FindMe in Kuwait

A full fledge communication strategy to promote direct investment in Kuwait

In collaboration with the Ministry of Information of Kuwait, the Embassy of Spain in Kuwait and the spanish newspaper ABC, Global Gulf Consulting is set up to strengthen commercial relations between Kuwait and Spain with a series of actions that will launch Kuwait to the spotlight of a large Spanish and Kuwaiti audience.

SPAIN AND KUWAIT

CONMEMORATING 50 YEARS OF DIPLOMATIC RELATIONS

 

Kuwait, one of the richest countries of the world with nearly 10 percent of global oil reserves , has doubled its trade relations with Spain only in the past two years.
"The volume of trade between Spain and Kuwait has increased substantially in recent years. From 2010 to 2012 trade between the two countries increased 50% while Spanish exports have almost doubled between January and April 2013 totaling 112 million euros compared to 56 million in the same period last year. This is due in part to the need of Spanish companies and professionals to seek new markets outside Spain and in part to the excellent political and economic relations between the two countries and their institutional support", said the Ambassador of Spain in Kuwait Angel Losada Fernandez in a speech during the commemoration of the National Day of Spain in Kuwait attended by numerous personalities from the country in where the beginning of the recovery of the Spanish economy was also highlighted.
"For years, one of the pillars of Spanish foreign policy has been strengthening ties with Arab countries including Kuwait. This is reflected in our relationship with Kuwait that continue improving", explained Ambassador to GGC. 
"Next year Spain and Kuwait will celebrate the 50th anniversary of the establishment of diplomatic relations so we want to intensify diplomatic and commercial activity between the two countries so that the second fifty years will be even more fruitful than the first".


Spain and Kuwait enjoy a strong relationship that begins at the highest level between His Majesty King Juan Carlos I of Spain and His Highness Sheikh Sabah Al Ahmad Al Jaber Al Sabah, Emir of Kuwait. In business, Spain is displayed profusely in the wide presence of Spanish franchises in fashion like Zara, Massimo Dutti, Mango, Oysho, Pronovias, Rosa Clara, Stradivarious, Women 's Secret, Bimba & Lola, Nanos, Piel de Toro, etc, in the most important and iconic malls of the country. Similarly various Spanish companies have established in Kuwait with the diplomatic support of Spain and the open door policy of the local authorities.  Companies like OHL in transport infrastructure, HERA in environmental solutions, INDRA in telecommunications and technology, INECO in consulting and ISOLUX in the electricity sector have won major projects to develop the country's economy. Other companies like FCC are also present in the country bidding on construction projects or renewable energy and water treatment as Aqualia.
Although it is a geographically small country with a population of just 3.6 million people, Kuwait has a purchasing power parity 30% higher than the Spain with €28,978 per capita in Kuwait against the Spanish €21,845 according to IMF data. Kuwaiti public debt stands far below the Spanish and the country boasts international investments of nearly $300 thousand millons, ranking sixth in the world, through its sovereign wealth fund Kuwait Investment Authority (KIA). 
While Spain´s registered negative growth and in the midst of one of the greatest global financial crisis, Kuwait was still growing steadely at a rate of 5 percent. However, the economy of the Gulf country depends almost entirely on oil production. With 10 percent of global and a plan in place to increase production to 4 million barrels a day by 2020, the Kuwaiti government approved a five-year plan for economic diversification in 2010 equipped with 94.5 billion euros to reduce this dependence on oil and attract foreign investment encouraging private sector participation in the local economy.

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