Kuwait

GDP (US$ Billion)

118.27 (2017)

World Ranking 59/191

GDP Per Capita (US$)

27,237 (2017)

World Ranking 33/190

Economic Structure

(in terms of GDP composition, 2017)

Services
(51.07%)
Industry
(48.40%)
Agriculture
(0.53%)

External Trade (% of GDP)

94.7 (2016)

Currency (Period Average)

Kuwaiti Dinar

0.30 per US$ (2017)

Political System

Constitutional monarchy

Overview

Plans to invest USD115.0 billion in Kuwait's oil sector over the next five years should boost oil production. Additional support coming from public investment spending will support growth over the medium term. Current account and budgetary pressures are expected to continue easing on the back of a partial recovery in oil revenues and as government spending is gradually trimmed. The baseline assumes gradual implementation of spending and revenue reforms. Absolute poverty and involuntary unemployment are virtually non-existent. 80% of employed Kuwaiti nationals work in the public sector. In contrast, expatriates, who make up two-thirds of the population, constitute the bulk of lower-income residents. Additional concerns for expatriate workers include unpaid or delayed wages and difficult working conditions.

Sources: World Bank, Fitch Solutions

Major Economic/Political Events and Upcoming Elections

June 2013

Constitutional court ordered dissolution of parliament, effectively dismissed results of parliamentary polls.

November 2015

Opposition groups and their allies in Kuwait won nearly half the 50 seats in parliament.

October 2018

The Public Authority for Roads and Transportation in Kuwait was set to award up to 13 deals pertaining to road projects across the country. The schemes to be contracted include an extension of the Seventh Ring Road Project, which involved building 93km of highways; an extension of the Salmi highway; and the construction of a northern regional road from Al Mutla'a. It would also cover work for phases two and three of the South Surra Road modernisation package, which included the construction of roads, bridges and sewerage systems.

Sources: BBC country profile – Timeline, Fitch Solutions

Major Economic Indicators

 

Graph: Kuwait real GDP and inflation
 
Graph: Kuwait real GDP and inflation
 
Graph: Kuwait GDP by sector (2017)
 
Graph: Kuwait GDP by sector (2017)
 
Graph: Kuwait unemployment rate
 
Graph: Kuwait unemployment rate
 
Graph: Kuwait current account balance
 
Graph: Kuwait current account balance
 

e = estimate, f = forecast

Sources: IMF, World Bank, IMF – World Economic Outlook Database, Fitch Solutions

Date last reviewed: February 20, 2019

External Trade

Merchandise Trade

Graph: Kuwait merchandise trade
 
Graph: Kuwait merchandise trade
 
 

Sources: WTO, Fitch Solutions

Date last reviewed: February 20, 2019

Graph: Kuwait major export commodities (2017)
 
Graph: Kuwait major export commodities (2017)
 
Graph: Kuwait major export markets (2017)
 
Graph: Kuwait major export markets (2017)
 
Graph: Kuwait major import commodities (2017)
 
Graph: Kuwait major import commodities (2017)
 
Graph: Kuwait major import markets (2017)
 
Graph: Kuwait major import markets (2017)
 

Sources: Trade Map, Fitch Solutions

Date last reviewed: February 20, 2019

Trade in Services

Graph: Kuwait trade in services
 
Graph: Kuwait trade in services
 
 
Trade Policies
  • Kuwait has been a World Trade Organization (WTO) member since January 1, 1995 and a member of GATT since May 3, 1963.

  • The country's Gulf Cooperation Council (GCC) membership means that it is part of a single market and customs union with a common external tariff. A tariff of only 5% is imposed on the majority of items imported from non-GCC countries, and there is a single point of entry where tariffs are collected once imports enter the GCC. Only imports on certain sensitive goods from GCC countries will face tariffs and there is freedom of movement between GCC countries without customs or non-customs restrictions.

  • The average applied import tariff for goods entering Kuwait is 3.9%. This is the fifth highest out of six GCC states. Bahrain does not levy customs duties on any exports. Some further import trade barriers exist for sensitive goods and prominent domestic industries, although the overall impact on these is fairly minimal.

