Kuwait Basking in success

Much like other Gulf economies, Kuwait is experiencing an economic boom attributed to rising world oil prices. However, the country differs from Bahrain, Oman, and Qatar in that it has not pushed as formally for economic diversification. Rather than hedge against oil dependence, it appears Kuwait is basking in its oil wealth. Kuwait’s citizenry remains optimistic. According to research conducted by the Kuwait Economic Society, 64% of Kuwaitis surveyed worry most about the high cost of living. The high cost of living is a worry for companies also, especially those in the real estate sector or financial institutions. Kuwait’s real estate market has experienced rising prices due to land scarcity, with Kuwait’s housing and real estate market recording 1% growth during the third quarter of 2007, according to a report by Kuwait Finance House. The growth comes from construction surges in residential, office, and retail space, especially within Kuwait’s capital,