The economy of Kuwait is a wealthy petroleum-based economy. Kuwait is one of the richest countries in the world. The Kuwaiti dinar is the highest-valued unit of currency in the world. According to the World Bank, Kuwait is the fifth richest country in the world by gross national income per capita.
Top Sectors in Kuwait
Renewable energy in Kuwait
As part of Kuwait Vision 2035, Kuwait inaugurated its largest renewable energy park, Shagaya Renewable Energy Park, which includes concentrated solar power, solar photovoltaic, and wind power plants. The park consists of four phases with a target capacity of 4,000 MW. It is set to be one of the largest renewable energy parks in the world.
Finance in Kuwait
Kuwait has a leading position in the financial industry in the GCC. The Emir has promoted the idea that Kuwait should focus its energies, in terms of economic development, on the financial industry. The historical preeminence of Kuwait (among the Gulf monarchies) in finance dates back to the founding of the National Bank of Kuwait. The bank was the first local publicly traded corporation in the Gulf. An alternative stock market, trading in shares of Gulf companies, emerged in Kuwait, the Souk Al-Manakh. At its peak, its market capitalization was the third highest in the world, behind only the U.S. and Japan, and ahead of the UK and France.
Tourism in Kuwait
There was a rise in the spending of Kuwaiti citizens on tourism and travel, recorded to be 4.39 billion dinars, marking an increase of 9.2% from the 4 billion dinars recorded in the previous period. The surge in tourism expenditures is largely attributable to the introduction of new travel destinations, expanded offerings from airlines catering to family travel, and an increase in interest in events like the Riyadh Season and other festivities. The first quarter saw the highest spending (1.36 billion dinars), followed by the second (1.01 billion dinars), third (1.15 billion dinars), and the fourth (870 million dinars), making it the period with the highest spending on travel by Kuwaiti citizens since the outbreak of the COVID-19 pandemic. Moreover, spending by foreign tourists in Kuwait increased by approximately 60%, reaching 533.3 million dinars by the end of the period, up from 332.6 million dinars in the previous period.