Almost half the office space in Kuwait’s financial centre lies empty after plans to become a regional business hub rivalling Dubai were wrecked by the financial crisis and the difficulties of doing business in the Gulf state. Kuwait’s economy has long been underpinned by its oil production but growth in other sectors has only been moderate and observers such as the International Monetary Fund have stressed the need for Kuwait to diversify its economy. Developers went on a building spree after the overthrow of Iraq’s Saddam Hussein in 2003, believing that businesses would flock to Kuwait once the region stabilized.
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