Kuwait Oil Suppliers

While it is hard not to overstate the importance of oil to Kuwait’s economy, accounting for 90% of total revenue, the state is following a diversification strategy to expand the key non-oil sectors to include finance and banking, logistics, industry, transportation, and telecommunications.  How do you foresee the role of oil in Kuwait’s economy and is the dependence a cause of concern to you?

There are no new strategies for the future in Kuwait’s oil sector. All of the world now is trying to make different types of revenue and Kuwait is behind in this.  I feel that Kuwait should do more to support the move to lessen the dependence on the oil sector. 

What would you like to be done by the government to facilitate your business?

Kuwait is a small country and the most important thing we have is oil.  Here we need a modern government, special banks, experienced people, and if these things start within the next two years Kuwait will improve.  Everyone has their own agenda unfortunately and it will damage the future of Kuwait.  Government initiatives to facilitate new projects will create new business opportunities for companies.

Kuwait has embarked on a significant expansion plan aiming to increase oil capacity from 2.7 million barrels per day to 3 million barrels per day by 2010 and 3.2 million barrels by 2014.  This is a significant numbers and investment.  How do you intend to capitalize on this investment?

We are a Kuwaiti company and whatever affects the country has an impact on us too.  If the economy is going well then everyone will be benefited, essentially.  We intend to utilize solid people and develop a solid plan to capitalize on this investment.

Global International is a leading business organization in Kuwait with a wide ranging interest covering trade and construction services.  What are some of your key performance figures?

We started in 1993 with limited capital.  Through the combination of our experiences, we made a strategy of how to proceed and grow our business.  We grew slowly with the market to reach where we are today.  This is the seventeenth year of our company and in suppliable consumables for the oil sector we are a true leader.  In 2008 we hit the peak of our sales with 9 million but our sales have gone down around 30% as a result of the crisis but we are still successful and our clients are happy because we are a dependable supplier.  We started out with nine people in our company and now we have more than 100. 

What are your clients looking for and what are you supplying?

We are trying to expand our inventory for our clients who are business leaders in Kuwait .  We want to supply the best quality materials to serve their needs best.  Our customers requests are all properly attended to in a timely manner.

What is your competitive advantage?

We do not add too much margin to our product and we offer very competitive, fair prices without compromising the quality.  It is easy for them to buy materials from a company like us and that makes us competitive as it leaves our customers happy.

How do you plan to expand?

There are a lot of new projects that have recently been announced by the government. Keeping in mind the same, we are trying to expand our infrastructure and adding to our inventory based on the market’s needs.  Financially we are in a strong position and we plan to open a new branch in Dubai to serve our esteemed clients who are moving to the UAE.  We are trying to expand into representing new areas and collaborate with some international companies to generate new business.

What is your main challenge?

In the past we used to receive payments within two months but now it takes six months to a year.  Now we are more selective with whom we should do business and we have started to offer more competitive prices in exchange for cash or Cheque payment.

Do you believe the situation in Kuwait is improving, given the rising oil prices?

Situation in Kuwait is gradually improving after the rising trend in oil price. If the recently announced projects are streamlined it will result in more small-medium type companies coming into existence and this will be good for Kuwait and for business.

What is your strategy to remain competitive?

We are using incoming information from the banks, the markets, and accordingly changing our strategy to remain competitive. We are flexible and trying to limit our risk in order to protect ourselves and our finances.  Our strategy also includes maintaining our good name with our creditors by making timely payments.

What is your vision for the company in 2015 or 2020?

In the next few years we would like to make Global International a private company, expand our shareholders, maintain the growth process, and keep ourselves in the business with diversified products. 

What is your final message to our audience about Kuwait and Global International?

Kuwait is a quiet and good country but we need to revamp our strategies and remain open to the area for people to come here more easily.  This type of opening will expand investment possibilities and bring new business opportunities to the area which will be the best thing for Kuwait.