Middle East Economic Survey


No 29



Kuwait Banks See Profits Jump In 2003 As Oil Prices, Iraq Trade Boost Economy

Kuwaiti banks saw their fourth consecutive year of climbing profits in 2003 as the Kuwaiti economy was supported by strong oil prices, a climb in the countrys oil output and increased trade finance activity with neighbor Iraq. Also contributing to the 12% climb in Kuwaits 2003 GDP were buoyant stock and real estate markets and the continued but reduced flow...