  • The most extensive non-tariff barrier for trade which mostly applies for non-GCC states is the extensive trade bureaucracy and associated costs that come with exporting and importing from and to Kuwait. On average, the times and associated costs for border and documentary procedures (both for exports and imports) are some of the longest and highest in the GCC, which reduces the country's competitiveness as a trading destination when compared to its regional peers.

  • For cultural and religious regions an import ban is applicable for alcoholic drinks imports.

  • Kuwait's main exporting partners are largely reflective of the economic bloc and free trade agreements which the country is party to.

Sources: WTO - Trade Policy Review, Fitch Solutions

Trade Agreement

Trade Updates

The gradual implementation of spending and revenue forms part of efforts to diversify revenues among GCC members.

Multinational Trade Agreements

Active

  1. Greater Arab Free Trade Area (GAFTA): GAFTA was declared within the Social and Economic Council of the Arab League as an executive programme to activate the Trade Facilitation and Development Agreement and the elimination of most tariffs among the GAFTA members. The GAFTA saw tariffs between 17 Arab states rapidly decline from an average 15% in 2002 to 6% in 2009.

  2. Member of GCC: Kuwait's trade with GCC countries is tariff free. The geographic proximity of these countries and their general adoption of free trade economic policies are factors that foster a competitive business environment. Trade between Kuwait and the GCC amounted to more than USD7.2 billion in 2017, with the bulk consisting of imports (USD5.3 billion).

  3. GCC (member state) and European Free Trade Association (EFTA) Iceland, Liechtenstein and Switzerland: EFTA, taken as a single entity, is one of Kuwait's largest import partners. The agreement covers the progressive elimination of tariffs in trade in services and manufactured goods as well as investment and other trade-related issues such as the protection of intellectual property, and is fully consistent with provisions of the WTO. In addition, bilateral arrangements on agricultural products between three individual EFTA states and the GCC form part of the instruments establishing the FTA between both sides.

  4. GCC-Singapore: The GCC-Singapore FTA (GSFTA) became effective on September 1, 2013. GSFTA eliminates most tariffs (99%) of Singapore's exports to the GCC. This is a comprehensive agreement covering trade in goods, rules of origin, customs procedures, trade in services and government procurement among others. Key sectors benefitting include telecommunication, electrical and electronic equipment, petrochemicals, jewellery, machinery and iron and steel-related industry. The recognition of the halal certification of Singapore's Majlis Ugama Islam Singapura (MUIS) will also pave the way for trade in halal-certified products to gain faster access to the GCC countries.

Under Negotiation

  1. The United States-Middle East Free Trade Area Initiative (MEFTA): In 2004, the United States and Kuwait signed into force the Trade and Investment Framework Agreement (TIFA), with the aim of regulating all commercial matters between Kuwait and the United States. The countries targeted to join MEFTA are Algeria, Bahrain, Egypt, Iran, Iraq and Israel (and through Israel, the Palestinian Authority), Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia and Yemen. This includes a wide range of trade and investment issues such as market access, intellectual property rights, and labour and environmental issues. MEFTA will help in growing commercial and investment opportunities by identifying and working to remove impediments to trade and investment flows between member states. This expands the scope of markets for businesses in Kuwait to export products to, and will significantly reduce trade costs.

  2. The Pan-Arab Free Trade Area (PAFTA): The agreement came into force in January 1998 and today Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Sudan, Syria, Tunisia, the United Arab Emirates, Yemen and the Palestinian Authority of the West Bank and the Gaza Strip are party to the agreement.

  3. Australia-GCC: Australia and the GCC share a significant economic relationship, encompassing trade and investment across a broad range of goods and services. The GCC is a key market for agricultural exports such as livestock, meat, dairy products, vegetables, sugar, wheat and other grains. The agreement provides an opportunity to address a range of tariff and non-tariff barriers related to food exports that will benefit the GCC.

