The Middle East Aviation and Kuwait aviation sector, is different because it is fueled by oil and government spending. If you look at the per capita figures in the Middle East, you will see some of the highest rates in the world and people often spend money on Kuwait travel and tourism. Therefore, the Kuwait aviation sector performs very well.
“There is high penetration and we have 115% penetration in the Kuwait telecom sector”, recounts Scott Gegenheimer, CEO of Wataniya Telecom. Kuwaitis like to chat, whether in private or in business. A Kuwaiti without an iPhone, Blackberry or Nokia phone is like Arabia without oil, purely unimaginable.
While in the United Arab Emirates almost every local commercial bank is involved in real estate financing, Kuwaiti banks watched Kuwait real estate and construction sector more critically.
The demand for middle income Kuwait real estate will remain high, according to Alargan’s Khaled Al-Mashaan: “We have the highest growth in population in the world and most of the population is under 25 years old (60%) so the influx of young people coming into the market will be huge for jobs and housing. “
The peaceful use of nuclear energy in particular celebrates a comeback in the Middle East. The UAE and Saudi Arabia will definitely build nuclear plants in order to stand on the same level as Iran, which is on the threshold of becoming a nuclear power.
“In Kuwait , we feel that we are part of the world. When there was a high demand for energy , and oil in particular, Kuwait and Kuwait Oil Company responded positively by producing the maximum in 2008. In regard to Kuwait diversification , the long term concern is there. Kuwait should seriously think about diversifying sources of income for the country.” says Sami Al-Rushaid, Chairman and Managing Director at Kuwait Oil Company
“Islamic banking and finance started inferior thirty years ago but started to position itself very well within the Kuwait banking and Kuwait investment industry. It dominates the GCC and MENA region and has proved that its underwriting criteria are much stronger than its peers on the conventional side,” says Abdul Aziz Al-Mazooq, CEO of Muthanna Investment Company.
“I think that Kuwait banking system has gone through some very difficult times, and that 2010 will still be difficult and I think the banks have to prepare for the inevitable full turn around. How long it will take, however, is anybody’s guess”, Michel Accad, CEO of Gulf Bank
The government, however, does not follow a wait-and-see attitude. In 2004 Kuwait embarked on a twenty year master tourism plan with the number one priority being to develop and improve domestic tourism. For those who want to explore a country that is surprisingly interesting, Kuwait offers all amenities, for families in particular.
The name Kuwait derives from Akwat, which means fortress near water. For the gulf countries it has never been easy to lure tourists away from the aforementioned pearls of the orient. Egypt has the pyramids, Jordan its ancient Roman Amphitheaters and Syria its capital Damascus the world’s oldest, permanently inhabited city.
