Kuwait’s business sector has always been one of the country’s major drivers of economic growth. It has made significant strides in the last few decades, as Kuwait continues to diversify its economy beyond oil. As a businessman, understanding the Kuwaiti business landscape is essential. In this article, we provide an in-depth look at the current state and future of Kuwait’s business sector.
The Kuwaiti government has taken various steps to simplify bureaucratic processes by creating a favorable business environment. According to the World Bank’s Doing Business report, Kuwait ranks 83rd worldwide, which is an improvement from the previous rank. This move is expected to attract more foreign investment and create job opportunities for both locals and expatriates. Additionally, the recent amendment of the public-private partnership law has made it easier for private entities to establish and run enterprises under the government’s umbrella.
Kuwait’s financial services sector has witnessed robust growth over the past few years. It has now become the leading non-oil sector in Kuwait, accounting for over 20 percent of the country’s GDP. Kuwait has a history of successful global financial investment, featuring banking, insurance, and asset management. Kuwait has plenty of banking options, with strong competition that promotes efficiency.
Another booming sector in Kuwait is ICT (Information and Communications Technology). This rapidly growing sector has caught the attention of both the government and the local business community. The government has already handed out an e-government program and has an innovation center where software and hardware development companies operate. They offer incentives that are geared towards local and multinational ICT companies, such as free training and subsidized office spaces. Nevertheless, there are still some challenges, including limited private sector investment and slow ICT development, especially that they rely on oil revenues.
Oil and gas continue to be Kuwait’s major source of income and the cornerstone of the country’s economy. Kuwait has managed to increase its crude oil production to almost three million barrels per day, which is about 10% of the global output. The country has also continued to secure long-term crude oil supply agreements with the world’s top buyers. In recent years, there has been a renewed focus on boosting the downstream sector’s growth to maximize the value of crude oil that Kuwait exports. In 2020, Kuwait signed $30 billion worth of oil deals with foreign partners as well.
Finally, Kuwait’s retail industry has not only grown, but it has also embraced modern-day technological advancements. Companies such as Alshaya and Sultan Center have adopted a more technological approach, with online shopping, cashless payments, and home delivery services, among other things. Kuwait’s e-commerce sector recorded a 29% annual growth rate over the past few years, and the country plans to implement an e-commerce law to regulate its sector in the future. Here are top 5 company in Kuwait
KUWAIT FINANCE HOUSE
KFH offers a wide range of Sharia-compliant banking products and services, catering to individuals, businesses, and institutions. The bank provides services such as retail banking, corporate banking, investment banking, treasury services, and asset management. KFH operates based on Islamic principles, ensuring that its activities align with the ethical and religious requirements of Islamic finance.
NATIONAL BANK OF KUWAIT
NBK is a leading bank that offers a comprehensive range of banking and financial services. It provides services to individuals, businesses, and government entities, including retail banking, corporate banking, investment banking, treasury services, and asset management.
BOUBYAN BANK
Boubyan Bank operates in compliance with Islamic principles, ensuring that its activities adhere to the ethical and religious requirements of Islamic finance. The bank provides services such as retail banking, corporate banking, investment banking, treasury services, and asset management.
MOBILE TELECOMMUNICATIONS
Zain offers a wide range of telecommunications services, including mobile voice and data, fixed-line services, broadband internet, and digital solutions. The company operates with a focus on providing high-quality and reliable connectivity to its customers. Zain is known for its innovation, investment in advanced technologies, and commitment to customer satisfaction. With its strong network coverage and diverse service offerings,
AGILITY PUBLIC WAREHOUSING
Agility provides a wide range of services including freight forwarding, transportation, warehousing, distribution, and specialized logistics solutions. Agility operates in over 100 countries and has a strong presence in emerging markets. The company offers tailored logistics solutions to meet the unique needs of various industries, including retail, automotive, healthcare, and technology.
Below another company in Kuwait.