  4. GCC-mainland China: The first-round negotiations of the GCC-mainland China FTA commenced on April 27, 2005. Greater trade liberalisation will help develop the industrial and service sectors. Trade liberalisation with the GCC will help the group integrate and grow with mutual cooperation and comprehensive tariff reduction. In 2017, mainland China accounted for 12% of the GCC's total global trade.

  5. India-GCC: The GCC and India are negotiating an FTA. The agreement is expected to remove restrictive duties, push down tariffs on goods and pave the way for more intensive economic engagement between the nations. More than 50% of India's oil and gas comes from the GCC countries.

  6. Japan-GCC: Japan and the GCC are negotiating an FTA. This agreement will seek to reduce tariffs and liberalise services trade and investment. Japan mainly imports aluminium, natural gas, liquid natural gas and petroleum products from the GCC, while Japan mainly exports electronics, vehicles, machinery and other industrial products to the GCC.

  7. Other: A number of other GCC FTAs are currently under negotiation. The countries engaged in negotiations include Pakistan, New Zealand, South Korea, the Mercosur bloc and Turkey.

Signed But Not Yet In Effect
 

  1. The Trade Preferential System of the Organization of the Islamic Conference (TPS-OIC): The agreement would see to the promotion of trade between member states by including most-favoured nation principles, harmonising policy on rules of origin, exchanging trade preferences among member states, promoting equal treatment of member states and special treatment for least developed member states and providing for regional economic bodies made up of OIC nations to participate as a block. The agreement will cover all commodity groups. The OIC comprises 57 members, making a full realisation of such an agreement highly impactful, encompassing approximately 1.8 billion people. Although the Framework Agreement, the Protocol on Preferential Tariff Scheme and the Rules of Origin have all been agreed on, a minimum of 10 members are required to update and submit their concessions list for the agreements to come into effect. As of January 2019, only seven nations have done so.

  2. GCC-EFTA (Iceland, Liechtenstein, Norway and Switzerland): The GCC and the EFTA signed an FTA on June 22, 2009 which entered into force on July 1, 2014. The Agreement covers the progressive elimination of tariffs in trade in services and manufactured goods as well as investment, and other trade-related issues, such as protection of intellectual property, and is fully consistent with provisions of the WTO. In addition, bilateral arrangements on agricultural products between individual EFTA States and the GCC form part of the instruments establishing the FTA between both sides. Between 2014 and 2017, total trade between the GCC and EFTA grew by 22%.

Sources: WTO Regional Trade Agreements database, Fitch Solutions

Investment Policy

Foreign Direct Investment

Graph: Kuwait FDI stock
 
Graph: Kuwait FDI stock
 
Graph: Kuwait FDI flow
 
Graph: Kuwait FDI flow
 

Sources: UNCTAD, Fitch Solutions

Date last reviewed: February 20, 2019

Foreign Direct Investment Policy

  1. Kuwait continued to encourage foreign direct investment (FDI) with the implementation of Law No.116 of 2013 Regarding the Promotion of Direct Investment in the State of Kuwait (hereafter referred to as the FDI law). With the decline in oil revenue and the need to diversify its economy, the government seeks increased foreign investments. The FDI law established the Kuwait Direct Investment Promotion Authority (KDIPA) to solicit investment proposals, evaluate their potential and assist in the licensing processes. In reviewing licensing requests, KDIPA places emphasis on creating jobs and training/education opportunities for Kuwaitis, technology transfer, diversification of national income sources, increasing exports, support for local SMEs, and use of Kuwaiti products and services.

  2. The KDIPA is a specialised public authority that is responsible for promoting direct investment in Kuwait through developing, promoting, advocating and regulating the environment. The Kuwait Investment Authority (KIA) is the oldest sovereign wealth fund in the world. KIA traces its roots to the Kuwait Investment Board, which was established in 1953, eight years before Kuwait's independence in 1961. In 1982, KIA was created by Law No. 47 as an autonomous governmental body responsible for the management of the assets of the country.

