The economy of the State of Kuwait is mostly controlled by the governmental sector. The state-owned oil industry represents 50% of Gross Domestic Product, 95% of exports and 80% of governmental revenue. Crude oil reserve in Kuwait represents 10% of world reserve.
Kuwait oil exports are represented in crude oil, oil products, liquefied petroleum gas, chemical fertilizers, salt and chlorine.
In addition to oil, there are several other sectors that play an important role in the economy of the country, including the banking and financial system, which covers local banks, Islamic local banks, foreign banks subject to the control of the Central Bank of Kuwait, the investment sector, Kuwait Stock Exchange, the industrial sector, the services sector, and many more like wholesale trade, retail trad, real estate, etc.
As far as development programs are concerned, Kuwait launched in May 2009 its first economic development plan (2010/2011-2013/2014), with total investment around US$107 billion over 4-years focusing sectors of transport, utilities mainly electricity generation and water desalination, industrial special zones, a technology park and a logistics zone.
The second development plan (2015/2016-2019/2020) has investment of US$ 103 billion of which 30 projects in nine crucial sectors including oil & gas, North Zone Development, electricity & water, Urban Development & housing, Health, Education, transport & communications, tourism & media, and environment.
The aim of the Government with these plans is to set a new idea of strategic planning and make it real, in order to reach the goal set by H.H. the Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah of turning the State of Kuwait in a global financial center by 2035.
For more information, please visit the website of Kuwait Direct Investment Promotion Authority