Table of Contents
Works cited……………………………………………………………………………………………….21
Appendix …………………………………………………………………………………………22
Coins 4 Cash Business Plan
Coins 4 Cash is a new company preparing an entry into the Kuwait market. The company provides coins exchange services for cash. The company will install coins exchange machines at strategic points in major cities in Kuwait to exchange accumulated 5, 10, 20, 50, and 100 fils with usable cash to its clients at a subsidized transaction fee. The economy of Kuwait is one of the most stable in the region and the business is anticipated to thrive without any major challenges. In order to plan for the entry of Coins for Cash into the Kuwait market, the macroeconomics of the market will be analyzed. This business plan includes a market analysis based on the PESTEL model, a marketing strategy, customer analysis, and the financial planning for the company. The business plan effectively packages the company for success despite the intense competition in the Kuwait market.
Coins 4 Cash is a small financial company that is preparing to make an entry into the Kuwait market. The company is new and the Kuwait venture will be the first one. As a result, the entry’s success is highly dependent on a sound analysis of the market, analysis of the potential customers, a cutting-edge marketing strategy, and strategic financial planning.
Coins 4 Cash aims at making it more convenient for individuals, households as well as institutions to exchange their coins for usable cash at a small service fee. The company will provide coin exchange machines for the customers to make the operation less strenuous. Other interested parties such as retail stores and banks can also benefit from the services provided by Coins 4 Cash. This is through the lending of the machines to them at an attractive service charge. Customers will be in charge of the operation in that they will be the ones to operate the machines by pouring in their coins and receiving from it their cash.
The coins exchange machines are specialized machines manufactured in China, which will be placed at strategic places in major cities and towns across Kuwait for easy access by the customers. After successfully establishing its operations in Kuwait, the company is set to venture into other states in the Middle-East. This reflects the importance of the company’s entry in the Kuwait market for its growth in the future. This business plan aims at presenting a macro-level analysis of the market, customer analysis, competitive analysis, marketing strategy, as well as the operational and financial preparedness of the company to venture into the Kuwait market.
A new market entry for Coins 4 Cash would depend on an accurate analysis of the Kuwait market and effective planning especially in terms of finance and marketing. This section of the business plan will explore the nature of the Kuwait market and provide a macro-level analysis using the PESTEL model. Through this analysis, the external forces that are capable of influencing the operations of Coins 4 Cash in the environment will be explored.
In order to determine the different factors that can influence the nature of businesses in Kuwait, an accurate analysis of the market is imminent. The market analysis involves the determination of the various aspects of the business environment. For this reason, the PESTEL model is used to explore the political, economic, social, technological, environmental, and legal factors that shape the Kuwait market.
PESTEL stands for the Political factors, Economic environment, Social environment, Technological environment, Ecological environment and the Legal Environment. PESTEL analysis implicates the strengths and weak points of a given market. The information provided by this analysis is important in that it gives the new entrant on the possible trends and challenges it should expect in the external environment. Among the most significant features of the PESTEL analysis of the Kuwait market, include the following:
The political factors explored in this plan constitute issues about government structure as well as the political trends that can affect business activities in the Kuwaiti market. According to (Crystal 34), the Kuwait government is a constitutional monarchy. The Emir is the head of the state. The position is hereditary and the current leadership dynasty was established in 1952 (Crystal 36). Even though Kuwait is claimed to be a democracy, the prime minister and some of the cabinet ministers are directly appointed by the country’s Emir. In most instances, they are members of the royal family or are direct relatives of the Emir.
The national assembly which is the elected legislative arm of the nation’s leadership consists of 50 members who are elected from the five districts (El Mallakh 12). Each district is represented in the national assembly by ten elected members. In order to participate in the elections, one has to be a Kuwait citizen either through birth or naturalization for a period of more than twenty years. The ages of twenty-one years and above are a requirement for voting to both male and female Kuwaitis. The sole purpose of the assembly is to come up with laws that are also approved by the Emir. The duration of office for the national assembly is a period of four-years after which fresh elections are called. The assembly has the powers of rejecting some of the decisions made by the Emir if they feel that they are not in line with the interests of the people of Kuwait.