  3. While the FDI law allows 100% foreign ownership in several industries, KDIPA excludes foreign firms from investment in national security and state-owned sectors. Opportunities may increase as KDIPA takes over the existing free trade zone at Shuwaikh and creates two new zones at Al-Abdali and Al-Nuwaiseeb.

  4. Moves towards privatisation have continued in the stock exchange, as well as in the aviation, telecommunications and postal services sectors, potentially bringing increased opportunities for more competition in the coming years. In 2014, the Central Bank of Kuwait (CBK) announced that foreign banks could open multiple branches in Kuwait and this presents opportunities in the financial sector. The National Assembly established the cornerstones of the current KDP, with the intent to create a 'one-stop shop' designed to streamline and simplify investment procedures and thus attract greater levels of FDI. Since 2015, the KDP has issued foreign ownership business licenses to companies such as IBM, Huawei, General Electric and the Berkeley Research Group.

  5. In 2014, the country passed new public private partnership (PPP) legislation, which is leading the way for significantly increased private participation in Kuwait's construction sector. Kuwait's Law No. 116 streamlines existing laws and introduces new regulations which improve transparency and investor safeguards. This has been the catalyst for the rapid development of the country's PPP market, with it going from a single PPP project in 2013 to 17 in 2016 (the second most in the MENA region). Therefore, Kuwait's economy is slowly emerging as being more open to foreign and private investment. Meanwhile, Kuwait has limited FTAs or special economic and industrial zones.

  6. Non-GCC nationals are not allowed to own land in Kuwait. Foreign investment in the extractive and real estate sectors is not permitted. Prior to the coming into force of the FDI law, foreign businesses were highly restricted in how they conducted business in Kuwait. Foreign businesses were not allowed to open independently or even establish a branch office, without the appointment of a Kuwaiti partner or agent. This Kuwait partner or agent had to own at least 51% of the business. Now under the new FDI law, 100% business ownership is permitted in a variety of sectors. However, businesses must apply through the KDP for a foreign ownership license in order for this 100% ownership rule to apply.

  7. Given growing unemployment levels in the public and extractive sectors, the Kuwaiti government has started to impose stricter rules for the hiring of foreign workers since 2014.

Sources: WTO – Trade Policy Review, Government websites, Fitch Solutions

Free Trade Zones and Investment Incentives

Free Trade Zone/Incentive Programme Main Incentives Available
Kuwait Free Trade Zone (KFTZ) at Shuwaikh port - 100% foreign ownership is permitted

- Improved access to work permits for expatriate staff

- Indefinite exemption from all income taxes

- Moderate utilities rates

- Low land rental and utilities rates

- Exemption from taxation on all imports and exports from the zone

- Modern infrastructure including IT and multimedia facilities

- Capital and profits are freely transferable outside the KFTZ and are not subject to any foreign exchange controls

Source: Fitch Solutions

Taxation – 2019
  • Value Added Tax: 0%
  • Corporate Income Tax: 15%

Sources: Ministry of Finance Kuwait, Fitch Solutions

Important Updates to Taxation Information

  • Kuwait is cooperating with the IMF to discuss the introduction of a corporate tax for locally based ventures, while the GCC has announced that the introduction of a Value Added Tax of 5% to the GCC region (originally scheduled for implementation in Kuwait in 2018, but later delayed to 2019).
  • Kuwaiti MPs advocated further restrictions on the employment of foreign workers, thus making Kuwait a more expensive relocation destination. In January 2018, the Kuwait Public Authority for Manpower reported that the ban should be implemented by July 2018. This will have a negative impact on the availability of skilled foreign labour, and creates uncertainty for businesses operating in the country. While the government rejected a proposal to introduce a tax on expats' remittances - providing some relief to the availability of crucial foreign labour - such measures remain a key risk for businesses.

