Baker Hughes, a GE company is a unique company that touches on upstream, midstream, as well as downstream. The merger was extremely important for both companies to create a full-stream vision. Baker Hughes' strength was mainly in upstream, reservoir studies, and services. The oil and gas section of GE had an upstream portfolio, pipeline solutions in the midstream segment, as well as strength in downstream with turbo machinery solutions, valves, compressors, and pumps. Today, the new company links all that with strong digital offerings. That has created a great deal of strength for us to tackle the markets and be a real partner to the oil sector, and not just in upstream. We touch all the pieces of the oil sector and partner efficiently with all our customers. Together, both companies have over 125 years of experience worldwide and we bring that to Kuwait today. Kuwait is one of the key players in the region when it comes to oil and gas. Kuwait is one of the countries that continued to invest during the downturn, unlike many places where CAPEX slowed down and projects were canceled. Kuwait Oil Company plans to increase the number of rigs and build new production facilities. We expect to see new petrochemical complexes and a new refinery. The Kuwaiti market is healthy compared to many other places in the world.
Geo-Market Director, North Gulf & Turkey, Baker Hughes
General Manager, Nexus Kuwait
Kuwait is going through a transitional change, and a particular problem of the country is that insurance companies have their own sales force. In other countries such as the UAE, companies run through brokers or the bank insurance sector. In Kuwait, companies are not allowed to provide a mix of banking and insurance. To date, insurance companies had their own sales force and competed for market share. We are bringing change to the system here. There is huge opportunity for large brokers like us to have presence in the country. At the moment the size of our operations in Kuwait is limited; however, among brokers we are the largest. We are already big in the UAE, Qatar, Bahrain, and other countries, and in Kuwait we want people to be aware of the quality they should seek if they require financial advice. We are a growing company in Kuwait and expect to have more advisors, more interaction with the consumers, and more business activity. We are ahead of competition because the theme of insurance brokerage comes from other Gulf countries where we already have developed significantly; we can follow the innovation that Nexus has brought in other GCC countries. There is a huge scope in Kuwait, and we have not even scratched the surface.
General Manager, Yusuf A. Alghanim & Sons, W.L.L
The three pillars under my management are document management, technology, and lighting. The document management division is represented by the Xerox business in Kuwait. The printing industry is declining because of the digital transformation, so we will not see a great deal of action in that area. Within the document management business in Xerox, digital transformation is a key pillar of growth, while traditional copying and printing is declining. We have different value offerings for our existing clients. Book publishing and digital printing is seeing great demand. 2016 was a slow year, though we are anticipating some recovery. With the stabilization of the oil price, everything is steadier now. Despite the difficult economic climate, we have some megaprojects that were launched in Kuwait. The airport expansion is coming up, and we have many great project developments for hospitals and hotels. There has been fantastic growth in the infrastructure of Kuwait, so this demonstrates the direction we are heading in. It provides an optimistic outlook for the future and inspires us to continue to be innovative, adding to our portfolio solutions and partnerships with other vendors and manufacturers. With these changes in infrastructure comes great opportunity for innovation. We have a strong economy in Kuwait, and I am positive about the future of our business and the country as a whole.