Kuwait is a west Asian country which is geographically placed at the tip of the Persian Gulf. Iraq and Saudi Arabia are the countries surrounding it. The land of Kuwait is a hub of rich cultural heritage which dates back to the classical times. The futuristic architecture of Kuwait city (the capital of Kuwait) beautifully balances with country’s ancient heritage. The architecture ranges from skyscrapers to the captivating Kuwait Towers. People can also relish the exquisite collection of ethnographic artefacts in the Tareq Rajab Museum houses.
Kuwait has a flourishing petroleum-based economy with Kuwaiti Dinar being the highest-valued currency in the world. In 2014, the GDP of Kuwait was estimated to be $282.06 billion. The country enjoys the status of the fourth richest country in the World, as cited by World Bank. Apart from its profiting petroleum industry, Kuwait is a major player in the financial services too. In the Gulf region, the country has made its presence felt in the finance industry and has continued to rally its economic development behind it. This healthy state of the finance industry reflects in its stock market. In the recent times, the total valuation of the listed companies on Kuwaiti exchange has been miles ahead from those on any other GCC bourse, except Saudi Arabia. For the diversification of their economy, the Kuwaiti Government has planned to spend up to $104 billion over the timespan of four years. This productive development will certainly pull more investment and will propel the indulgence of private sector in the economy.
ROLE OF ERP SOFTWARE IN KUWAIT’s ECONOMIC GROWTH:
This region facilitates a perfect launch pad for ERP software to prove its worth. The Oil and the Finance industry plays a pivotal role in keeping the country’s economy vigorous. The Oil marketing companies in this region have a tedious task to manage multiple locations, plants and depots along with the tracking of goods in transit. The taxation policies also change geographically which instils more complexity into the process. All such intricacies in the process can be managed by ebizframe ERP with ease.