Kuwait operates under civil/code law even though the influence of Sharia law is influential in numerous personal matters (Hassan 24). The administrative districts have summary courts that are mandated to litigate on civil and commercial matters. There are also tribunals that are charged with the handling of criminal, personal status conflicts, and commercial cases except those that involve huge amounts of money such as 1000KD and beyond. Religious courts also exist that deal with family issues. With the help of the Ministry of Justice, the Emir appoints and assigns judges to the various courts. Kuwait is not part of the ICC’s jurisdiction (Ismael 43).
Since the end of the Gulf War, the economy of Kuwait has been growing exponentially (Arabnews.com). The Kuwait citizens will provide a good market since they are in the upper class or the upper middle class and are able to afford their lives and hence the entrance of this new company will have potential customers. The crude oil industry has provided numerous employment opportunities for the citizens. They offer better wages for their workers and this empowers the financial condition of the workers, which in turn affects the conditions of living of the workers. Those working are in a better position to have a good life and better access to services provided since they have the power of money (Alkulaib, Najad and Mashayekh 45).
Instabilities in the international oil market therefore have a limited impact on the economy of Kuwait as opposed to other oil producers in the region. Kuwait holds 9% of the world’s crude oil deposits and currently sits at number 5 globally in terms of oil production as per the OPEC (Organization for Petroleum Exporting Countries). Kuwait trails other countries in the region such as Saudi Arabia, Iran, Iraq, and the UAE (Peel and Abeer 34).
Since 2010, the GDP of Kuwait has been over $200bn with positive improvements being experienced every year. The GDP is 55% composed of the oil sector income, 34.8% from the private sector or the non-oil sector. Since 2004, the non-oil sector has been growing at an average rate of 14% until 2008 when it was affected by the global financial crisis (Peel and Abeer 45). This is mainly due to the government’s effort to support the non-oil sector and reduce dependence on oil income. The government initiated a diversification program that has positively elevated the country’s non-oil sector and the overall economy (Al Ammar 12). As a result of the government’s commitment to this program, the trend is set to remain stable for the next couple of years. The diversification program is based on two major government initiatives. These include a recent bill that allowed for the selling of government property and projects to private investors (Arabnews.com). The second initiative involves the government’s $130bn financial commitment to boost direct foreign investment in the country and also the private sector.
The Kuwaiti economy is highly depended upon international trade mainly due to the inability of the local production capacities’ inability to meet the ever increasing demand (Abraham, Seyyed and Al-Elg 48). In addition, the immense oil deposits in the country rely upon international trade so as to be commoditized. Crude oil and other products such as natural gas total to about 95% of the country’s exports (State of Kuwait Annual Report, 2013). On the other hand, Kuwaitis import commodities such as food and beverages, construction materials, automotives, and clothes from countries such as the US, India, China, Saudi, Japan, South Korea, Germany, and UAE. The table below illustrates Kuwait’s imports from the earlier mentioned trade partners in terms of percentages
| Country | Percentage Import |
| United States | 11.9% |
| India | 10% |
| China | 9.3% |
| Saudi Arabia | 8% |
| South Korea | 6.3% |
| Japan | 5.9% |
| Germany | 4.8% |
| UAE | 4.1% |
Table 1 : Kuwait’s Import (Annual report; 2013)
Compared to other economies in the region, Kuwait has the highest import rate due to the massive government projects that are currently undergoing in the country. These projects are mainly supported through the country’s involvement in international trade. The high value consumption demand in the country is the other factor that has contributed to the high rate of import and participation of Kuwait in international trade.
In planning a market entry, an analysis of the social factors that influence the particular market is significant in that it helps in the description of the people who constitute that market. The social factors include the demographics of the Kuwaiti market, the social structures, religion, lifestyles, and common trends in the attitudes and beliefs of the people of Kuwait. This analysis would be of much help to Coins 4 Cash in that it would explore the opportunities of providing some of the most needed and relevant products and services to the people and in return result in the company’s turnover in the market.
Due to the restrictions imposed upon by the social structures of the Kuwaiti society, Coins 4 Cash targets the two lower social classes in the society. This is due to the possibility of encountering them and interacting freely with them. In addition, the lower classes in the society are most likely to benefit from the services that Coins 4 Cash will provide.
The Kuwaiti society is highly stratified based on aspects of heredity and family wealth. On the highest point of the social structure is the royal family which is regarded as the Al Sabah. The second level in the social structure is formed by the merchant families. These are followed by the desert Bedouins and Arabs from other states (Ismael 45). Finally, there are the foreigners at the lowest point of the social structure. Wealth is and connections are most powerful social class tools in the Kuwaiti society. While the native Kuwaiti families are considerably wealthy, the foreigners are poor. Due to aspects such as cultural heritage, clannishness, and the government initiatives that seek to preserve the status quo, social mobility in Kuwait is relatively inactive. However, certain cultural activities such as marriages can ensure the drastic change of social classes for individuals.
