ablcc_newsletter-4th-edition-2021_A5_04

37 KUWAIT: economic diversification efforts and Covid-19 Kuwai t ’s economy has been resi l ient while facing Covid19 crisis, and it is due to several factors. The first one is certainly the productive oil fields which has permitted to build the world’s largest sovereign wealth fund, a high GDP per capita and the lowest public debt among the GCC countries. But Kuwait’s will is not to rest on its laurels. The diversification progress is multifaceted as the fiscal deficit is growing and comprises private sector development, progressive reduction of oil dependency and improvement of the local business environment towards a more sustainable one. The country has also worked on building a strong health system since 2017, that participated on its resilience to the crisis. The purpose is to maintain this excellency. Several goals rely behind this strategy by 2035: lift the foreign direct investment but most of all restore regional leadership of Kuwait as a financial and commercial center. Another point in the Kuwait’s ambitions is to focus on Tourism. In fact, tourism is a sector with a strong and rapid potential growth and has skyrocket during pandemic especially the family tourism segment. The subject is treated even more extensively in the new report of the Oxford business group which you will find here: https://oxfordbusinessgroup.com/news/report-will-covid- 19-pandemic-accelerate-kuwait-economic-diversification-efforts Invest emirates: The newguide for your next investments in the UAE The United Arab Emirates has just launched a brand-new website where you can find all the necessary information for your future investment in the UAE. Ga t he r i ng da t a f rom gove r nmen t , international institutions and private sector consultants, Invest Emirates highlights all the necessary and up-to-date information about the seven Emirati markets, from the legal framework to a sector-by-sector analysis. The UAE offer many opportunities in healthcare, IT, education, transportation equipment, food and agriculture as well as in the pharmaceutical sector. Incentives to invest in those areas are numerous and are demonstrated in a special section. To learn more: https://www.investemirates.ae/en