July 29     The Kuwait Electric Vehicle (EV) market currently valued at USD 51.22 million in2023, is set for explosive growth, with projections estimating it will reach a staggering USD 1,126.58 million by 2032. This remarkable increase reflects a compound annual growth rate (CAGR) of41.89% during the forecast period from 2024 to 2032.

July 13     By 2024, Kuwait’s travel and tourism industry is projected to bring in revenues of $1,088 million. This sector is forecasted to grow at an annual rate of 4.02% from 2024 to 2028, culminating in an expected market volume of $1,274 million by the end of 2028. 

July 13      A recent economic report by Al-Shall highlighted the lack of substantial advancement in achieving the objectives of Kuwait Vision 2035 during the 2010-2024 period. Key findings from the report: Public sector employment among citizens increased from 74% to 80%, while private sector employment remained stagnant at around 5%. This contradicts the Vision 2035 goal of enhancing the private sector’s role. Capital spending rose by 7.7% but was not fully utilized in any fiscal year.

June 29     Kuwait’s real estate sector faced considerable challenges in 2023, marked by high borrowing costs and slow reforms. Transaction volumes saw a notable decline across residential and commercial sectors, with both sales and rental markets showing negative trends.

June 29    Kuwait has been ranked as the third-best Gulf and Arab city to live in for the year 2024, according to the latest report by the Economist Intelligence Unit. Globally, Kuwait City secured the 93rd position. The rankings were led by Abu Dhabi and Dubai. 

June 10     In its latest report, global rating agency Standard & Poor’s (S&P) has affirmed Kuwait’s ‘A+’ sovereign rating with a stable outlook. This strong assessment is primarily attributed to Kuwait’s sizeable government financial assets, which are projected to reach around 418 % of the country’s GDP in 2024.   

June 3     Kuwait's Public Authority for Housing Welfare (PAHW) has annnounced that work is moving at a steady pace on its ambitious project - Sabah Al Ahmad City - mainly the south and east sectors of the project, with power connection given to 40 of the total 60 buildings within the mega development.

May 14       The May 11 decision by Kuwaiti Emir to dissolve Parliament could lead to a more streamlined decision-making process and the advancement of economic diversification plans and energy projects that have been stalled for years by political paralysis. 

May 5       Kuwait’s economic growth (real GDP) projection for 2024 was revised by the World Bank to 2.8% y/y, higher than the 2.6% y/y forecasted earlier in January 2024 owing to expectations of phasing out of OPEC+ production cuts, according to Kuwait Financial Centre (Markaz).

April 22      Kuwait's consumer price index (inflation), on an annual basis, grew by 3.02% last March, according to the Kuwait Central Statistical Bureau (KCSB). The Bureau said the inflation rate in Kuwait rose 0.38% the same month -- on a monthly basis.

April 20     The Director General of the General Administration of Customs has issued Customs Instructions No. 21 of 2024, marking a significant development in GCC customs procedures. Effective from April 23, 2024, the new instructions introduce a direct tax transfer mechanism aimed at streamlining customs clearance processes for both new and used cars. Under the directive, vehicles can obtain customs clearance within a maximum period of two years from the date of initially collecting customs duties in the first customs declaration.

April 19      The total passenger count during March, as reported by the Kuwait Directorate General of Civil Aviation (DGCA), reached 1,067,674. In a press release, the Director General for Aviation Safety and Air Transport Affairs highlighted that Kuwait International Airport experienced an 8% decrease in passenger traffic compared to the previous year.

April 3       Business confidence in Kuwait’s non-oil sector reached record-high levels in March with a notable expansion in output and new orders. The inaugural S&P Global Kuwait Purchasing Managers’ Index (PMI) paints a promising picture for the nation’s non-oil private sector. The index revealed a marginal increase in job creation and signs of increased inflationary pressures. 

March 24     Until December 31, 2023, the number of Kuwaiti workers in the public sector reached 397,600 or 84.6% of the total workers. 

March 24     Kuwait has secured the 38th position globally and fifth in the Arab world on the Global Competitiveness Index for the year 2023, showcasing significant advancements in key competitive factors. 

March 24     According to a report by NBK Economic Research, Kuwait’s year-to-date fiscal deficit for the first 10 months of the current fiscal year (FY2023/24) has narrowed by KD635 million ($2.075 billion) from the balance in December to KD1.1 billion ($3.595 billion) in January.

March 17     The Public Authority for Civil Information issued the latest detailed data on population and employment statistics for the end of December 2023, showing that the total population in Kuwait reached 4,860,000 in the end of 2023, growing by 2.6% compared to the end of 2022 at 4,737,000 people.

March 16     The Central Bank of Kuwait said that Fitch Ratings affirmed Kuwait’s outlook, which remains stable along with a rating of AA- which is “supported by its exceptionally strong fiscal and external balance sheets”. 

Feb 29   Hotels Consider Allowing Unmarried Kuwaitis to Book Rooms Independently. Have Kuwaiti hotels lifted their long-standing ban on hosting single Kuwaiti guests, both male and female, without requiring them to be accompanied by their spouses? 

Feb 28   The Central Administration of Statistics report sheds light the number of workers in the State of Kuwait as at the end of the third quarter of 2023, putting its size to about 2.107 million workers, not counting the number of domestic workers, reports Al-Jarida daily. When adding domestic workers and the like — the family sector — whose number is about 790,000, the total rises to about 2.897 million workers, and the percentage of domestic workers amounts to about 27.3% of the total employment in Kuwait.

Feb 28   According to recently compiled statistics from the Central Administration of Statistics, Kuwait consumed 2.8,000 tons of local fish in 2023, with a total estimated value of around 6.7 million dinars, reports Al-Qabas daily. These statistics covered approximately 25 varieties of fish, with shrimp being a notable contributor, accounting for approximately one million kilograms sold during the year 2023. Additionally, the consumption of Zubaidi fish totaled around 79,000 kilograms over the same period.

Feb 21   The latest government data showed that the population of Kuwait reached about 4.859 million by the end of 2023, including 1.546 million citizens and 3.3 million expatriates — an increase of 2.6 percent or 122,700 compared to about 4.7 million in 2022, reports Al-Anba daily. 

Feb 15   Kuwait's emir Sheikh Meshal al-Ahmad al-Sabah issued a decree on Thursday to dissolve the parliament, state news agency KUNA reported.

January 31    Kuwait’s budget deficit in the fiscal year 2024/2025 is expected to hit KD 5.89 billion (USD 19.15 billion), down 13.5 percent compared to the current year, according to a draft budget bill released by the Ministry of Finance.

January 29    The Central Bank of Kuwait released statistics indicating a significant surge in consumer spending among citizens and residents in 2023. The total spending, both within and outside the country, witnessed a remarkable increase, jumping by 3.6 billion dinars to a record 45.79 billion.