Chloé Domat

2 months ago | gfmag.com | Chloé Domat

Last year was a sadly eventful one for the Arab world. The wars in Gaza and Lebanon sent shockwaves across the region: disrupting key trade routes, derailing normalization talks between Israel and Saudi Arabia, accelerating Egypt’s economic bailout, and precipitating the fall of the Assad regime in Syria. Further west, conflicts in Sudan and the Sahel put pressure on North African economies like Egypt, Libya, and Morocco.

2 months ago | gfmag.com | Chloé Domat

The clock is ticking for Saudi Arabia. With just five years remaining on its ambitious Vision 2030 program to modernize and diversify away from its economic dependency on oil, the world’s biggest petroleum exporter and the region’s largest economy is nearing a crossroads. The kingdom has made significant strides, crossing key milestones that were once unimaginable: granting women the right to drive and dress freely, legalizing concerts and cinemas, and opening its doors to foreigners.

Mar 5, 2025 | gfmag.com | Chloé Domat

In January 2024, Khaled Al-Sabah, CEO of Kuwait Petroleum Corporation (KPC), unveiled an ambitious $30 billion investment plan aimed at boosting the emirate’s oil production capacity by 40%. The target is to increase output from 2.8 million barrels per day (bpd) to 4 million bpd by 2040. To turn ambition into reality, state-owned KPC, which has long relied on onshore reserves, is venturing into offshore exploration with a 6,000-square-kilometer area under review.

Mar 5, 2025 | gfmag.com | Chloé Domat

One of the most anticipated reforms of 2025 is a new mortgage law, now under discussion between government ministries, banks, and the Central Bank of Kuwait (CBK). If approved, the legislation, which has been under discussion for years, would allow commercial lenders to issue housing loans; currently, only the state-owned Kuwait Credit Bank may do so.

Mar 5, 2025 | gfmag.com | Chloé Domat

The Kuwaiti economy is at a turning point. In early February, the Cabinet approved a draft budget for fiscal year 2025-2026, signaling an 11% year-over-year increase in the deficit on slightly lower revenues. The proposal, still awaiting the approval of Emir Mishal Al-Ahmad Al-Jaber Al-Sabah, comes as the Persian Gulf state grapples with the need to diversify the economy in the face of persistent dependence on oil production.