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Sunday, June 21, 2015

Kuwait, oil giant with world’s strongest currency

WHEN I met for the first time the Ambassador of the State of Kuwait, Amb Jassem Alnajem earlier this year, he was staying at the Hyatt Regency, Kilimanjaro Hotel in Dar es Salaam.

“We are still looking a place for our embassy in the city,” he said. “We want to be near the people. We want to live with them. That way you know the country and that makes your work easy.”

Today the Kuwaiti Embassy is situated in the city’s suburb of Masaki. Amb Alnajem said Tanzania and Kuwait have had diplomatic ties for a long time without embassies in the respective countries.

Tanzania operated from the embassy in Riyadh, Saudi Arabia. Kuwait operated from Kenya.

Amb Alnajem was impressed with the view from the façade of the Hotel by the Indian Ocean and thought there are a number of businesses the two states could do together. He said his country has given a lot of assistance, financial and technical to developing countries around the world.

Having gone around in the city of Dar es Salaam, he believes there is a to offer and he implied that Kuwait is all happy to improve Dar es Salaam where necessary.Amb Alnajem is a genial man and I decided to find out more about Kuwait. Although Kuwait may not have wildlife it is a tourism magnate of its own kind as it boasts one of the tallest buildings in the world, the Al Hamra Tower. At 412.6 metres or 1, 354 feet, Al Hamra is the fourth tallest building in the world.

The nation’s official language is modern standard Arabic. Kuwaiti Arabic is the country’s colloquial dialect. Kuwaiti sign language is used by the deaf, but many people understand English which is widely used as a business language.

Kuwait is a monarch and as of 2014 had a population of 4.1 million people. Of these, 1.2 million are Kuwaitis. The rest 2.8 million are expatriates. The Head of the State is known as an Amir.

His Royal Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah is Amir of Kuwait. Kuwait shares borders with Saudi Arabia and Iraq which invaded it in 1991 and caused major damage.

Its currency is the Kuwaiti Dinar one of the highest valued currency unit in the world. Petroleum accounts for nearly half of the nation’s GNP and 94 per cent of export revenues and government income. Kuwait is the Arab world’s largest investor with 8.4bn dollars in Foreign Development Investment in 2013. It consistently tops regional rankings in FDI.

Over the last 10 years Kuwait has doubled investments in the UK to more than 24bn dollars. Whereas many Middle East nations rely on oil only as their economic base, Kuwait has diversified immensely away from its oil exports and has in fact been a pioneer in this field.

A record 33.4bn dollar-worth of contracts are expected to be awarded in 2014. Only 8.7bn-worth contracts were awarded in 2013. Interestingly, Kuwait treats it heterogeneous population with high liberalism.



Although the majority of the people are Muslims, government follows the civil law system modeled after the French legal system. “Kuwait legal system is largely secular. Sharia law governs only family law for Muslim residents.
/Daily News.

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