How Investment Banks Can be Competitive in a Flooded Kuwait Market - Dissertation Example

Kuwait is a relatively small country, (17, 820 square kilometers), in the Middle – East which borders the Persian Gulf, Iraq, and Saudi Arabia. The country with a population of about 2.33 million people who are nationals and 1.29 million residents who are not – nationals is a constitutional monarchy which has had a hereditary ruling family, the Al – Sabah family, at the helm of its affairs since earlier than 1899. Britain oversaw the foreign relations and defense for Kuwaiti Al – Sabah family from 1899 to 1961 when the state won its independence.

Kuwait’s economy depends on petroleum, fishing and trading and the country have proven oil reserves of more than 96 billion barrels, about 10% of the world’s petroleum reserves (Country Studies.com, 2005, Pp. 1). A scarcity of potable water limits the development of agriculture and 75% of the water needs for Kuwait have to be distilled or imported. As a result of limited water resources, the State of Kuwait depends entirely on imported food, with the exception of fish which is caught from the Persian Gulf.

The population of Kuwait is predominantly Arab with Islam being the religion of almost 85% of its population, although Christianity, Hinduism and the Parsi religion of the people of Iran are also represented amongst the faiths that are followed. The ethnic groups that are represented in the Kuwaiti population include 45% Kuwaiti Arabs, 35% other Arabs, 9% South Asians and 4% Iranians. Adult males who have neutralized for more than 30 years or who have resided in Kuwait since before 1921, as well as their male descendants who have attained the age of 21 years, are eligible to vote and take a part in their country’s politics.

Women have been granted the right to vote from 2007. Thus, in 1996 only ten percent of the citizens of Kuwait were eligible to vote.