Top Business Sectors in Kuwait
TOP BUSINESS SECTORS IN KUWAIT
With numerous businesses opening up & closing over the past few months, existing business owners & potential business owners are concerned whether their unique concepts would work in the Kuwait Market. A successful business is one that provides the market with distinctive solutions for problems or inconveniences faced by the common public which may have been overlooked. The objective is to simplify the daily lives of everybody by creating a demand & providing a solution they did not realize was a requirement.
According to Mordor Intelligence, “Kuwait vision for 2035 that articulates the Amir's aspirations and is endorsed by the current development Plan is: "to transform Kuwait into a world class financial and commercial center, with the private sector leading economic activities, fostering competitiveness, increasing productivity, supported by viable public institutions, while maintaining the deep rooted values and national identity, towards achieving balanced economic and human development, supported by adequate infrastructure , legal framework, and enabling business environment.”
We have listed below the top business sectors in Kuwait, which will assist you in gaining perspective on businesses in the Kuwait market.
Oil & Gas Industry
The Oil & Gas sector in Kuwait accounts for about 40 per cent of its gross domestic product and about 92 per cent of export revenues. Kuwait Petroleum Corporation (KPC) is a state- owned entity which produces about 7% of the world’s total crude oil. The company covers all the aspects of the hydrocarbon industry - onshore and offshore upstream exploration through production and refining, marketing, retailing, petrochemicals & marine transportation. KPC is one the world’s most reliable suppliers of energy and had planned to achieve crude oil production capacities in Kuwait of 4 million barrels per day by 2020.
Banking & Financial Services Industry
The banking industry in Kuwait led is by the retail business, where personal loans & financings consist of 40% of total services, that is the largest share of sectors. The financial services industry contributes to flourishing the Kuwait’s economy. Kuwait is one of the largest countries amongst other Gulf Cooperation Council (GCC) countries & the National Bank of Kuwait is amidst the largest banks of the region. The country’s economy is favored by the rise in entrepreneurs through their startups & SMES in Kuwait, which helped in minimizing economical effects when the price of oil is dropped.
The demand for websites & mobile application are on the rise as sectors like retailers & bankers whose primary source of income are consumers, have been digitally transforming their services & creating efficient digitalized solutions in Kuwait. Amongst the MENA region, Kuwait ranked the highest on key IT & mobile infrastructure services with internet penetration at 99% & mobile penetration at 174% in 2020. The youth of Kuwait play a huge role in influencing the various sectors in turning their services digital & supporting the demand for emerging technologies & software. The Kuwait Government has introduced several e-services for the citizens & residents of Kuwait. At Bexit, we have a number of mobile applications for providing solutions to different market sectors.
Media & Marketing Industry
The key drivers of the media & marketing industry are digital media marketing, digital content creation, App stores & online portals. Kuwait consists of a demographic with high literacy rates which reflects on the high demand for information provided across various media. The opportunities of digital marketing are high since the internet penetration, mobile penetration & televised penetration are high. Digital marketing is cost effective & thus encourages advertisers to utilize these mediums to target niche audiences. Digital content creation drives the Kuwait market with digital tools for services like e-books, applications, websites & blogs, graphics, images & videos. Many businesses in Kuwait are opting for online presence which targets a larger customer base through online stores & portals.
With the rise in population of Kuwait over the last few years, the demand for healthcare facilities are on the rise. Obstetrics, gynecology, cardiology, are amongst the fastest growing specialties in the healthcare sector in Kuwait. In addition, hospitals & clinics for lifestyle requirements create several openings for establishment. Since Kuwait has one of the highest rates of obesity, there has been an increase in demand for lifestyle clinics, which help individuals in improving their health & lifestyle. Private hospitals offer various specialty services, thus creating inbound medical opportunities & reducing overseas treatments.
These top sectors play an important role on the economy, including the Exits and Acquisitions that take place. Here at Bexit.co, our objective is to make it easier for investors looking for the next business opportunity and business owners that decide to exit their business by placing their listing in a reliable platform like Bexit.
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