imported 2024-03-17 17:43:07
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.
On December 27th 2008, after years of hearings and negotiations, the Kuwaiti parliament passed a law to slash taxes imposed on foreign corporations operating in Kuwait to 15 per cent, down from 55 per cent. “We are looking for serious investors that will be forthcoming with ideas or concept papers to establish successful offset ventures benefiting the contracted government body” Mazen Madooh – General Manager of National Offset Company .
“If you look at the World Bank’s Protecting Investors Index, you will see that Kuwait has ranked 27th globally, which is better than most OECD countries. Therefore, the government is undertaking all the appropriate measures in order restore confidence and attract investment companies.” – Ahmad Al-Haroun , Minister of Commerce and Industry
“There hasn’t been much Kuwait oil development here in the past 20-30 years compared to the rest of the region. However, with the new four year economic development plan we are going to be able to see where Kuwait can go to drive development and change” – Wataniya Telecom ’s CEO Scott Gegenheimer
Kuwait plans to spend about 16 billion dinars (US$56bn) in the fiscal year starting April 1, 2010 one-third more than the current year as oil prices rise. The emirate, which expects to spend 12.1 billion dinars in the current fiscal year, posted a budget surplus of 2.74 billion dinars last year as it benefited from higher oil sales.
Kuwait strategic economic plan is worth 30 billion dinars (US$104 billion). On the agenda is a detailed roadmap to implement Kuwait economic plan a long-term strategy after years of short-term planning. It is the first of its kind since 1986.
Kuwait ruling family Al-Sabah has always said that all governments in the Gulf region should work for stability in the Persian Gulf. His Highness Sheikh Al-Sabah has no interest in any movement that might destabilize the gulf. However, Kuwait foreign relations with Iran remain complex, but have improved despite a number of unanswered questions.
Kuwait and Iraq approached each other after Saddam’s regime was ousted in 2003. The carefully planned détente culminated on the 16th of July 2009 when Kuwait named its first ambassador to Iraq since the 1991 Gulf War.
The result of the elections, however, sent encouraging signals throughout the Arab world. A total of 210 candidates vied for 50 seats, among them 50 women. Four women won seats—a result that can fairly be described as revolutionary within the countries of the Gulf Cooperation Council (GCC).
Interview Sami Al-Rushaid. The Kuwait Oil and Gas 2030 strategy for Kuwait Oil Company calls for four million barrels a day capacity for production that is to be sustained between 2020-2030. For non-associated gas Kuwait Oil Copmany plans to produce one billion standard cubic feet per day by 2015. The additional exploration activities in Kuwait oil fields will hopefully allow Kuwait Oil Company to produce another 1.5 billion cubic feet per day to total 2.5 billion standard cubic feet per day by 2030. This is the vision for Kuwait oil and gas and for Kuwait Oil Company.
