Kuwait Projects Company (Holding) - Investor Presentation
KUWAIT: GAINING MOMENTUM
95.1% of eligible population in Kuwait is fully vaccinated; ~8.0 million
shots given
Increased production coupled with surge in oil prices boosted the oil
revenues
Improved operating environment as Covid restrictions are now lifted
Economy expected to grow with healthy consumption rates, increase in
oil prices and strong real estate activity
State budget is expected to register a surplus this year, first time since
20141
One of the highest rated sovereigns
AA-/A1/A+ (Fitch/Moody's/S&P)
Supported by low fiscal break-even oil price
(US$52.5 per barrel*)
6th largest Proven oil reserve ~102BBL (~6% of global reserves)
Current Capacity - 3.15Mn barrels per day
Rising interest rates
Consequently, S&P expects improved rating for Kuwaiti banks²
Robust GDP growth rate %
1.3
(8.9)
2020
2021F
8.2
2022F
Expected fiscal surplus % of GDP
(12.8)
(0.5)
2020
2021F
16.6
2022F
Source: IMF-WEO Database, April 2022, Rating agencies, CIA, ITA
*2022 Projections- IMF statistical appendix, of Regional Economic
Outlook: Middle East and Central Asia
1. As per the 'Macroeconomic Outlook 2022-2023' report published by NBK on April 28
2. As per S&P Global report dated 18th April 2022
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