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Kuwait Economy
A petroleum-powered economy diversifying for the future
Key Economic Indicators
$165 Billion
GDP (2024)
+3.2%2.7M bpd
Oil Production
Stable101.5 Billion
barrels
Oil Reserves
$52,000
GDP per Capita
+2.1%$700+ Billion
KIA
Sovereign Wealth
~40%
Non-Oil GDP
GrowingMajor Infrastructure Projects
Kuwait Vision 2035 aims to transform the country into a financial and commercial hub
Mubarak Al-Kabeer Port
A $3.6 billion mega-port on Boubyan Island designed to transform Kuwait into a regional trade and logistics hub, competing with neighboring ports.
Kuwait International Airport Terminal 2
A new $4.3 billion terminal designed by Foster + Partners with capacity to handle 25 million passengers annually, featuring sustainable architecture.
Al-Zour Refinery
One of the largest refineries in the Middle East with 615,000 barrels per day capacity, producing low-sulfur fuel and reducing imports.
Clean Fuels Project
Modernization of Mina Abdullah and Mina Al-Ahmadi refineries to produce environmentally friendly fuels meeting Euro-4 standards.
Kuwait Metro
A planned rapid transit system spanning 160km with 68 stations across four lines, connecting major districts and the airport.
Silk City (Madinat al-Hareer)
An ambitious $132 billion development plan for a new city in northern Kuwait, featuring the 1,001-meter Burj Mubarak al-Kabir tower.
Free Trade Agreements
Kuwait participates in trade agreements primarily through the GCC bloc
Gulf Cooperation Council (GCC)
2003
Free movement of goods, common external tariff with Saudi Arabia, UAE, Bahrain, Qatar, and Oman
Greater Arab Free Trade Area (GAFTA)
2005
Zero tariffs on goods from 17 Arab countries including Egypt, Jordan, Lebanon, and Morocco
Singapore
2008
Comprehensive FTA covering goods, services, and investments between GCC and Singapore
European Free Trade Association (EFTA)
2009
Trade agreement with Switzerland, Norway, Iceland, and Liechtenstein
United States
2004
Trade and Investment Framework Agreement, facilitating bilateral trade discussions
China
Ongoing
GCC-China FTA negotiations ongoing since 2004, covering goods and services
United Kingdom
Ongoing
Post-Brexit GCC-UK FTA negotiations for comprehensive trade deal
South Korea
Ongoing
GCC-South Korea FTA talks focusing on petrochemicals and technology
Oil & Energy Sector
6th Largest
Oil Reserves
Over 101.5 billion barrels of proven reserves, ensuring long-term economic stability
90%+
Government Revenue
Petroleum accounts for over 90% of export earnings and government revenue
Est. 1953
Kuwait Investment Authority
One of the world's oldest sovereign wealth funds, managing $700+ billion