Kuwait is one of the biggest players in the global energy market, with its proven oil reserves currently the sixth largest in the world. Although revenues from hydrocarbons account for more than 60% of GDP and 95% of exports, the country’s low production costs and sizeable fiscal reserves mean it is well positioned to cope with lower oil prices in the short term. This is clear from the government’s ongoing commitment to delivering projects outlined in the national development strategy, Kuwait Vision 2035. In the financial services sector, Kuwait continues to perform well, as a series of regulations put in place by the Central Bank of Kuwait in recent years have served to shore up the sector’s recovery from the global economic downturn.

The contrast between Kuwait and the UAE today illustrates the vastly different possible futures facing the smaller states of the Gulf. Dubai's rulers dream of creating a truly global business center, a megalopolis of many millions attracting immigrants in great waves from near and far. Kuwait, meanwhile, has the most spirited and influential parliament in any of the oil-rich Gulf monarchies. In The Wages of Oil, Michael Herb provides a robust framework for thinking about the future of the Gulf monarchies. The Gulf has seen enormous changes in recent years, and more are to come. Herb explains the nature of the changes we are likely to see in the future. He starts by asking why Kuwait is far ahead of all other Gulf monarchies in terms of political liberalization, but behind all of them in its efforts to diversify its economy away from oil. He compares Kuwait with the United Arab Emirates, which lacks Kuwait’s parliament but has moved ambitiously to diversify. This data-rich book reflects the importance of both politics and economic development issues for decision-makers in the Gulf. Herb develops a political economy of the Gulf that ties together a variety of issues usually treated separately: Kuwait's National Assembly, Dubai's real estate boom, the paucity of citizen labor in the private sector, class divisions among citizens, the caste divide between citizens and noncitizens, and the politics of land.

This book asks why in recent years the social and economic upheavals in Kuwait and Qatar have been accompanied by a remarkable political continuity.

This publication provides insight into the varied and rich experience in SOE reform in the region over the past decade, highlighting reform initiatives undertaken at national and country specific levels.

The Emirate of Kuwait hardly resembles the city-State it was at the start of the 20th century. The discovery of oil in 1938 rapidly transformed the tiny tribal sheikhdom of the Al-Sabah into a modern oil-producing state where, by the early 1980s, citizens were enjoying one of the highest standards of living in the world. While much has been written on the reasons why and how the Al-Sabah became a ruling dynasty, little is known about the nature of their authority and its relationship to Kuwait's social structure. Rivka Azoulay shows how despite the rapidity of change in the oil-rich, family-run emirate, it is the pre-oil dynamics of social and political life that dictate how society operates. The author shows that Kuwait's ambitious diversification plans to reduce oil-dependence by 2035 require a renegotiation of the regime's pact with society, which threatens the pre-oil alliances upon which the Al-Sabah's regime has been built.