuwaiti dinar is the most highly valued currency in the world.

Kuwait is socially advanced by regional standards the country has the highest literacy rates 96% and the second highest number of patents in the Arab world. Around 70% of Kuwait’s population of 4.4 million are expatriates. Arabic is the official language, but English is widely spoken.

Kuwait has been a pioneer in diversifying its economy away from oil exports, and in recent years the government of Kuwait has sought to expand the financial service sector and diversify its industrial base.

Entrepreneurship has grown rapidly, and small businesses are playing an increasing role in the Kuwaiti economy. Market capitalisation rates are the third highest in the world, ahead of the UK, and behind only America and Japan. Kuwaiti investment companies have invested large percentages of their assets abroad, and their foreign assets have become substantially larger than their domestic assets.

Kuwait has a strong relationship with the ASEAN group of nations. South Korea 18.3%, China 17.4%, Japan 11.5%, India 11.2%, Singapore 6.3%, US 5.7% (2017) are Kuwait’s most important export partners.

Founded in 1997, HLB Kuwait is one of the country’s best regarded professional service firms in Kuwait catering to the wide spectrum of organisations.

Get in touch

Whatever your question our global team will point you in the right direction

Start the conversation
Get in touch
x
x

Share to:

Copy link:

Copied to clipboard Copy