Kuwait

With the sixth-largest proven oil reserves in the world, and an industry that dates back to the early days of oil and gas dominance in energy, Kuwait is among the world’s principal hydrocarbons powers. Yet, given the lower oil prices seen in global markets in recent years, initiatives outlined in the New Kuwait 2035 development plan come at a critical time in terms of enhancing the state’s competitiveness as a destination for foreign direct investment.

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Kuwait’s economy is characterised by a number of factors that helped it to withstand the severe strains caused by the pandemic.

More than a year after the initial onset of the coronavirus pandemic, the Gulf banking sector is seeing an increase in mergers and acquisitions (M&A), as lenders continue to deal with the economic fallout.

As industries around the world increasingly turn towards environmental, social and governance (ESG) strategies to support their recovery from the Covid-19 pandemic, focus is sharpening on sustainable construction in the Middle East.

Kuwait entered the pandemic in a relatively resilient position thanks to strong fiscal buffers, favourable demographics and an advanced health care system that benefitted from sustained investment that was proportionally higher than many of its wealthy GCC peers.

To what extent has Covid-19 impacted the construction sector in Kuwait?

– Economies in the region were hit by reduced trade volumes and lower oil prices

– Governments launched extensive stimulus packages to stabilise their economies

– Short-term recovery will be tied to oil prices and the resumption of travel

– The pandemic looks set to accelerate economic diversification efforts

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