Investor Presentation July 2021
Overview of Kuwait
Overview
Fiscal breakeven oil price
■ The State of Kuwait is a sovereign state on the coast of the
Arabian Gulf with a population of 4.7 million
■ Kuwait is a constitutional monarchy, headed by His Highness the
Emir, Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah
■ Kuwait enjoys an open economy, dominated by the government
sector. Its economy is primarily dependent on the oil industry, but
has witnessed growing contribution from non-oil sectors
■ Kuwait has one of the lowest industry breakeven oil prices in the
world and a fiscal breakeven lower than some other GCC
countries, making it more resilient to low oil prices. It has one of
the world's largest sovereign wealth funds and very low debt,
which underpins the investment grade sovereign credit rating
■ Kuwait has a long-term policy vision under the banner of
"Kuwait Vision 2035". It encompasses six strategic aims:
increasing GDP growth; encouraging the private sector;
supporting human and social development; promoting
demographic policies; enhancing and improving the
effectiveness of government administration and consolidating the
country's Islamic and Arab identity
90
90
Excl inv inc
Incl inv inc
85
80
75
70
99
68
62
62
65
60
57
55
54
50
46
50
45
40
10
72
66
773
54
54
48
84
898
90
85
80
75
70
70
65
61
60
66
55
50
45
45
40
13/14
14/15
15/16
16/17
17/18
18/19
19/20
20/21
45
Key Indicators
Sovereign Ratings
Current Account
Gov Revenues* (% GDP)
Public Debt* (% GDP)
Key economic indicators
* Financial year. Debt projections assume debt law is approved in FY21/22
2020
2021F
A1/AA-AA (M/S/F)
$33.5 bn
$28.8 bn
32%
39%
12%
17%
Sources: Central Bank of Kuwait, Central Statistical Bureau, Ministry of Finance, NBK estimates
National Bank of Kuwait 16View entire presentation