Investor Presentaiton
Overview of Kuwait
Snapshot
The State of Kuwait ("Kuwait" or the "Sovereign") is a sovereign
emirate on the coast of the Arabian Gulf, covering a total area of
17,818 square kilometers.
60
80
Substantial Current Account Surpluses
Current Account Balance (USD bn, Ihs)
Current Account Balance / GDP (%, rhs)
45.28%
60%
40.90%
32.50%
40%
20%
6.80%
27.1
35.3
61.8
73.5
67.4
50.5
2009
2010
2011
2012
2013
2014
8.0
2015e
0%
43.60%
Overview
60
Kuwait is a constitutional monarchy, headed by His Highness
Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah (the "Emir").
32.02%
27.73%
40
20
20
0
Strong Sovereign Balance Sheet
Sovereign Net Foreign Assets (USD bn, lhs)
600
Sovereign Net Foreign Assets to GDP (rhs)
469.0%
281.0% 332.0%
600%
500
400
500%
251.0%
246.0%
400%
250.0%
220.0%
300
200
300%
200%
100
100%
257.0
258.0
376.0
436.0
491.0
529.0
551.0
0
0%
2009
2010
2011
2012
2013
2014
2015e
Economy
Strategic
Vision
Kuwait enjoys an open economy, dominated by the Government
sector. Its economy, while primarily dependent on the oil industry,
has witnessed increased contribution from non-oil sectors.
Kuwait has one of the lowest external break-even oil prices
globally, and the lowest in the GCC, making it more resilient to the
recent decline in oil prices. In addition, it has registered substantial
fiscal and current account surpluses, which serve as a buffer.
Kuwait has launched a long-term policy vision under the banner of
"Kuwait Vision 2035". The vision encompasses six strategic aims:
increasing the GDP, encouraging the private sector, supporting
human and social development, promoting demographic policies,
enhancing and improving the effectiveness of government
administration and consolidating the Islamic and Arab identity.
Kuwait has set medium-term development strategies with a view to
ultimately achieving its vision.
Key Figures
GCC Fiscal Breakeven Oil Price
■Fiscal Breakeven Oil Price ($/barrel)
Low External Debt which is Stable as a Share of GDP
External Debt (USD bn)
External Debt to GDP
Key Indicators
2014
2015E
50.0
60%
40.0
Sovereign Ratings
Aa2/AA/AA (M/S/F)
42.4%
34.8%
40%
30.0
30.3%
24.3%
Current Account
$50.5 bn
$8.0 bn
19.8%
17.3%
20.0
23.7%
Δ
20%
Gov Revenues (%GDP)
54%
39%
10.0
75
60
114
70
108
120
41.5
33.5
34.4
28.1
32.6
36.8
41.0
Public Debt (%GDP)
3.4%
4.5%
0.0
0%
Kuwait
Qatar
Saudi
Arabia
UAE
Oman Bahrain
2009
2010
2011
2012
2013
2014
2015e
الوطني
NBK
Sources: Central Bank of Kuwait, Central Statistical Bureau, Ministry of Finance, IIF and NBK estimates
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