Kuwait- Development plan gains pace 

(MENAFN - Arab Times) Kuwait's drive to diversify its economy through a combination of government investment and increased private sector participation is given wide-ranging coverage in a new report just published by Oxford Business Group (OBG).

The Report: Kuwait 2012 looks in detail at the massive projects earmarked for the country, which include major initiatives in transport and housing, as the government continues to implement the first in a series of five-year national development plans (NDP 2010-14).

The publication contains a contribution from the Amir of Kuwait Sheikh Sabah Al AhmedAl Jaber Al Sabah, together with a detailed, sector-by-sector guide for investors. It provides a wide range of interviews with leading political, economic and business representatives including the Minister of Finance Mustafa Al Shamali, the Vice-Chairman of the Kuwait Projects Company (KIPCO) Faisal Hamad Al Ayyar and the CEO of the Kuwait Petroleum Corporation (KPC) Farouk Al Zanki.

International personalities, such as the Italian Foreign Minister Giulio Terzi di Sant'Agata, the Minister of Trade and Industry for Singapore Lim Hng Kiang, the Secretary-General of OPEC Abdalla Salem El Badri and the Managing Director and Head of EMEA Sovereign Ratings at Standard & Poor's Moritz Kraemer also offer their views on Kuwait's economic development.

With infrastructure at the forefront of the country's development plans, OBG's new report examines the key role earmarked for the construction sector in pushing forward Kuwait's long list of projects. It provides in-depth analysis of the government's plans to set up private partnerships for projects across the sectors, in particular the opportunities that are to become available in real estate, education and health. OBG's 2012 report also explores Kuwait's efforts to tap investors by highlighting the country's attractions which include favourable tax regimes and access to regional markets.

It offers coverage of the country's plans for growth in key areas of industry, such as upstream and downstream petrochemicals, refinery expansion and the development of domestic natural gas reserves. There are also details of the state's plans to step up its focus on alternative energy sources against the backdrop of a dominant hydrocarbons sector.

Boost
As Kuwait looks to further boost economic productivity and increase liquidity for local investment firms, OBG's latest report puts the country's new Financial Stability Law in the spotlight. It considers the role the legislation could play in driving credit growth and encouraging gross lending for the country's banking sector, helping to strengthen its reputation as a regional financial hub.

The Report: Kuwait 2012 has been produced in partnership with the Kuwait Foreign Investment Bureau (KFIB). Contributions have also been made by KIPCO Asset Management Company (KAMCO) who collaborated on the Capital Markets chapter, the accounting and auditing, tax and consultancy services company BDO for Tax analysis and Al Ruwayeh & Partners (ASAR) law firm as the Group's legal partner.

Regional Editor Oliver Cornock highlighted Kuwait's progress in transforming itself into a major international commercial and financial centre through significant investment on the back of surging oil revenues.

"Kuwait is poised to take advantage of expected global economic recovery having channelled funds into a long list of projects, many of which are earmarked for the non-oil sector," he said. "Refinery expansion will also allow the country to increase its oil output."

OBG's Regional Director for the GCC, Michelle Solomon, agreed that Kuwait's National Development Plan would produce a wealth of opportunities for investors and pave the way for further economic diversification. She also thanked the Group's partners for the key contribution they had made to The Report: Kuwait 2012.

"Oxford Business Group has long recognised the importance of pooling resources with local experts who have an in-depth knowledge of a country's economic activity," she said. "Our partners in Kuwait have helped our team to produce a report which accurately captures and analyses the significant changes on the horizon for the country. I am confident that its contents will prove highly valuable to business leaders worldwide when they come to make their investment decisions."

The Report: Kuwait 2012 marks the culmination of more than six months of field research by a team of analysts from OBG, assessing trends and developments across the economy, including macroeconomics, infrastructure, banking and other sectoral developments. The report is available in print or online.