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  Economy and Business Opportunities from Kuwait
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Summary:Kuwait : Madinat Al Hareer (City of Silk) Project
Sector:Building
Country :Kuwait
Notice Type:Project InformationDeadline:31 Mar 2022
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Summary:La Ala - Sabah Al Ahmad Sea City (Al Khiran Pearl City)
Sector:Infrastructure and construction
Country :Kuwait
Notice Type:Project InformationDeadline:31 Mar 2022
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Summary:Providing Electrical Maintenance For Industrial & Office Premises At Ahmadi Township
Sector:Infrastructure and construction,Energy, Power and Electrical
Country :Kuwait
Notice Type:PrequalificationDeadline:27 Dec 2021
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Summary:Purchase Of A Firewall
Sector:Software Services
Country :Kuwait
Notice Type:Tender NoticeDeadline:08 Dec 2021
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Summary:Supply Of Commercial & Contract Management (ccm) Practitioner Certificate
Sector:Services - Entertainment & Media
Country :Kuwait
Notice Type:Tender NoticeDeadline:09 Dec 2021
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Summary:Providing Four (4) Year Agreement For Microsampler For Arterial Micro Puncture
Sector:Industry
Country :Kuwait
Notice Type:Tender NoticeDeadline:13 Dec 2021
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Summary:Supply Of Koomey Pump Spares
Sector:Machinery and Equipments(M&E)
Country :Kuwait
Notice Type:Tender NoticeDeadline:06 Dec 2021
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Summary:Purchase Of Breathing Apparatus, Self Contained, 45 Minutes
Sector:Fire Safety and Security
Country :Kuwait
Notice Type:Tender NoticeDeadline:20 Dec 2021
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Summary:Supply Of Marine Spares, For Air Compressor Type Hl2/77 For New Tug Boats 50 Tbp, Main Switch 40a 3p, P/n 66110
Sector:Machinery and Equipments(M&E),Marine
Country :Kuwait
Notice Type:Tender NoticeDeadline:13 Dec 2021
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Summary:Supply Of Cement,refractory, Castable, 2500°f (1371 °c)
Sector:Industry,Construction Materials
Country :Kuwait
Notice Type:Tender NoticeDeadline:27 Dec 2021
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Economy of Kuwait

Kuwait is a small, relatively open economy. The Kuwaiti currency is the highest-valued currency unit in the world. Kuwait has nearly 10% of the world's oil reserves. Petroleum accounts for nearly half of GDP and 95% of export revenues and government income. In recent years, Kuwait has done little to diversify its economy due to positive fiscal situation and hostile relationship between the parliament and government, which has prevented the implementation of economic reforms.

Kuwait's first free-trade zone was inaugurated in 1999. Kuwait has a well-developed banking system. The National Bank of Kuwait is the largest bank in the country and one of the largest in the Arab world.

Kuwait's revenues rely significantly on oil, increasing from 85% of total revenues in 2001 to 95% in 2013. Diversification of the economy remains a long-term issue. In recent years, Kuwait has done little to diversify its economy due to positive fiscal situation and hostile relationship between the National Assembly parliament and government, which has prevented the implementation of economic reforms.

Sectors

Oil

In the Offshore Divided Zone, the Arabian Oil Co. - 80% owned by Japanese interests and 10% each by the Kuwaiti and Saudi Governments - has produced on behalf of both countries since 1961. The original concession agreements will expire in January 2003; negotiations to replace the concession with a technical service agreement should be completed in 2002. The Kuwait Petroleum Corporation (KPC), an integrated international oil company, is the parent company of the government's operations in the petroleum sector, and includes Kuwait Oil Company, which produced oil and gas; Kuwait National Petroleum Co., refining and domestic sales; Petrochemical Industries Co., producing ammonia and urea; Kuwait Foreign Petroleum Exploration Co., with several concessions in developing countries; Kuwait Oil Tanker Co.; and Santa Fe International Corp. The latter, purchased outright in 1982, gives KPC a worldwide presence in the petroleum industry.

Agriculture

Agriculture accounts for 1% of Kuwait's economy and 8% of the gross domestic product. The agricultural sector provides fruit and vegetables for sale in the country's supermarkets. Agriculture is limited by the lack of water and arable land. The government has experimented in growing food through hydroponics and carefully managed farms.

Shipping

The Kuwait Oil Tankers Co. has 35 crude oil and refined product carriers and is the largest tanker company in an OPEC country. Kuwait also is a member of the United Arab Shipping Company.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Kuwait"

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