Despite Kuwait being one of the liberal states in the region, women in the country do not enjoy the same level of rights. However, considerable developments have led to the liberalization of women in the nation as opposed to some of Kuwait’s neighbors such as Saudi Arabia. In Kuwait, women have a right to work, own property, get travel documents, drive vehicles and participate in the electioneering process as opposed to their counterparts in the Islamic neighbors (Ismael 47). Gender equality is the nation is more upheld in Kuwait than in some other nations in the Gulf region. However, there is still a glass ceiling in the Kuwaiti society that limits women to working in social services, health care and, clerical positions while most of the managerial positions are held by men. The influence of globalization in the social aspects of the Kuwaitis is highly manifest among the younger generation. For instance, most of the elderly women in the society still embrace the hijab, the younger women wear more western clothing.
Most of the leisure time is composed of alcohol-free activities such as camping, visiting the beaches, swimming, skiing, and playing soccer among others. Since the country social life is strongly influenced by the Islamic doctrines, alcohol has been banned in the country. However, a considerably portion of the population consists of cigarette and shisha smokers (Crystal 55).
Food is one of the most significant aspects of the Kuwaiti culture. It is a form of socialization as all the family members assemble at a central point to take their meals, especially dinner. There are stipulated time frames when meals are taken. For instance, lunch is taken between 1.00pm and 3.00pm while dinner is served between 8.00pm and 10.00pm. The most popular delicacy is spiced rice with shrimps, chicken, or beef. After meals, the men gather at specialized points t discuss important social and political issues in what is referred to as “Diwaniahs” (Ismael 56). There are eateries and restaurants in the country that serve the different social structures in the society. Consequently, there are cheap restaurants for the migrant workers and luxurious hotels for the wealthy Kuwaitis. Most of the restaurants such as Burger King make home deliveries.
The major technological developments experienced in Kuwait are in terms of the nation’s infrastructure. These include the development in the communication and transportation sectors. In the transport sector, the nation is among the most developed in the region. Kuwait had 7 major airports, 4 airstrips, 4,887km of paved roads and 5 ports and terminals by 2012 (State of Kuwait: Annual Report, 2013). A major government project aimed at installing a metro system that has 69 stations in the six administrative districts is underway.
In the communication sector, Kuwait is experiencing a rapid transformation to become one of the communication hubs in the region. The country has also highly liberalized its communications and broadcast industries. In addition to the four state-owned broadcasters and a satellite channel, there are several other privately owned broadcasters with a national coverage.
The development in this two key areas will be of benefit to Coins 4 Cash since there will be no hurdles experienced when transporting products or when installing different ATM machines at the strategic points that it has targeted. With the recent internet penetration in the county with an approximation of 70% in 2012, and about 1.8 million active internet users in the nation (Annual Report, 2013), information will be highly distributed especially through the internet. Appendix 1 provides an overview of the Facebook penetration statistics in Kuwait. Despite there being calls for the investment in alternative energy projects in many parts of the world; Kuwait has not made any significant investments in alternative energy projects.
Kuwait has a hostile desert climate characterized by extreme temperatures and dryness. However, the four seasons can be distinguished. For instance, summers are extremely hot with temperatures exceeding 45 degrees. The first session of this season lasts from June to mid-August and is extremely dry and dusty. The second comes from mid-August to mid-September and is characterized by high humidity levels and considerably lower temperatures. There are winters, spring and autumn which have relatively friendly conditions. For instance, the winters are relatively cold with temperatures ranging between 10 degrees and 20 degrees.
The climatic changes will not be affecting the penetration of the Coins 4 Cash company though the investors need to be well equipped with knowledge about the climate changes in the Kuwait land to know how to deal with the weather changes and blend in.
The legal analysis is important as it gives the procedures, rules, and regulations that a new company needs to have in order to start operating in the a country. Since Coins 4 Cash will be operating as local company, the requirements are less than that of a foreigner who would be interested in operating business in the Kuwait soil.
