Kuwait City (Arabic: مدينة الكويت ) is the capital and largest city of Kuwait. It has a population of 2.1 million in themetropolitan area. Kuwait City is the political, cultural and economic center of Kuwait. Kuwait City is considered a global city. Kuwait City’s trade and transportation needs are served by Kuwait International Airport, Mina Al-Shuwaik (Shuwaik Port) and Mina Al Ahmadi (Ahmadi Port).
The Skyline of Kuwait City
|Coordinates: 29°22′11″N 47°58′42″E|
Kuwait City is located on Kuwait Bay, a natural deep-water harbor. 90% of Kuwait's population live within the Kuwait Bay coast. The country is generally low lying, with the highest point being 306 m (1,004 ft) above sea-level. It has nine islands, all of which, with the exception of Failaka Island, are uninhabited. With an area of 860 km2 (330 sq mi), the Bubiyan is the largest island in Kuwait and is connected to the rest of the country by a 2,380 m (7,808 ft) long bridge. The land area is considered arable and sparse vegetation is found along its 499-kilometre (310 mi) long coastline.
Kuwait's Burgan field having a total capacity of approximately 70 billion barrels (1.1×1010 m3) of proven oil reserves. During the 1991 Kuwaiti oil fires, more than 500 oil lakes were created covering a combined surface area of about 35.7 km2(13.8 sq mi). The resulting soil contamination due to oil and soot accumulation had made eastern and south-eastern parts of Kuwait uninhabitable. Sand and oil residue had reduced large parts of the Kuwaiti desert to semi-asphalt surfaces. The oil spills during the Gulf War also drastically affected Kuwait's marine resources.
Kuwait has a petroleum-based economy, petroleum and fertilizers are the main export products. TheKuwaiti dinar is the highest-valued currency unit in the world. Petroleum accounts for nearly half of GDP and 94% of export revenues and government income.The Kuwait Stock Exchange is the second-largest stock exchange in the Arab world.
Kuwait was the pioneer in the Middle East in diversifying its earnings away from oil exports. However the country has struggled to diversify its economy since the Gulf War. In recent years, the hostile relationship between the elected parliament and government has prevented the implementation of economic reforms.
In the past five years, there has been a significant rise in entrepreneurship and small business start-ups in Kuwait. The informal sector is also on the rise, mainly due to the popularity of Instagram businesses. Many Kuwaiti entrepreneurs are using the Instagram-based business model.
The Kuwait Investment Authority (KIA) is Kuwait's sovereign wealth fund specializing in foreign investment. The KIA is the world's oldest sovereign wealth fund. Since 1953, the Kuwaiti government has directed investments into Europe, United States and Asia Pacific. As of 2014, the holdings were valued at $548 billion in assets.
Kuwait is the Arab world's largest foreign investor, with $8.4 billion in FDI outflows in 2013. Kuwait consistently tops regional rankings in FDI outflows. In 2013, Kuwait almost tripled its foreign investments. Over the last 10 years, Kuwait has doubled investments in the UK to more than $24 billion. In 2014, Kuwait became the largest foreign investor in China's RMB market.
Kuwait is known for its home-grown tradition of theatre. Kuwait is the only country in the Gulf with a theatrical tradition. The Arabic theatrical movement in Kuwait constitutes a major part of the country's Arabic cultural life.Theatrical activities in Kuwait began in the 1920s when the first spoken dramas were released. Theatre activities are still popular today.
Built in 1979, the Kuwait Towers are the most famous landmark in Kuwait City.
Al Hamra Tower is the tallest sculpted tower in the world.