Kuwait hopes to diversify its economy by reducing its reliance on oil and expanding its private sector through investment in telecoms infrastructure, according to Global Data’s Kuwait Telecom Operators Country Intelligence Report. This follows a trend amongst countries in the Arabian Gulf, including the United Arab Emirate (UAE), making similar efforts to minimise dependence on the oil industry.
The project has been named The Kuwait Vision 2035. The plan is to become an international financial and trade hub, in hopes that the private sector could lead Kuwait’s economy.
GlobalData predicts that Kuwait’s telecoms service revenue will grow from $2.1bn in 2022 to $2.5bn by 2027, primarily supported by revenue from mobile data and fixed broadband segments.
Kuwait is not the first Arabian Gulf country to focus on efforts to diversify from its dependence on oil. For example, Abu Dhabi, in the UAE, has its own project called ‘The Abu Dhabi Economic Vision 2030.’ The country wants to become the future of smart cities with investments across a variety of sectors such as, fintech, cleantech and proptech.
Kuwait is currently focused on the modernisation of fibre network by the Ministry of Communications in collaboration with Nokia in order provide faster fibre broadband connectivity.
This will create opportunities for fixed infrastructure and equipment vendors.
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