Oil and Gas, and Tourism Sector—Major Revenue Generating Segments of Kuwait
wieże w kuwejcie (Photo credit: Wikipedia)
The economy of Kuwait has not been as prolific compared to other Middle Eastern economies. While the oil and the gas sector happens to be the biggest employer, now the tourism sector has also started generating revenue and of course employment. Read on to know more.
Oil and Gas Sector in Kuwait
The oil and gas sector in the Kuwait has had a long history. Just like any other Middle Eastern countries, Kuwait has a vast reserve of oil and natural gas that has been contributing greatly towards the economy of the country. From a recent survey published Kuwait’s estimated proven oil reserves of 104 billion barrels and currently the sector harbors nearly 8% of the world’s total oil reserves. It goes without saying that the oil and gas sector contributes greatly towards the GDP of the country. The Burgan oil field happens to be the biggest oil reserves within the country. Of the three major oil refineries — Mina Abdullah, Shuiaba and Mina Al Mahdi with a refining capacity of 930,000 barrels of oil per day; So as far as employment opportunities are concerned, the oil and gas sector does generate a lot of jobs. So, if you are looking for a job is Kuwait, the oil and gas industry definitely has loads to offer.
The government of Kuwait usually offers business preferences to insiders. However, as globalization began to spread across nations and borders, the country also opened up to foreign investments. Though the economy continues to be dominated by domestic organizations, nonetheless, foreign investments are increasing in the country and not to mention within the oil and gas sector.
Recently, the country has embarked upon a radical economic development plan with a humongous estimate for the oil and gas sector. The strategic development aims at making Kuwait the trading hub of the Middle East. This is because, if we intend to analyse the intricacies of the overall Gulf economy, we will figure out that Kuwait has not been one of the best performers among all other economies. However, come what may, as mentioned earlier, the oil and gas sector of the country continues to be one of the biggest employers and also the biggest revenue generator.
Growth of the Tourism Sector
It is interesting to note that apart from oil and gas, sectors like travel and tourism has also grown considerably. The country has witnessed a boom in the tourism sector in the recent past with the resident government taking measures to ensure that the tourism sector attracts more travellers and thereby generate revenue. Many top-notch hotel chains are aiming Kuwait for investments and more developments. A whole new range of 5-star hotels have been recognized through the time when the tourism sector was being revamped. Some of the names in this category include the Hilton Olympia, the Golden Tulip, the Intercontinental and the Ibis Sharq. More developments are expected to be seen in the coming years that will be instrumental in increasing the leisure part of the country as well. It goes without saying that this tremendous growth in the hospitality sector has generated employment opportunities in Kuwait.
Government Efforts and Upcoming Changes
The government of the country is wholeheartedly engaged in a long-term plan ensuring a robust development of the travel and tourism sector of the country. This comprises a number of fundamentals that would be highly favourable for the travel and tourism sector of the country. Among the infrastructural developments, a new airport is all set to come up by 2016. It is believed that the new airport would be thrice the size of the existing one. There are also plans of developing the Failaka Island into a leisure activity zone and the Boubyan Island into a commercial activity zone. However, the problem is that most of the structures take a lot of time to complete mostly due to frequent political disturbances.
Similarly, the major revenue generators of the economy like the oil and gas has been receiving a boost from the constant government efforts. Privatization within the mainstream economy and of course within the oil and gas continues to thrive and boost the economy.
On the other hand, the tourism industry is also being revamped with all major efforts from the government. There is so much more to do and so much more to receive—robust economic growth has got to do with employment generation to a great extent.
The constant efforts that are being made from the government to boost the tourism industry are sure to reap the benefits. While the sector has come a long way, yet it has to make more efforts to reach the level of other GCC countries. It can be said that the economy of Kuwait has loads to offer in terms of business.
Author Bio: Sampurna Majumder is a professional writer who enjoys creativity and challenges. Barely a year into new media, she has written several posts, articles and blogs for prominent websites like Naukrigulf.com where one can find all kinds of information pertaining to the world of employment in the Middle East.