The information gained from this analysis is important in defining the perfect entry strategy as well as identifies the challenges that investors in the country. The analysis is more inclined to the financial sector which is the sector in which Coins 4 Cash anticipates to venture
This is the procedure that coins 4 Cash will have follow before starting its operations in Kuwait:
One must submit a completed form of application to the MOCI together with
The form should also have official names of founders, their percentage in shares in the company and the manager’s names.
Coins 4 Cash will submit a company name reservation application form to the commercial Registry who then searches the database to ensure that no other existing company has a similar name and once approved, the registry issues a confirming letter of the names and reserves it.
Coins 4 Cash then will return to the Department of companies to retrieve the required letter addressed to the commercial bank od their choice where the paid-in capital will be deposited. It may also issue additional letters addressed to different governmental authorities depending on the activities that coins 4 Cash will be doing in order to obtain their approval for the operations of the company.
In reference to the letter from the Department of Companies, the bank will open an account under the name ‘under formation’ for Coins 4 Cash company. The amount deposited will remain frozen till the bank receives the official commercial license and the deed of incorporation.
The municipality receives the request for inspection from the Ministry of commerce and it will contact the Coins 4 Cash managers to arrange on an inspection date to confirm that their premises comply with the required safety and health regulations according to the Municipality. This will take a maximum of 2 weeks.
Coins 4 Cash will submit the draft of its MoA. Once signed, this department will issue a letter addressed to the Justice Ministry requesting the company to be authenticated.
Coins 4 Cash will submit the draft of its MoA together with the letter from the Department of Companies and the bank Capital certificate to the Notary Public Department at the Ministry of Justice. The documents are then verified.
Coins 4 Cash will file a signed and notarized copy of its MoA at the Department of Companies. A copy of this is then submitted to the Commercial Registry and another certificate is issued; a certificate of registration which has its full name and the company’s registration number.
Coins 4 Cash gets the official commercial license from the companies Department
Coins 4 Cash will apply for membership at this agency by forwarding its commercial license and MoA copies and filling out a specimen signature form signed the authorized signatories of the company. It is a requisite in dealing with the government authorities and banks.
Coins 4 Cash should register with this agency to obtain a civil number required when dealing with other governmental bodies.
This ministry inspects the premises to determine whether the size of Coins 4 Cash company premises and its business scope integrate with the number of employees declared at the ministry.
The Commercial Law number 68 of Kuwait stipulates that foreign business entities seeking to establish operations in the country should do it through the mediation of local agents or distributors (Elaine 60). As a result, it is necessary for foreign investors planning to venture the market to have connections on the ground. For joint ventures, it is required that the Kuwaiti national(s) in the partnership should own not less than 51% of the overall capital and 60% for financial institutions such as banks, insurance and investment companies (Elaine 60).
Customer Analysis
As mentioned in the previous part of the plan, Coins 4 Cash will mostly target individuals, households, as well as other business entities such as retail stores and banks. The individuals will include members of both genders mostly aged between 20 and 50 years. The households as well as the individuals will be from the foreigners and a few poor Arab households.
Coins 4 Cash will provide services that meet the customers at the very point of their needs. To this end, Coins for cash aims at exchanging accumulated coins that are considered useless for useable currency. The service will be offered conveniently through the numerous coins exchange machines that will be strategically positioned in close to the target customers. As a result, the services will be available to the people 24- hours.
Coins 4 Cash is anticipated to encounter stiff competition from other coins exchange services providers in the country as well as new entrants. In order to completely establish the nature of the competition in the industry, the Porter’s Five Forces will be analyzed.
The Porter’s Five Forces is an analysis framework that explores competition within the industry while also focusing on the competitive strategy development of the business. Using this framework, the competitive advantage of Coins 4 Cash will be highlighted. The model will enable the company to focus more on the proven points of strength as well as improve on the weakest points. It is due to this fact that the Porter’s Five Forces are considered to be efficient for the planning of the Coins 4 Cash entry into in the Kuwait market.
The coins exchange machines will be from Chinese manufacturers. The power of the supplier to push up the prices of the machines is considerably highly and subject to changes in aspects such as demand. This power might hinder the future growth plans of Coins 4 Cash.
The power of customers to drive down the set charges is relatively low. This is due to the existing pricing strategy caters for this concern. It will be very unlikely then that the customers will be dissatisfied with the charges to the extent of considering a price reduction.
