Kuwait
KUWAIT - Fast Facts:
EMIRATE OF KUWAIT
Capital: Kuwait City – 2,4 Million inhabitants
Population: 4,0 Million
Timezone: UTC +3 hrs
Head of State: H.E. Sheikh Sabah Al-Ahmad Al-Jaber AL-SABAH, Emir of Kuwait (2006)
Currency: Kuwaiti Dinar
GDP per capita: 43.103 US-$
GDP composition per sector: agriculture 0,3% ; industry 49, 4 %; services 50,2 %
Human Development Index Rank (2014): 48 (of 187)
Oil Reserves: 101,5 billion bls
Kuwait gained independence from the United Kingdom in 1961; however it has been ruled by the Al-Sabah family since the 18th century. Though Kuwait possesses a constitution which gives significant authority to other institutions (like judiciary and elected assembly), the emir has the final word as he possesses a right of veto.
Oil-related products account for 94 % of Kuwait´s exports. In order to diversify its economy the Kuwaiti government is set on attracting foreign investments. In 2013 the strict regulation that Joint Ventures had to have a Kuwait majority, which deterred foreign investors, was replaced with a more permissive branch-wise regulation. In 2008 taxes for foreign companies were reduced to 15 %. Foreign investments in oil-producing companies are however still prohibited to foreign companies. The Kuwaiti plan for development of the economy of 2008-2014 aimed at diversification of its economy and becoming a centre for trade and finance in the region. This plan was the first major planning project of this kind since 1986.
A key feature of Kuwait´s foreign policy is its aim to maintain amicable relations with its neighboring states Saudi-Arabia, Iraqu and Iran. Kuwait acts in a mediating role within the GCC and is basically willing to improve relations with Iran. At the same time Kuwait is interested in maintaining a close security cooperation with the USA in order to ensure its sovereignty and fostering closer ties with EU and NATO-states. Kuwait considers itself as the “gate to the new Iraq” and has a vital interest in its stabilization, hence tensions between the two states have eased considerably since recognition of the border between Iraq and Kuwait in 1993. The Relations have been eased considerably: In 2013 - for the first time since the invasion of 1990/91 – a plane of Iraqi-Airways landed in Kuwait. Within the GCC Kuwait is pursuing a course closely coordinated with Saudi-Arabia.
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Sources: World Bank, UNDP, IMF, German Foreign Office (AA). This text constitutes a basic information and is regularly updated. Correctness and completeness of the data cannot be guaranteed. Read the full disclaimer.