Kuwait

PricewaterhouseCoopers has been practising 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 and industrial products and services companies and to foreign companies operating in Kuwait.

Approximately 50% of the country’s GDP (and about 90% of export revenues) is from oil. Privatisation and liberalisation 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 privatised and have a penetration rate of around 87%.

Real Estate – Keeping in trend with the Middle East region as a whole, 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 around 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, and the resulting business and consumer confidence.