Kuwait set several ambitious goals in its Vision 2035 mandate. The initiative aims to diversify the economy and transform it into a sustainable operation driven by technological innovation.
For tech companies with roots in the United Kingdom, Kuwait is a golden goose waiting to be tapped. The Vision 2035 scheme is a roadmap for generational technological advancements.
Given that the Kuwait market is ripe with potential, we explore how UK tech firms can position themselves to benefit from their bid to diversify.
Fintech - Driving Economic Diversification
One of the main goals of the Kuwait Vision 2035 scheme is to make the Gulf nation a global financial hub, and this is massive for the fintech space.
There's a void of untapped potential in financial services with the young and tech-savvy populace seeking tech solutions in payments, blockchain, digital banking and asset management.
UK tech firms with experience in this field could help Kuwait with their expertise, furthering their diversification goals of boosting the non-oil economy. They can partner with local financial institutions and government agencies to create innovative tech solutions.
For example, UK-based firms could help Kuwait build and adopt secure digital wallets, instant cross-border payment systems and modern apps.
The traditional banking system is still dominating the market, and transitioning to digital-first services means more investment has to be poured into the tech scene. UK companies can help create safe, scalable and smart solutions.
Kuwait is slowly embracing blockchain technology despite initially frowning upon it. With peer-to-peer platforms such as Kem thriving, the Marseilles of the Gulf needs to tap into the tech solution to improve the transparency and security of their financial systems.
UK firms experienced in developing blockchain technology, smart contracts and other crypto solutions can capitalise on this opportunity by spreading their wings into the Middle East.
Blockchain is a decentralised system, and with Kuwait looking for more efficiency, security and independence in its financial transactions, it needs to be employed and presents an exciting opportunity to UK firms.
Online iGaming Apps - A Booming Sector Waiting for a Boost
Another area where tech firms will easily thrive is the iGaming industry. The UK has one of the most nuanced gambling frameworks, and with Kuwait rapidly trudging towards modernisation, they could eventually legalise gaming.
Legitimising online casinos in Kuwait would open the door for UK firms to use their expertise to develop mobile apps and gaming software that adhere to the strictest regulations.
If Kuwait were to let the brakes off the gambling industry, it would be heavily regulated, but there is the potential of unlocking new revenue streams for a country eager to wean itself off its dependence on crude oil.
In the Vision 2035 initiative, there are plans to diversify available entertainment options for the vibrant, youthful economy.
The younger generation engages in the digital world and wants innovative platforms to keep themselves entertained, and online gaming could play a critical role in this digital transformation.
The online casino market in Kuwait remains prohibited. However, with regional trendsetters Saudi Arabia and the United Arab Emirates angling towards legalising gambling, Kuwait may take a leaf from their book. This move will open doors for UK companies that design gaming software.
If the government of Kuwait relaxes its restrictions on online gaming, there could be massive demand for casino apps and betting platforms that deliver high-quality experiences and meet local legal requirements.
Smart Cities and IoT - The Future of Urban Innovation
One of the key tenets of Vision 2035 is investing in smart cities that run on cutting-edge technology to solve urban overpopulation.
XZERO City is one of the exciting ongoing projects in Kuwait. This sustainable community will provide a net zero-carbon lifestyle for 100,000 residents, in balance with nature.
The city will provide food and energy security whilst promoting a green circular economy in an eco-friendly live, work and visit destination.
Technology will play a critical role in transforming urban infrastructure. UK companies with expertise in the Internet of Things (IoT), artificial intelligence (AI) and smart technologies could be key for these future cities.
Vision 2035 has outlined plans to create a world-class infrastructure that runs on IoT, optimising energy, waste management and public safety.
UK tech companies can curate solutions to make urban environments more sustainable. These smart cities will need ultra-modern traffic management systems and advanced waste management developed with UK expertise in IoT and AI.
The emergency of 5G technology will help bolster these smart city technologies. Kuwait plans to roll out new 5G networks. UK companies such as Virgin Media O2, the first UK company to turn on 5G, can offer expertise.
This 5G technology can help improve the everyday life of Kuwaiti indigenes and encourage economic growth by pulling in international businesses looking for a modern tech environment to plant their flag.
UK firms with experience building smart infrastructure will be welcomed with open arms to help develop these projects, partnering with local authorities and tech companies to bring the vision to fruition.
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