Business Taxes

Type of Tax Tax Rate and Base
Corporate Income Tax (CIT) 15%
Withholding Tax - Dividends: generally not taxed; 15% if paid by investment funds, investment companies and bank

- Interest: 0%

- Royalties: 0%
Capital Gains Tax 15% (treated as CIT)
Value Added Tax 0% (5% likely to be implemented from 2019)
Zakat 1% on operating profits (imposed on annual net profits of public and closed Kuwaiti shareholding companies)
Social security contributions Employer contribution of 11.5% and employee contribution of 8.5% on gross salaries. Social security contributions are levied only with respect to Kuwaiti employees and employees who are citizens of other GCC states. Payable monthly by up to KWD2,250
National Labour Support Tax 2.5% on operating profits (for listed companies)
Contribution to the Kuwait Foundation for the Advancement of Sciences (KFAS) 1% on operating profits

Sources: Ministry of Finance Kuwait, Fitch Solutions

Date last reviewed: February 20, 2019

Foreign Worker Requirements

Localisation Requirements

The Kuwaiti government is attempting to increase the employment of its citizens in the private sector. The government has applied more stringent requirements for the employment of foreign workers since 2014 as part of its 'Kuwaitisation' policy. Kuwait made significant efforts to reduce the number of foreign workers in the domestic labour force over the course of 2016. In January 2017, it was reported that Kuwaiti authorities deported over 29,000 foreign workers throughout 2016 (an average of 80 per day) for reasons such as work permit violations, criminal activity and labour law violations. Kuwaiti MPs are continuing their clampdown on foreign workers in Kuwait by advocating for further restrictions on their employment and making Kuwait a more expensive relocation destination. The latest measure is an announcement that all non-Kuwaitis working for the government will be replaced by locals over the course of the next five years. This follows a range of proposals since a November 2016 election that led to a large increase in the number of seats held by the opposition in parliament. The majority of these opposition MPs are anti-austerity populists who have made a range of proposals targeting foreigners in the country, including the imposition of a 5% tax on all remittances being sent home by foreign workers and the removal of subsidised healthcare for non-Kuwaitis. Other proposals have included the introduction of nationality quotas and increasing charges for residency permits and visas for visiting family members.

Obtaining Foreign Worker Permits

To live and work in Kuwait, expatriates from outside the GCC must have iqama (a residence permit) which requires a Kuwaiti sponsor to obtain. The sponsoring employer must apply for a work permit from the Ministry of Social Affairs and Labour and acquire a no-objection certificate from the General Administration of Criminal Investigation at the Ministry of Interior.

Visa/Travel Restrictions

Business visitors from non-GCC states require a visa in order to obtain a one month visa for business or tourism purposes. British citizens can obtain a visa on arrival. It is noted that Israeli passport holders or those with an Israeli stamp in their passport may be denied entry to Kuwait on arrival.

The 'Kafala' Sponsorship System

While the 'Kafala' system has provided ease of access to inexpensive foreign labour imports for many businesses in Kuwait for years, this has also limited Kuwaiti employers from employing foreign labourers who are already in the country. This is because foreign workers currently employed under the 'Kafala system' in Kuwait require the permission of their current employer (the 'sponsor' of their work permit) if they want to change employers. After receiving significant criticism from international human rights groups over the fact that the country has not made significant reforms to its 'Kafala system' as many other GCC states have done, the Kuwaiti government announced in February 2017 that it was considering the cancellation of this system. The government is currently considering a system where it would effectively be the sponsor of all foreign private sector employees and where foreign workers (especially in low-skilled positions) would be accorded more rights.

Sources: Government websites, Fitch Solutions

Risks

Sovereign Credit Ratings


 
Rating (Outlook) Rating Date
Moody's
 
Aa2 (Stable) 26/05/2017
Standard & Poor's AA (Stable) 20/07/2011
Fitch Ratings AA (Stable) 02/05/2018

