Oxford Business Group publishes 2016 country report

KUWAIT: Kuwait's plans to increase the role of the private sector and attract new foreign players to its shores are explored in a new report produced by the global publishing, research and consultancy firm Oxford Business Group (OBG).

The Report: Kuwait 2016 highlights the country's project pipeline, which is gaining momentum, despite cutbacks put in place as a result of the current challenging economic environment.

It also shines a spotlight on Kuwait's industrial sector, which has a key part to play in the country's efforts to diversify its economy. Highlights include a drive under way to develop export-oriented businesses and the rolling out of new economic zones.

While measures aimed at broadening Kuwait's economic base are gathering pace, the government is also investing heavily in its important energy sector, with the two-fold aim of boosting oil production and reducing costs through an efficiency drive. OBG's report charts the latest developments across the sector, including Kuwait's upcoming exploration plans. There is also detailed coverage of the country's planned wind and solar projects, which will be pivotal in helping Kuwait reach its 2030 renewable generation goals.

The Report

Kuwait 2016 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 interviews with other high-profile personalities, such as: National Assembly Speaker Marzouq Ali Al-Ghanem, Minister of Commerce and Industry Yousef Mohammed Al-Ali, Director-General, Kuwait Direct Investment Promotion Authority Sheikh Meshaal Jaber Al-Ahmad Al-Sabah and , Director-General, Kuwait Fund for Arab Economic Development Abdulwahab Al-Bader.

International representatives who give their views on Kuwait's development include Abdul Latif Al-Zayani, Secretary-General, GCC, and Tobias Ellwood, MP and Minister for the Middle East and North Africa, UK Foreign and Commonwealth Office.

Andrew Jeffreys, OBG's CEO and Editor-in-Chief, said that while Kuwait's fiscal position had shifted under the weight of lower oil prices, legislative reforms, such as amendments to the public-private partnership and foreign ownership laws, together with policy changes, were yielding results.

"The amount of private capital that Kuwait is attracting for its infrastructure projects is on the rise, the privatization of state assets is moving forward and new support is also being made available for smaller businesses," he said. "Our research on Kuwait points to an evolving private sector that is set to play a much bigger role in a more diversified economy."

OBG's Managing Editor for the Middle East Oliver Cornock added that key reforms, such as energy subsidy reductions, would play a crucial part in the government's efforts to reshape the economic landscape.

"A challenging economic environment has meant that spending cuts and new taxes are on the table," he said. "However, with emerging sectors of the economy ripe for growth and an evolving investment framework, Kuwait has plenty to offer the international business community."

The Report: Kuwait 2016 marks the culmination of more than six months of field research by a team of analysts from Oxford Business Group. The publication assesses trends and developments across the economy, including macroeconomics, infrastructure, banking and other sectoral developments. It is available in print and online.

Oxford Business Group (OBG) is a global publishing, research and consultancy firm, which publishes economic intelligence on the markets of the Middle East, Africa, Asia and Latin America and the Caribbean. Through its range of print and online products, OBG offers comprehensive and accurate analysis of macroeconomic and sectoral developments, including banking, capital markets, insurance, energy, transport, industry and telecoms. The Report: Kuwait 2016 has been produced with the Kuwait Direct Investment Promotion Authority (KDIPA) and the law firm Al-Tamimi & Co.

The critically acclaimed economic and business reports have become the leading source of business intelligence on developing countries in the regions they cover. OBG's online economic briefings provide up-to-date in-depth analysis on the issues that matter for tens of thousands of subscribers worldwide. OBG's consultancy arm offers tailor-made market intelligence and advice to firms currently operating in these markets and those looking to enter them.