Welcome to the third edition of the Doing Business in Kuwait guide — our yearly publication and a combined effort from our Tax and Deal Advisory teams to summarize the latest updates on Kuwait’s Tax and Regulatory framework to help potential investors, existing business owners, and new businesses understand the ecosystem of how business is done in the country.
2022 was the year of recovery for Kuwait. Supported by high oil output and prices, today Kuwait is on its way out of the economic slowdown caused by the pandemic. As we publish this report, the oil price per barrel in USD is twice what it was in 2020. The economic recovery is strongly indicated by the latest numbers from the IMF which estimated that Kuwait’s Real GDP grew by 8.7% in 2022, following a decline of 8.9% in 2020 and a modest growth of 1.3% in 2021.
