Future projections place Kuwait’s information technology as one of the developing markets, necessitating hardware, software, and other IT services. IT technology is employed in a variety of locations, including libraries, hospitals, banks, stores, jails, hotels, airports, train stations, and more.
The technical industry is seeing a significant transformation in acquisitions and investments. Social media networking platforms present chances for information technology innovation. Industry acquisitions have helped businesses grow the scope of their operations, gain additional knowledge, and boost income. Spending on IT in Kuwait will be further supported by both private and public consumption. Due to their enormous potential for industrial growth, cloud computing and the Internet of Things are essential for market progress over the medium term.
Cybersecurity
To provide a cybersecurity framework to safeguard government networks and essential infrastructure assets, the Government of Kuwait is establishing its National Cybersecurity Program. Infrastructure protection, integrated risk management, network security tools, and other information security software are some of the areas of attention.
A National Cyber Security Center is being established by the Kuwaiti government. All national cyber security initiatives in the State of Kuwait will fall under its purview. To monitor Kuwait’s networks for cyber security threats, gather and disseminate threat intelligence, and support the country’s cyber security response, the center will collaborate with both public and private sector organizations.
Transportation and Infrastructure
Numerous transportation and infrastructure projects are still in progress despite the difficult economic climate, providing market prospects for businesses. Kuwait is currently investing $3.4 billion in the construction of Terminal 2 at the Kuwait International Airport. Modern technology will be needed at the new terminal to connect multiple systems, including IT, cargo, and security.
Digitization of the oil and gas sector
The Organization of Arab Petroleum Exporting Countries (OAPEC) and the Kuwait National Petroleum Company (KNPC) have signed a Memorandum of Understanding to collaborate on the oil industry’s digital transformation. That is something that the Kuwait Oil Company plans to use to digitize the majority of the oil fields in the country.
Laws regulating ICT in Kuwait
The Law creates the Commission for Mass Communications and Information Technology (CMCIT). This distinct entity under the communications minister’s jurisdiction grants or revokes licenses to Internet cable, satellite, land, and wireless phone companies. The law grants specific authorities the authority to interrupt communication services based on national security and sets severe penalties on those who make or send “immoral” materials. Any provider of communication services that “contributes” to the spread of communications that go against these nebulous norms is subject to punishment.
Reasons to do business in Kuwait
This country has a lot of business opportunities to offer. There are a lot of benefits this nation offers its potential investors and business owners.
Firstly, a welcoming culture. In this nation, you can find both old Islamic rituals and modernized versions of modern culture. The young and affluent local populace is. They have a strong preference for imported goods, western brands, and advanced technology.
Second, Kuwait has competitive labor, water, land, and power prices. With tariffs for household and industrial customers, the government subsidizes power rates by up to 86%.
Thirdly, Kuwait has one of the most stable banking systems in the Middle East and North Africa region thanks to robust regulatory support.
Many of the most successful businesses in the world have chosen to establish their headquarters in Kuwait. These businesses operate in a wide variety of fields, including telecommunications, retail, logistics, financial services, aircraft design, animation, and the arts, amongst others. This choice exemplifies the robust business capacities of Kuwaiti businessmen as well as their spirit of entrepreneurship.
