Kuwait Autos Report - Business Monitor International - Industry Reports

Kuwait Autos Report

Kuwait Autos Report - Business Monitor International - Industry Reports
Kuwait Autos Report
Published Sep 10, 2016
34 pages — Published Sep 10, 2016
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Abstract:

Indeed, on a regional level, we continue to believe that Kuwait will continue to lag the rest of the Gulf Cooperation Council (GCC) over the coming years: the dominant hydrocarbons sector will weigh on headline growth while efforts to diversify the economy away from oil remain on a small scale. Kuwait s relative lack of diversification has prevented it from seeing the same the kind of consumer boom seen in the UAE, Qatar and Saudi Arabia over recent years, with stagnation in the retail sector since ----. ...One more substantial short-term threat to vehicle sales (both new and used) is posed by ongoing government moves to restrict the number of driving licences that are issued to foreign nationals, amid concerns over rising congestion. In August ----, the local Al-Anba newspaper reported that the General Traffic Department of the Ministry of Interior was planning to re-introduce a law (Article --- of the traffic law) that bans expatriates employed as drivers from re-entering Kuwait for two years after they leave the country for good. This could see companies spending more money on fleet renewal, as well as the heavy commercial vehicles (HCVs) and related construction equipment required for infrastructure projects. ...In August ----, the local Al-Anba newspaper reported that the General Traffic Department of the Ministry of Interior was planning to re-introduce a law (Article --- of the traffic law) that bans expatriates employed as drivers from re-entering Kuwait for two years after they leave the country for good.

...New vehicle sales have got off to a poor start in Kuwait over -M--. Information from the BestSellingCarsBlog website shows that new light vehicle sales were down by -- over the January-April period, to just --,--- units. ...First, economic growth remains depressed, with our Country Risk team forecasting growth of just -.- in ---- and -.- in ----. Oil prices remain low, which affects the Kuwaiti economy more harshly than some of its regional peers as the government remains unable to successfully diversify the economy away from its reliance on hydrocarbons. This inability to wean Kuwait off its oil dependency is being exacerbated by the country s persistent political deadlock, which we feel will have a greater impact on Kuwait s economic development path than low oil prices, and ensure only modest rates of growth over the coming years. ...Oil prices remain low, which affects the Kuwaiti economy more harshly than some of its regional peers as the government remains unable to successfully diversify the economy away from its reliance on hydrocarbons. This inability to wean Kuwait off its oil dependency is being exacerbated by the country s persistent political deadlock, which we feel will have a greater impact on Kuwait s economic development path than low oil prices, and ensure only modest rates of growth over the coming years.

...This quarter, we have revised down our Kuwaiti new vehicle sales forecasts substantially. We are now targeting a -- drop in sales, as demand falls against a backdrop of low oil prices, a weakening economy and the likelihood of higher interest rates as we move into ----. ...

  
Source:
Document ID
1749-0006
Country
Industry
Format:
PDF Adobe Acrobat
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "Kuwait Autos Report" Sep 10, 2016. Alacra Store. Dec 08, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Kuwait-Autos-Report-2026-429>
  
APA:
Business Monitor International - Industry Reports. (2016). Kuwait Autos Report Sep 10, 2016. New York, NY: Alacra Store. Retrieved Dec 08, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Kuwait-Autos-Report-2026-429>
  
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