A booming, oil-driven economy, in recent years Kuwait has been establishing a place for itself as a premier Gulf destination for finance and investment. Emerging Kuwait 2006 goes sector by sector through this vibrant economy, while also taking a look at the major strides in political reform made in recent times. Interviews and viewpoints include Prime Minister Sheikh Sabah al-Ahmad al-Jaber Al Sabah, Central Bank of Kuwait Governor Sheikh Salem Abdul-Aziz al-Saud Al Sabah, the CEO of the Kuwait Petroleum Corporation, Hani A. Hussain, and Minister of Energy Sheikh Ahmad Fahad Al Sabah, alongside many other key decision-makers.
TABLE OF CONTENTS
COUNTRY PROFILE
POLITICS
A comprehensive survey beginning with a broad overview of political reform and developments as well as Kuwait’s domestic and international political environment. Three analysis pieces cover security co-operation in the Gulf, female suffrage and Kuwaiti-Palestinian relations. Two viewpoint articles by Minister for the Middle East at the Foreign and Commonwealth Office on Kuwait-UK trade and relations, and Assistant Professor of Political Science at Zayed University Christopher Davidson on Kuwait’s role in the Gulf Cooperation Council. Interviews include Prime Minister of Kuwait Sheikh Sabah al-Ahmad al-Jaber Al Sabah, Minister of Planning and Administrative Affairs Massouma al-Mubarak, and President and CEO of the National Council on US-Arab Relations John Duke Anthony.
ECONOMY
This section begins with an overview covering the booming oil-driven economy, economic diversification, liberalisation and foreign investment. Analyses cover privatisation, the Kuwait Fund for Arab Economic Development, and the “Kuwaitisation” of the private sector. UNDP Resident Representative in Kuwait Moez Doraid contributed a viewpoint on challenges to Kuwait’s development. Interviews include Danah Anwar al-Mulla, Director of Planning at AlMulla Group, and Abdulwahab al-Bader, Director General of the Kuwait Fund for Arab and Economic Development.
BANKING
The banking overview deals with the general banking environment in Kuwait, reform, Islamic banking and the impact of high oil revenues on the sector. The analyses feature Kuwait’s leading banks and the opening up of the country to foreign banks. Included is a viewpoint by Randa Azar-Khoury, Chief Economist at National Bank of Kuwait on trends in the sector, and two interviews with General Manager of Kuwait Finance House Jassar al-Jassar, Philippe Aroyo, Country Head and General Manager of BNP Paribas, and Sheikh Salem Abdul-Aziz al-Saud Al Sabah, Governor of the Central Bank of Kuwait.
CAPITAL MARKETS
The overview examines the growth of the Kuwait Stock Exchange (KSE) in an environment characterised by improved regional security and high liquidity due to the windfall in oil revenues. Share analysis and data on Kuwait Finance House (KFH), Mobile Telecommunications Company (MTC), National Bank of Kuwait (NBK), National Mobile Telecommunications Company (NMTC), Public Warehouse Company (PWC) and Commercial Bank of Kuwait (CBK) are provided by Global Investment House. A viewpoint contributed by Shailesh Dash, Head of Research at Global Investment House, on the KSE, is included. There is also an interview with Safaq Abdullah al-Rekaibi, Director of the KSE.
INSURANCE
The overview surveys they various types of insurance available in Kuwait and new Islamic insurance options. A viewpoint by Kevin Willis, Director of Standard and Poor’s looks at the structure of the insurance market.
TRANSPORT
This section surveys Kuwait’s transport infrastructure, examining the state’s potential as a logistics hub for reconstruction in Iraq, the nascent airline industry, and traffic problems and possible solutions, including a rail system in Kuwait City and the growth of the Kuwait Public Transportation Company. An analysis article covers the launch of Jazeera Airways and what it means for air travel in the GCC. Also included is an interview with the Chairman and Director of Kuwait Airways Sheikh Talal al-Ahmad Al Sabah.
ENERGY
The comprehensive overview covers the structure and history of Kuwait’s booming oil, petrochemicals and gas industries, its refining sector, electricity supply, growing relationship with China and the current geopolitical environment. Two analyses focus on joint ventures with the private sector and Project Kuwait, which aims to increase oil production. The interviews include CEO of Kuwait Petroleum Corporation Hani A. Hussain and Minister of Energy Sheikh Ahmad Fahad Al Sabah. Claud Mandil, Executive Director of the International Energy Agency, contributes a viewpoint on Kuwait’s role in the supply chain.
CONSTRUCTION & REAL ESTATE
An overview covers the booming construction sector, fuelled by both politics and economics. The real estate overview addresses the ever-growing housing demand, and the rapidly rising costs. An analysis focuses on government efforts to jump start projects stalled by the former threat of Iraq. Viewpoints were contributed by Jeff de Lange, Deputy Managing Director of Gulf Construct, and Dinkar Mattam, Analyst at Global Investment House.
TELECOMS & IT
The telecoms overview surveys the government monopoly of fixed lines and the private duopoly of mobile services, which may soon be broken by the granting of a third GSM licence. The IT overview addresses the IT sector’s current environment, characterised by a liberal attitude and a major post-war boom. Interviews include Managing Director of Mobile Telecommunications Saad Hamad al-Barrak and General Manager and CEO of Wataniya Telecoms Harri Kaponen. An analysis covers the private internet-service providers.
INDUSTRY
The overview examines Kuwait’s efforts to diversify its economy away from oil and develop its industrial sector and export markets. Analyses cover the automotive and technological sectors, as well as the vital water desalination operations, which utilise the latest technology. Included are interviews with Ali al-Ghanim, President of the Kuwait Chamber of Commerce and Industry, and Abdulhadi Sadoun al-Otaibi, Director-General of the Kuwait Institute for Scientific Research.
TOURISM
The tourism overview looks at Kuwait’s efforts to develop its nascent tourism industry as part of its diversification plan, including the development of its islands as resorts and the potentially large numbers of domestic tourists. An analysis examines the substantial growth in hotel numbers.
MEDIA & ADVERTISING
The media overview surveys the state of the media in the country, whether in terms of print, radio or television, and looks at the liberalising environment found in Kuwait. The advertising overview looks at the reasons behind the relatively slow growth in the sector amidst the general economic boom.
EDUCATION & HEALTH
The overview focuses on the overhaul of the public education system and the need address a skills gap between nationals and the expatriates that dominate senior management. An analysis looks at skills-training courses and the health overview covers the public/private debate in the national healthcare system. This section also includes an interview with Imad Alatiqi, Secretary General of the Accreditation Council for Private Universities.
HISTORY
A look at Kuwait’s long maritime history, from trade routes to pearl diving.
THE BUSINESS GUIDE: ACCOUNTANCY
PricewaterhouseCoopers provides a comprehensive overview of the Kuwait Stock Exchange and the investment environment, as well as setting up a business in Kuwait. The section includes an interview with Bader al-Wazzan, Senior Partner at the firm.
THE BUSINESS GUIDE: LEGAL
Al Sarraf & Al Ruwayeh provide a detailed law review of arbitration, taxation and rules for establishing a foreign bank. Sam Habbas, a member of the firm, is interviewed.
THE GUIDE
Oxford Business Group provides here a guide to aid in your free time. From a snapshot of historical sites to a selection of its finest hotels and restaurants, to an up-and-coming playwright, Kuwait has much to offer.
LISTINGS
A comprehensive listing of numbers for a wide range of organisations in Kuwait under the headings: government, associations, public institutions, foreign missions, travel, emergency, consultancy & accountancy, schools, taxi services and translators.
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