Sources: Moody's, Standard & Poor's, Fitch Ratings

Competitiveness and Efficiency Indicators


 
World Ranking
 
2016 2017 2018 2019
Ease of Doing Business Index
 
101/189
 
98/190
 
96/190
 
97/190
Ease of Paying Taxes Index
 
11/189
 
6/190 6/190 7/190
Logistics Performance Index
 
53/160
 
N/A 63/160 N/A
Corruption Perception Index
 
75/176
 
85/180 78/180 N/A
IMD World Competitiveness N/A N/A N/A N/A

Sources: World Bank, IMD, Transparency International, Fitch Solutions

Fitch Solutions Risk Indices


 
World Ranking
2016 2017 2018 2019
Economic Risk Index
 
N/A N/A 52/202
 
59/202
Short-Term Economic Risk Score
 
60.8 59.2 66
 
67.7
Long-Term Economic Risk Score 60 59.4 64.6 63.2
Political Risk Index N/A N/A 83/202 81/202
Short-Term Political Risk Score 80 73.8 73.8
 
77.5
Long-Term Political Risk Score 68.4 66.4 66.4
 
66.4
Operational Risk Index N/A N/A 70/201 72/202
Operational Risk Score 56.5 55.4
 
55.1
 
55.1

Source: Fitch Solutions

Date last reviewed: February 20, 2019

Fitch Solutions Risk Summary

ECONOMIC RISK

Kuwait has made substantial fiscal and structural progress; however, with oil revenues accounting for around 65% of GDP and 80% of the government's revenues, the economy remains vulnerable to fluctuations in global energy markets. The process of diversifying the economy away from oil has been over-encumbered with bureaucracy. That said, growth should accelerate over 2019-2020 due to higher oil prices and output, combined with the country's large infrastructure investment push and business-friendly reforms to attract FDI inflows.

OPERATIONAL RISK

Kuwait is attractive for commercial businesses as it offers one of the more secure operating environments in the region, along with its excellent availability of low-cost fuel and basic utilities. However, stringent foreign investment policies, limited economic diversity and an over-reliance on the hydrocarbon sector inhibit opportunities for investors, while extensive and time-consuming bureaucracy hinders many business operations.



Source: Fitch Solutions

Date last reviewed: January 29, 2019

Fitch Solutions Political and Economic Risk Indices

Graph: Kuwait short term political risk index
 
Graph: Kuwait short term political risk index
 
Graph: Kuwait long term political risk index
 
Graph: Kuwait long term political risk index
 
Graph: Kuwait short term economic risk index
 
Graph: Kuwait short term economic risk index
 
Graph: Kuwait long term economic risk index
 
Graph: Kuwait long term economic risk index
 

100 = Lowest risk; 0 = Highest risk

Source: Fitch Solutions Political and Economic Risk Indices

Date last reviewed: February 20, 2019

Fitch Solutions Operational Risk Index


 
Operational Risk Labour Market Risk Trade and Investment Risk Logistics Risk Crime and Security Risk
Kuwait Score 55.1
 
52.3 51.5
 
52.5
 
64.1
 
MENA Average 47.5 49.3 48.0 48.0 44.1
MENA Position (out of 18) 7 6 6 10
 
4
Global Average 49.6 49.7 49.7 49.9 49.8
Global Position (out of 201) 72 84 84 96 50

100 = Lowest risk; 0 = Highest risk

Source: Fitch Solutions Operational Risk Index

Graph: Kuwait vs global and regional averages
 
Graph: Kuwait vs global and regional averages
 
Country
 
Operational Risk Index
 
Labour Market Risk Index
 
Trade and Investment Risk Index Logistics Risk Index Crime and Security Risk Index
UAE
 
72.7
 
67.8 79.0 68.7 75.3
Qatar
 
66.0 63.9 61.9 71.6 66.5
Bahrain
 
64.9 58.4 69.5
 
71.5 60.1
Oman
 
63.3 51.0 61.6 64.5 76.0
Saudi Arabia
 
61.6 63.0 62.1 62.7 58.6
Jordan
 
58.6 54.9 60.6 59.0 60.0
Kuwait
 
55.1 52.3 51.5 52.5 64.1
Morocco
 
53.2 39.8 63.5 54.8 54.6
Egypt 48.4 46.0 46.1 56.4 45.3
Tunisia
 
47.3 42.3 56.9 47.3 42.8
Iran
 
43.4 47.9 51.8 41.4 32.4
Lebanon 42.8 48.7 36.6 50.8 35.1
Algeria
 
41.5 44.0 31.2 42.9 47.9
West Bank and Gaza
 
34.2 46.4 37.2 32.0 21.2
Libya
 
27.2 44.4 21.7 29.3 13.4
Iraq 27.0 43.7 24.4 28.6 11.3
Syria 26.6 42.9 23.8 27.0 12.7
Yemen
 
