Across the Gulf, mixed sentiments are emerging about the commercial and business sectors in a number of markets including Kuwait, especially amidst a weak oil price and other external macro-economic factors impacting on world economies.
And yet positive developments continue to happen, such as the much-awaited expansion of the airport, which is now is underway. The total estimated cost of the expansion amounts to a substantial $4.3 billion with a planned capacity of 25 to 50 million passengers.
Other Gulf countries, notably the UAE and Qatar, now have well-established airport links serving their global businesses. Kuwait is following in their footsteps.
Kuwait’s aviation and transportation sectors are continuing to thrive and in turn will service a growing commercial population in Kuwait as the country continues to diversify beyond oil.
Earlier this week, Kuwait revealed plans to invest KD 4.75bn ($15.75bn) in its 2017 to 2018 development plan, with financing of the country’s five-year development plan is being shared between the general government (49.3 per cent), oil sector (33.8 per cent) and private sector (16.9 per cent).
The plan has several goals including effective government, a sustainable and diversified economy, developed infrastructure, sustainable livelihood for citizens, high-quality healthcare, creative manpower and further improving Kuwait’s international status.
It is clear that despite the current low oil price, Kuwait is holding its own on the world stage as an attractive and thriving commercial hub, one that is continuing to develop and adapt.
Whilst the business set-up markets in other Gulf nations are now maturing, Kuwait is still evolving and developing, offering rich opportunities for company formation for foreign companies and individuals.
For any businesses or individuals looking for more information on the Kuwait market, on how to establish a business presence there, and how to navigate the government agencies, Aeon Gulf is well-placed with a strong network of public and private sector contacts that can support your business needs.
For more information on setting up a company or a branch in Kuwait, please get in touch via our website www.aeongulf.com