A lesser known Gulf country, Kuwait, has emerged as a great hub for expats looking for jobs in different industrial niches. In its drive to diversify its economy, Kuwait has become the base for several leading industries in Middle East region. This post will explore about Kuwait, its job market and future prospects for expats working in Kuwait.
Kuwait: A Leading Gulf Destination for Expats
If you have been offered an opportunity to accept an abroad expat assignment or project in Kuwait, get ready for a career boost. Every year, Kuwait attracts a large number of expats from different parts of the world owing to the great career opportunities, rewarding salaries and its huge oil reserves.
With estimated oil reserves of 6% of the entire world, Kuwait is the third largest producer of the oil and gas in Middle East. With its colossal oil reserves, the oil production is the primary industry in the country followed by its associated sectors including refining, polyethylene, petrochemicals, fertilizers and other related products. The oil, gas and related products account for nearly 90% of the total foreign earnings in the country, and also for approx. 75% of the total GDP of Kuwait. Unquestionably, the country offers a huge amount of job opportunities in this field.
Diverse Economy of Kuwait
The nation, however, has started pursuing economy diversification in the private sector with countrywide development plans. A new 20 years program worth $107 billion is underway in Kuwait for developing upgraded infrastructure, new transport networks, improved services and increased oil production. These commercial developments at the colossal scale will undeniably generate demand for highly skilled professionals hailing from a wide range of industrial niches in the years to come. Expatriates with specialized professional skills are certainly going to play a substantial role on the overall development of the country in the forthcoming years.
Also, foreign investments with a concession of 100% foreign ownership, no currency restrictions or corporate taxes, and completely free movement of funds are major contributing factors in diversifying the economy and developing a suitable ground for different industries and organizations to set-up their offices in Kuwait. These factors also make Kuwait a booming economy with a capability to attract foreign nationals to work for highly rewarding salaries.
Being an open economy, Kuwait, off lately is becoming one of the most attractive Middle Eastern destinations for foreign employees.
Industries Experiencing Major Growth in Kuwait
Certainly, oil and gas is the most advanced, wide-ranging and developed sector in the country offering the largest percentage of expat jobs. The manufacturing sector in Kuwait is also dominated by dominated by oil products only and is majorly export oriented. Thus, it also generates high demand in terms of skilled professionals and labors.
Services sectors us growing exponentially in the current day and age, and the fastest growing fields in the services sector include finance, business services and real estate. Finance sector in Kuwaitis scaling greater heights, resulting in more and more job opportunities for accountancy, commerce and finance professionals. Countries like Turkey have expanded their finance sector, which has ignited the drive for finance sector development in many other countries of Middle East including Kuwait.
Banking and Teaching Jobs in Kuwait
Kuwait is also experiencing a boost in banking sector and its robust development has made finance one of the biggest industries in the nation. A number of commercial banks have been established in the country under the ownership of wealthy trading families of Kuwait or government, and are regulated by the Central Bank of Kuwait. Thus, top level executives with vast professional experience in the fields like sales, marketing and business development are in very high demand. The salaries offered to these professionals are incredibly high and there are many other benefits that are being extended to such professionals in the country. This growth will continue to at least three or four decades.
Another segment whose professionals are in very high demand in Kuwait is teaching. The demand and salaries for teachers is very high, making it one of the most in schools, universities and other education institutions.
The booming economy of Kuwait has opened doors for expatriates with various skills to come and contribute in the global development of the country. Needless to say that if you are considering moving base to the Middle East, you should include Kuwait in your bucket list.