Oil Fuels Kuwait's Automotive Appetite

August 2006 | Regional Business Environment Overview

In common with other GCC countries (Saudi Arabia, UAE, Bahrain, Oman and Qatar), Kuwait has a relatively high per-capita income. It is estimated that GDP per capita is currently around US$43,900, indicating a market for luxury vehicles. Indeed, in November 2005, the Kuwaiti government became the largest shareholder in DaimlerChrysler after Deutsche Bank cut its stake in the German carmaker to around 4.4%, from 10% at the beginning of the year. Kuwait owns 7.5% of the firm and is set to remain the largest shareholder as DaimlerChrysler is unlikely to be the subject of a take-over bid. However, Kuwait's stake

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