DESPITE THE MYRIAD CHALLENGES, KUWAIT IS LEVERAGING THIS MOMENT TO FURTHER ADVANCE DIGITALIZATION AND INFRASTRUCTURE DEVELOPMENT AS WELL AS INTEGRATE THE TWO.
AS KUWAIT BEGINS TO LOOK AT LIFE POST COVID-19, the country stands readier than most to adjust to the new normal. With every moment of chaos comes opportunity and with every cloud a silver lining. So too is this the case with Kuwait’s experience throughout the global pandemic. COVID-19 has accelerated the digital switch across sectors and the development of infrastructure projects. Already Kuwait is the first country in the Gulf Cooperation Council to have integrated 5G at scale, highlighting the entrepreneurial and tech-savvy mindset already in place at the onset of the coronavirus pandemic. Digitalization has been a key tenet of Kuwait’s Vision 2035 with strides made in that direction over the last year. And this has positioned Kuwait very well for such an unprecedented event. On an individual level, Kuwaitis easily adapted to the conditions brought about by COVID-19 and experienced all around the business world, namely remote working and flexible hours. On the macro level, this forced acceleration of digitalization that will pay significant dividends for the country’s economy.
Kuwait’s government has played a key role in swiftly amending regulation to assist digitalization as many of the barriers previously inhibiting progress were legal. During the last few months, Kuwait’s government as shown expedience in their ability to update laws as required to adapt to electronic development. This accommodation has led to essential government services being uploaded online, including voting for investors’ annual general meetings. This in combination with other online services from Kuwait Clearing Company creates far greater access to resources and increases efficiency for capital market activities. Moreover, this modernization has presented a huge raft of opportunities due to progress toward