Country Overview

Once at the center of trade routes between Asia and Europe and known as the Pearl of the Arabian Gulf for its history in pearl diving, Kuwait is today a wealthy oil-based economy and its currency, the Kuwaiti dinar is the highest-valued unit of currency in the world.

However, Kuwait’s growth plans do not stop here. The country is known for its vibrant local consumer sector and a high purchasing power. The local gross domestic product per capita is 2.6 times higher than the world average, standing at approximately KD10,000 (US32,000$). As reference, Kuwait›s budget for 2021-2020 is expected to generate revenue of KD14.8 billion (US48.7$ billion) and the planned expenditure is set at KD22.5 billion (US74$ billion). Kuwait›s sovereign wealth fund is ranked the fifth largest sovereign wealth fund in the world with local and foreign assets exceeding US533.650$ billion.

To boost its economic base, the Gulf peninsula also plans to invest US115$ billion in the oil sector over the next five years to increase oil production and satisfy the high demand for the commodity as present technologies and living methods remain depended on it, and a change in energy resources would require time to take life.

In parallel, Kuwait has set on an ambitious plan named the ‘Vision 2035’ that aims to diversify its local economy by boosting revenue beyond oil, improving productivity, advancing the human capital and creating favourable business environment. The country has announced plans to invest an estimated US3$ billion in its Failaka Island to turn it into a popular tourist destination with ancient ruins and hundreds of inhabitants. This is supported with plans to develop a Silicon Valley in the northern part of the country, having already inaugurated the Sheikh Jaber Al-Ahmad Al-Sabah Causeway, the fourth longest road bridge in the world connecting the financial center of the country to its north and its largest island, Boubyan Island.

The ambitious vision is supported by Kuwait’s strategic location in the middle of the trade road between Asia and Europe, and within the Gulf. Investments have started flowing in, and the country’s existing infrastructure and ports are supporting trades.

At the heart of it all is a young and urban population. The median age today stands between 29 and 33 years, growing at approximately %2 year-on-year. Adults between the ages of 25 and 35 years make up the largest segment.

What Differentiates the Local Population?

What makes Kuwait unique, we’ve said it, is its people. Well-traveled and always looking for what’s new and coming, Kuwait is known for setting trends in the region.

One visit to Kuwait leaves one wondering how a country can so well blend between history and culture on one hand, and modernity adapted to its image by a country whose people is diversified, highly-educated, cultured and open to the world in every way. The country is diverse in nationalities. Everyone is well spoken in Arabic and English.

And when it comes to lifestyle, the local population is, without a doubt, brand-driven and deeply knowledgeable with what is happening around the world. Amidst the modernity, traditions remain key in every household.