Analysis Sustainability Climate and cost: the Gulf’s water scarcity challenge Over the past 18 months, Saudi Arabia has set up a Global Water Organisation, established a stand-alone Saudi Water Authority and presided over the One Water Summit in Riyadh. At the summit on December 5, Crown Prince Mohammed bin Salman called for “collective action” to address water scarcity in the region and around the world. […] January 17, 2025
Economy Opec oil cuts add to economy decline in Kuwait The economy of Kuwait shrank by about 4 percent year on year in the third quarter of 2024 because of Opec oil production cuts and under-performance in parts of the non-oil sector. However, the economy is expected to rebound through 2025, a report by the Kuwait Statistical Bureau said. Lower production caused the oil sector […] January 17, 2025
Tax $660m a year ‘sin tax’ target set by Kuwait Kuwait hopes to raise 200 million dinars ($660 million) a year through a “sin tax” on unhealthy products as part of tax reforms proposed by the International Monetary Fund, the country’s finance minister said on Wednesday. Noora Al-Fassam told the official Kuwaiti news agency that her ministry was working on a new law for a […] January 16, 2025
Oil & Gas Kuwait to spend $30bn to increase oil output by 40% Kuwait is planning to expand its oil production capacity by up to 40 percent, despite a bearish outlook for global demand and years of stagnant growth. Khaled Al Sabah, managing director at the Kuwait Petroleum Corporation (KPC) and CEO of Kuwait Oil Tanker Company, told an energy conference last week that the Gulf state plans […] January 16, 2025
Analysis Banking & Finance Gulf sets ambitious targets in its quest to go cashless The Middle East has set ambitious targets in its bid to become a cashless society. The UAE is aiming for 75 percent of transactions to be cashless by 2026 and Saudi Arabia has set a target of 70 percent by 2030. Late last year, the process was made simpler by the introduction of Tap to […] January 16, 2025
Opinion Tourism Immersive storytelling, posh cuisine and branded flats: 2025’s hospitality trends Adaptability and innovation will be vital to maintaining the sector’s global appeal January 10, 2025
Real Estate Kuwait real estate transaction value up 34% in 2024 The value of real estate transactions in Kuwait grew 34 percent year on year in 2024. In total, 4,950 transactions were worth KD3.73 billion, or around $9 billion, in 2024, compared with 4,442 transactions worth KD2.78 billion in 2023. Only the country’s coastal strip saw a decline in transactions, with deals dropping 44 percent. Residential […] January 8, 2025
Analysis Employment UAE and Kuwait companies struggling to hire staff Companies in the UAE and Kuwait are struggling to afford new staff as a result of squeezed margins, according to the latest business sentiment survey. For the third successive month, non-oil companies operating in the UAE highlighted a reduction in prices charged, with discounting used to support sales amid a highly competitive market. This was […] January 8, 2025
Tax Kuwait’s multinationals tax to raise $825m a year, says minister Kuwait expects its tax on multinational businesses to generate nearly $825 million a year, the country’s finance minister has said. Noora Al Fassam told state television on Tuesday that the 15 percent tax would affect nearly 300 companies – 45 from Kuwait and the other GCC states and about 250 from other countries. Fassam described […] January 7, 2025
Economy Kuwait to impose 15% tax on multinational companies Kuwait will impose a 15 percent tax on multinational companies operating across multiple jurisdictions from January 1 2025. The cabinet gave a go-ahead to the draft law at the weekly meeting headed by prime minister Sheikh Ahmad Al Sabah, state-run Kuwait News Agency reported. The proposed tax is in line with the global tax standards […] December 25, 2024
Banking & Finance Kuwait’s Burgan Bank to take over United Gulf in 2025 Burgan Bank, a subsidiary of KIPCO Group, is expected to complete the acquisition of Bahrain-based United Gulf Bank in the first quarter of 2025. The bank has received clearance from the Kuwaiti central bank to buy a 100 percent stake in United Gulf Bank, KIPCO Group said in a regulatory filing on Boursa Kuwait on […] December 19, 2024
Aviation Kuwait air traffic up 35% since 2014 The number of people using Kuwait International Airport increased by a third between 2014 and 2023, new data from Kuwait’s General Administration of Statistics shows. In 2023 15.5 million passengers came through the airport, up from 10.1 million nine years ago. Arriving and departing planes rose to almost 118,000, from 83,400 in 2014. Dubai International […] December 18, 2024
Markets US fund managers expected to accelerate Gulf investment North American fund managers are underinvested in Gulf equities but that may soon change, according to new research. The region’s low correlation to global and other emerging markets, accelerating economic diversification and improving bourse diversification could make Gulf investments more attractive. Saudi Arabia (4.41 percent), the UAE (1.28 percent), Qatar (0.86 percent) and Kuwait (0.84 […] December 17, 2024
Oil & Gas Kuwait’s state oil company to expand in Indonesia State-owned Kuwait Foreign Petroleum Exploration Company plans to expand its operations in Indonesia, according to the company’s senior executive. Kufpec is a subsidiary of Kuwait Petroleum Corporation, tasked with exploring and extracting oil and gas outside Kuwait’s borders. It is active in nine countries across Australasia, Africa, North America and Europe. In Indonesia Kufpec already […] December 11, 2024
Economy Kuwait faces recession but will recover over medium term The Kuwaiti economy is expected to remain in recession through 2024, but is projected to recover over the medium term, the International Monetary Fund (IMF) said. Real GDP will shrink by 2.8 percent in 2024, primarily due to additional Opec+ production cuts. However, economic activity will rebound in 2025, with a projected growth of 2.6 […] December 10, 2024
Economy Kuwait renews $2bn deposit with Central Bank of Egypt Kuwait has renewed a $2 billion deposit with Egypt for an additional year, the Central Bank of Egypt (CBE) said in its latest external report. The deposit, scheduled to be due in April 2024, will now mature in April 2025. The Gulf nation currently holds $4 billion in deposits with the CBE. While one tranche […] December 4, 2024
Economy Non-oil activity in Saudi Arabia at 16-month high Activity in Saudi Arabia’s non-oil economy has hit a 16-month high, as the country’s diversification efforts continue to show results. The S&P Saudi Arabia Purchasing Managers’ Index – a composite measure of non-oil private sector performance – rose from 56.9 in October to 59 in November, the fourth successive month in which the headline index […] December 3, 2024
Opinion Aviation BA drops Kuwait after 60 years… but why? A simple hard-headed business decision is the most likely explanation November 27, 2024
Aviation British Airways reverses decision to scrap Bahrain flights British Airways has reversed its decision to scrap flights to Bahrain but is still reviewing plans to end direct flights to Kuwait. The UK’s flag carrier announced two weeks ago that it would end its direct flights to Bahrain and Kuwait in the first quarter next year due to delays to the delivery of Rolls […] November 21, 2024
Economy Kuwait economy The latest economic and demographic indicators for Kuwait, including GDP, inflation, oil prices, trade, population, unemployment and more November 21, 2024
