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Kuwait Expected to Experience 3% Economic Growth This Year

Kuwait : 12 August

National Bank of Kuwait expects transportation and banking sectors to lead the way

The economy in Kuwait is expected to grow by almost three per cent in 2010 and rise over four per cent throughout 2011, as stated by a top bank in the oil producing nation.

Kuwait’s nominal GDP fell almost 21.2 per cent in 2009 due to low oil prices and the effects of the worldwide financial crisis of 2008, reaching KD31.5 billion (Dh395 billion).  A National Bank of Kuwait study projected that amount to rise about 18 per cent in 2010.

The Bank stated that a three per cent growth in real terms is expected for 2010 and an even better 4.3 per cent is to be looked for in 2011.

That growth is expected to be seen as larger projects get started.  Stats for 2009’s GDP have not been officially stated yet.

Projected growth should come mainly from the private sector, with the transportation and banking industries also adding to it.

The study stated that both of those areas had contributed significantly to the GDP in the last few years and were expected to keep growing throughout the future as Kuwait transforms into a logistics and financial centre.

Transportation went from being four per cent of the GDP to covering eight per cent of GDP in the last couple of years.  The financial sector grew from six per cent of the GDP to 14 per cent.

Meanwhile public administration has fallen from being 12 per cent of the GDP in the past to only six per cent of that total in 2008, which is due to the other growth sectors as stated by the study.

As expected, the financial crisis put a dent in the private sector’s shares, causing the public administration portion of the GDP to rise again during 2009 since the government enjoyed more security.  The study stated that the positive movements in the GDP had to be maintained and supported as covered in the current five-year economic plan.

Over the long term Kuwait needs to diversify away from the oil sector for security and a host of other reasons.  Less single sector dependency and an opportunity to create more jobs in Kuwait for locals are two benefits of growing with the post-oil economy.  Non-oil sectors should grow steadily and surpass the oil sectors, although currently the nation stands with an even split.

As Kuwait controls approximately 10 per cent of proven global oil wealth the country has one of the largest economies in the Arab world, fifth behind Saudi Arabia and the UAE, Egypt and then Algeria.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
12 August

Investment Barriers Must Come Down in the GCC

Private sector needs to expand for more job creation
The oil producing companies in the Gulf region should dismantle the current barriers to investors and work to expand the private sector to create jobs in the Gulf for locals, as stated by a leading Qatari bank.
The International Bank of Qatar (IBQ) noted that although the six [...]

06 August

More Cheques Were Bounced For Less Money in UAE

Reports say that even though more cheques written in the UAE bounced, the total monetary value attached to those cheques dropped by 25% in the first quarter of 2010.
Data supplied by the Central Bank showed that there was a total of AED18.6 billion in bounced cheques written over those first four months, as compared to [...]

05 August

Rating For Mideast Sovereigns Still Good According to Moody’s

But rating firm also warns that the recovery of Mideast economies is tentative and diverse
Recently published six month updates from Moody’s Investors Services reported that Middle East sovereign economies are improving throughout 2010.
But the report also warns that the pace of recovery is somewhat tentative and varies in the same way other areas are witnessing.  [...]

04 August

UAE Banks See Significant Jump in H1 Deposits

Considerable spike of 12.7 per cent in customer deposits at the close of June
Eight major UAE banks reported a significant jump in H1 deposits over the fix six months of 2010 on their balance sheets.  That jump, however, did not cause banks to get soft on the stringent lending guidelines in place since the global [...]

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