Kuwait Tenders

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Capital Kuwait City
ISO 3166 Code KW
Population 3,268,431
Area, Sq KM 17,820
Currency Kuwaiti dinar
Official Language Arabic
GDP, Billion USD 1,75,831
GDP Growth Rate, % 1.4
Inflation, Avg CP, % Chng N/A
Interest Rates, % N/A
Unemployement Rate, % 2.07
Exchange Rate, 1 USD Equals 0.30
International dial code 965
Time Zone GMT+03:00
Internet TLD .kw

Kuwait is officially known as the State of Kuwait. It is a country that is located in Western Asia and it shares its borders with Saudi Arabia and Iraq in the northern edge of Eastern Arabia, at the tip of the Persian Gulf. The population of Kuwait, as of 2014 was recorded to be 4.1 million people out of which 2.8 million people are expatriates and 1.2 million are Kuwaitis. Back in the 18th and 19th centuries, this country was a prosperous and famous trade port. However its regional economic importance started to decline in the beginning of 20th century by 1934 resulting in Kuwait losing losing its dominance in long-distance trade. Trade blockades are the main reasons why the economy of this country was devastated. The British Empire imposed a blockade against Kuwait during World War I as the ruler of this country supported the Ottoman Empire which led to the 1919-1920 Kuwait–Najd War. Saudi Arabia maintained a blockade against Kuwait till 1937. Iraq invaded Kuwait in 1990, but the Iraqi occupation came to an end after the US led military intervention took place in 1991. It is a constitutional emirate and also has a parliamentary system. The economy of this country is petroleum-based. The hostile relationship, in recent years, between the government and the parliament has hindered the development of this country. Kuwait is identified and recognized in the world as a high income economy. The prominent export products of this country include petroleum and fertilizers. Kuwait was the pioneer for diversifying its earnings away from the oil exports in the Middle East. But since the Gulf War, it has been struggling to diversify its economy. Due to the embittered relationship between the government and the elected parliament, the economic reforms couldn't be implemented either. The currency of Kuwait is known as Kuwaiti dinar which is considered to be the world's highest-valued currency unit. Petroleum solely accounts for 94% of the export revenues and government and almost half of GDP. The Kuwait Stock Exchange is believed to be the second-largest stock exchange in the Arab world. Kuwait is the largest foreign investor with 8.4 billion dollars in FDI outflows as of 2013. For the last five years, there has been a significant increase in small business start ups and entrepreneurship in Kuwait. Due to the popularity of Instagram businesses, the informal sector of the country is also on the rise.

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