- United Real Estate
- Kuwait Cement
- Equipment Holding
- Mezzan Holding Co
- Gulf Franchising Holding
- Kamco Investment
- Hayat Communications
- Shamal Az-zour Al-oula Power And Water
- Ifa Hotels And Resorts
- Boursa Kuwait Securities
- Kuwait Emirates Holding
- Mubarrad Transport
- The Commercial Real Estate Co
- National Investments Co
- Future Kid Entertainment And Real Estate
- Arabi Group Holding Kscp
- Jazeera Airways
- Bayan Investment Holding Co
- Kuwait Resorts
- Kuwait Real Estate Co Ksc
- Senergy Holding Co
- Commercial Bank Of Kuwait
- Ajial Real Estate Entertainment
- Jassim Transport And Stevedoring
- Arzan Financial Group For Financing And Investment
- Specialities Group Holding
- Al Imtiaz Investment Group
- Ekttitab Holding
- Oula Fuel Marketing
- Kuwait Financial Centre
- Kuwait Business Town Real Estate
- Rasiyat Holding Company
- Kuwait Portland Cement
- First Investment
- Munshaat Real Estate Projects
- Alafco Aviation Lease And Finance
- Al-manar Financing And Leasing
- First Dubai For Real Estate Development
- Jiyad Holding Co
- National International Holding
- Privatization Holding
- Mashaer Holding
- Kuwait Finance House
- Gulf Bank Kscp
- Gulf Insurance Group
- Salhia Real Estate
- Kuwait Telecommunications
- Warba Capital Holding Co
- Human Soft Holding
- Kuwait Hotels
- Dalqan Real Estate Co
- Al Deera Holding
- Osos Holding Group Co
- Injazzat Real Estate Development
- Ahli United Bank – Kuwait
- Burgan Company For Well Drillin
- Real Estate Trade Centers
- Kuwait Projects Holding
- Advanced Technology
- The Securities House
- Wethaq Takaful Insurance
- The Kuwait Company For Process Plant
- Dar Al Thuraya Real Estate
- Soor Fuel Marketing
- Metal And Recycling Co Ksc
- Burgan Bank
- Al Enmaa Real Estate
- Kuwait National Cinema
- Alargan International Real Estate
- Commercial Facilities
- Kuwait Foundry
- Kuwait Insurance
- Al Arabiya Real Estate Co Ksc
- Aayan Leasing And Investment
- Sanam Real Estate
- Manazel Holding
- Al Safat Investment Co
- The Energy House Holding
- Noor Financial Investment Co
- Agility Public Warehousing
- National Industries.
- Taameer Real Estate Investment
- Mobile Telecommunications
- Al Masaken International Real Estate Development
- Integrated Holding Co Ksc
- Al Eid Food
- Boubyan Petrochemical
- Kuwait Investment
- Boubyan Bank
- Aqar Real Estate Investments
- Heavy Engineering Industries And Shipbuilding
- Osoul Investment
- National Cleaning
- National Mobile Telecommunications
- Coast Investment And Development
- Kuwait And Gulf Link Transport
- National Consumer Holding Co
- Combined Group Contracting Kscp
- Livestock Transport And Trading Co Ksc
- National Industries Group Holding
- Ali Alghanim Sons Automotive
- Mabanee Co
- Warba Bank
- Aayan Real Estate
- Credit Rating And Collection
- Sokouk Holding
- Gulf Cable And Electrical Industries Group
- Al Kout Industrial Projects
- Tijara And Real Estate Investment
- Al Ahli Bank Of Kuwait
- National Real Estate Co
- Shuaiba Industrial
- Al Mazaya Holding
- National Bank Of Kuwait
- Tamdeen Real Estate Co Ksc
- Asiya Capital Investments Co
- Kuwait International Bank
- Sultan Center Food
- International Financial Advisors Holding
- Gulf Investment House
Kuwait’s business sector is expanding and diversifying, with the Kuwaiti government taking specific measures to create a favorable business environment. The country has made notable progress across various sectors, especially in the financial and ICT sectors. While the government remains Kuwait’s significant stakeholder across all industries, Kuwait’s businesses are gradually turning towards more innovative and modern technological approaches in day-to-day operations, particularly in retail. The future is bright for businesspersons in Kuwait, as the country continues to encourage entrepreneurship and foreign investment.