Opportunities in Kuwait for Northern Ireland Companies
Olive Hill, Executive Director of Strategy
Sep 01, 2015
Invest Northern Ireland is taking a Trade Mission to Saudi Arabia and Kuwait 01 - 06 November.
The six day mission will focus on Jeddah and Kuwait City.
Export advice and guidance
Our expert Trade Team in Belfast will be on-hand with advice and guidance to help you prepare for the mission. We have also appointed an in-market trade advisory who can provide tailored market research and arrange individual appointments for your company. The cost of this service is heavily subsided by Invest NI.
Kuwait - Market
Kuwait has a predominantly oil based economy accounting for 6% of the worlds proven oil reserves. Its a founding member of the Organisation of Petroleum Exporting Countries (OPEC). Kuwait is the fifth richest country in the world measured by Gross Domestic Product (GDP) per head.
Benefits for Northern Ireland businesses exporting to Kuwait include:
English widely spoken
No taxation on personal income
Growing diversification within the Kuwaiti economy
Earmarked government investment of £71 billion on infrastructure projects
Public Private Partnership (PPP) approach for infrastructure projects
Strengths of the Kuwaiti market include:
Free trade zone
Strategic location in close proximity to other Gulf markets
Friendly living environment for foreigners
More than half of Kuwait nationals are under 25
Moderate business costs
Kuwait offers opportunities, particularly in sectors such as:
Things to think about
Physical presence needed as long term relationships need to be formed
Restrictions on company ownership by non-Gulf Cooperation Council nationals
Identify suitable sponsors for initial entry into the market
Finding an appropriate Kuwaiti partner for joint ventures
Slow speed decision making
Tendering process can be difficult to navigate
Extremely hot weather in summer seasons slows down outdoor activity