Kuwait

Bader & Co PricewaterhouseCoopers has been practicing in Kuwait since the early 1960's, specialising in providing Assurance, Business Advisory and Taxation services to Kuwait's leading banks and financial services companies, shipping, consumer & industrial products and services companies and to foreign companies operating in Kuwait.

Kuwait, with a reported GDP of USD 73 billion (for a population of 2.9 million) in 2005 is expected to grow by 3.7% in 2006. Approximately 50% of the country’s GDP (and about 90% of export revenues) is from oil. Privatization and liberalization of the local economy has been a government priority. Whilst the oil sector is experiencing economic growth, the services led non–oil sectors have exhibited healthy growth rates too:–

Telecommunications – The majority of Kuwait’s fixed line and GSM operations have been privatized and with a current penetration rate of 87%, and a GSM license is looming in the near future.

Real Estate – Keeping in trend with the Middle East, Kuwait has also begun to develop its local freehold and commercial property market and with the ever increasing population and per capita GDP, this sector is experiencing significant growth.

Oil & Gas and Petrochemicals – There are currently USD 10 billion in planned projects alone in the oil & gas sector. USD 3 billion worth of contracts have been awarded in the petrochemicals sector, including the USD 1 billion KARO–Shuaiba BTX plant expected to be completed in 2009.

Financial Services – the Kuwaiti banking sector continues to benefit from the high oil prices, & the resulting business & consumer confidence.