The tiny oil rich country that's got the 'world's strongest currency'
This small country is home to vast oil reserves and currently holds the world's strongest currency.
This tiny country in the Middle East is found at the tip of the Persian Gulf, neighbouring Iraq to the north and Saudi Arabia to the south.
Kuwait is one of the richest countries in the world per capita, and that’s because of its vast oil reserves. Its local currency, the dinar, is the strongest in the world, with 1 dinar buying £2.494.
It earns much of its vast wealth from being a world-leading exporter of oil and this paired with its strategic location makes Kuwait very powerful indeed. Its current population stands at almost five million people.
Oil is continuously criticised as being one of the main drivers of climate change in the world. Activists say the production of oil is harmful to the environment, including people and animals.
The WWF website says: “Specifically, oil and gas exploration and development causes disruption of migratory pathways, degradation of important animal habitats, and oil spills.”
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Just over a month ago, it was reported that Kuwait is seeking to nearly double its oil output over the next decade, after a major discovery.
The Kuwait Oil Company announced it had found light oil and associated gas in the offshore Al-Nokhatha field.
As recently reported by Reuters, the value of the company’s capital projects in the next five years is estimated between 11 billion and 13 billion dinars. This translates to around £32.4bn.
The Kuwait Oil Company website says it “has the important and privileged responsibility of providing energy to the world.
“We believe we can produce Kuwait’s most important resource in a way that is both economically viable and environmentally sound.”
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Kuwait is a conservative, Muslim country as well as a US ally and stands out from its neighbours because of its more open political system.
Its emirate's parliament is very powerful, exerting the most strength of any elected body in the Gulf. The ruling Al-Sabah family are often criticised by opposition MPs.
The government has recently faced an increase in calls for radical political reform from the opposition.
In May earlier this year, it was reported that Kuwait had dissolved its parliamant, coming just weeks after it had held elections in the country.