21.9 30.6 25.0 15.8 16.1
Regional Averages 47.5 49.3 48.0 48.7 44.1
Emerging Markets Averages 46.7 48.1 45.5 47.4 46.0
Global Markets Averages 49.6 49.7
 
49.9 49.0 49.8
 

 

100 = Lowest risk; 0 = Highest risk

Source: Fitch Solutions Operational Risk Index

Date last reviewed: February 20, 2019

Hong Kong Connection

Hong Kong’s Trade with Kuwait

Graph: Major export commodities to Kuwait (2017)
 
Graph: Major export commodities to Kuwait (2017)
 
Graph: Major import commodities from Kuwait (2017)
 
Graph: Major import commodities from Kuwait (2017)
 

Note: Graph shows the main Hong Kong exports to/imports from Kuwait (by consignment)

Graph: Merchandise exports to Kuwait
 
Graph: Merchandise exports to Kuwait
 
Graph: Merchandise imports from Kuwait
 
Graph: Merchandise imports from Kuwait
 

Note: Graph shows Hong Kong exports to/imports from Kuwait (by consignment)

Exchange Rate HK$/US$, average

7.75 (2014)

7.75 (2015)

7.76 (2016)

7.79 (2017)

7.83 (2018)

Sources: Hong Kong Census and Statistics Department, Fitch Solutions

Date last reviewed: February 20, 2019


 
2017
 
Growth rate (%)
Number of Kuwaiti residents visiting Hong Kong 3,441
 
-19.3
 

Sources: Hong Kong Tourism Board, Fitch Solutions


 
2017
 
Growth rate (%)
 
Number of GCC residents visiting Hong Kong 38,629 -22.7%

Sources: Hong Kong Tourism Board, Fitch Solutions

Date last reviewed: February 20, 2019

Commercial Presence in Hong Kong


 
2016
 
Growth rate (%)
 
Number of Kuwait companies in Hong Kong N/A N/A
- Regional headquarters
- Regional offices
- Local offices

Sources: Hong Kong Census And Statistics Department, Fitch Solutions

Treaties and agreements between Hong Kong and Kuwait
 

The Double Taxation Agreement (DTA) between Hong Kong and Kuwait was signed by the two nations on May 13, 2010 and entered into force on July 24, 2013.

Source: Fitch Solutions

Chamber of Commerce (or Related Organisations) in Hong Kong

The Arab Chamber of Commerce & Industry
 

The Arab Chamber of Commerce & Industry (ARABCCI) was established in Hong Kong 2006 as a leading organisation at promoting commercial ties between Hong Kong/mainland China and the Arab World.

Address: 20/F, Central Tower, 28 Queens Road, Central, Hong Kong

Email: info@arabcci.org, secretariat@arabcci.org

Tel: (852) 2159 9170

Source: The Arab Chamber of Commerce and Industry

Consulate General of the State of Kuwait

Address: Unit 4502, Office Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong

Email: kuconshk@netvigator.com

Tel: (852) 2832 7866

Source: Consulate General of The State of Kuwait, Hong Kong
 

Visa Requirements for Hong Kong Residents

A Kuwait tourist visa for Hong Kong residents can be issued on arrival for stay up to 30 days. The Ministry of the Interior of the State of Kuwait has launched an online eVisa system through which nationals from 52 countries, including Hong Kong residents, can obtain a tourist visa to the State of Kuwait online. A tourist visa allows its holder a temporary stay for a maximum of 3 months starting from the entry date.

Sources: Kuwait E-Visa, Immigration Department, Government of Hong Kong, Fitch Solutions

 

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