There is a high competitive rivalry in the industry, which is based on the pricing of the coins exchange charges. As a result, offering higher service charges than other service providers in the industry might lead to undercutting. The strong competition consequently exerts a strong downward pressure on the existing charges of the services. Coins 4 Cash is set to take advantage of this factor considering that it will be offering one of the lowest charges in the industry.
This threat is considerably lower in the Kuwaiti market. The nature of the service is unique and substituting it is not a cause for concern. Currently Coins 4 Cash does not consider this as a threat considering its unique services and outstanding customer care plans.
The threat of new entrants into the business is relatively moderate. This is mainly due to the business idea is not common in the country. However, the capital required to venture into the business is relatively lower which makes it possible for new competitors to venture into the market when they get information about the idea.
A number of companies have ventured into the Kuwait coins exchange market. Among the established players in the industry who pose a threat to the Coins 4 Cash Company, include Money Guard Technologies. Since 2008, the company has signed strategic agreements with companies such as Shamiya & Shuwaikh Co-op, Keifan Co-op, BAQALA, and Glory RZ 100 Cash to install coins exchange machines in the major retail stores across the country.
The indirect competitors of include all the business entities that enhance the circulation of coins or make use of the 5, 10, 20, 50, and 100 fils. They are the coins that Coins 4 Cash targets to exchange for notes. The indirect competitors include the small commodities such as cigarettes and candies that are purchased using these coins thereby hindering their accumulation among individuals and households.
Considering that Coins 4 Cash will be venturing an intensely competitive market, an ingenious marketing plan will be vital in ensuring that the company gets a substantial share of the market. This section describes the marketing plan that Coins 4 Cash will employ to gain a competitive edge in the market.
Coins 4 Cash will be involved in offering coins exchange services. The procedure will be initiated by the clients in that they will pour their coins in the machines that will count them and issue a receipt that details the transaction. The clients will then show the receipt to a cashier who will issue them with the cash. The company will also rent the cash exchange machines to other interested parties such as supermarkets and other major retail stores and banks.
One of the competitive advantages of Coins 4 Cash is based on company’s pricing policy. The service charges and the rent of the coins exchange machines will be the major avenues that the company will use to generate income. The pricing of the coins exchange ranges from 5% to 10% which is significantly lower than that offered by other players in the industry which goes to a maximum of 30%. The machine rent prices will be determined by the number of machines rented to a single client. The more machines a client rents, the lower the rent rates.
Based on the information about the internet penetration in Kuwait, the promotional campaign for the Coins 4 Cash business will majorly depend upon the social media. Social media platforms such as Facebook, Twitter, Instagram , and Flickr among others are quite famous among the target customers who are aged between twenty and fifty. As a result, the promotional campaign is expected to teach about 70% of the intended customers after a month of active online campaign. Other online advertisements will also be placed such as Google ads. In addition, other strategies such as the distribution of fliers, the use posters, and banners will be used in notifying the public in major cities about the locations of the coins exchange machines.
The coins exchange machines will be distributed throughout the country covering the major cities and towns. The populations of the cities will determine the number of coins exchange machines that will be made available for the customers. The machines will be stationed close to major retail stores, supermarkets, and banks. The average number of the customers who frequent the businesses will also influence the number of machines.
The initial plan is to install 20 machines at strategic points in Al Salimiyah and about 10 in other major cities such as Kuwait City, Sabah as Salim, Al Farwaniyah, Ar Riggah, and Salwa among others. This will be followed by another injection of machines to double the number after a period of six months. After another six months, strategic neighborhoods will be identified and machines will be installed to target the households with accumulated coins in their possession.
| Activity | Time frame | Responsibility |
| Identification of the locations | 1st two weeks | (two members of the team from Kuwait) |
| Importation of the machines | Two weeks | (Member of the team from China) |
| Initial Installation | Second month | (all members) |
| Recruitment of Cashiers | Second month | (All members) |
| Second Machine installation | After six months | (All members) |
| Identification of the neighborhoods | After a year | (two members of the team from Kuwait) |
| Third installation | After a year | (All members) |
Being a partnership, the Coins 4 Cash Company will be under the management of the three partners. Since the two members of the team are from Kuwait, they offer the required knowledge about the market and the strategic points where the machines will be installed. The third member of the team is from China. The coins machines will be imported from China and this poses an advantage to the company in that he would be responsible for getting the right machines and the best prices. The member is also well acquainted with the knowledge about the operation the machines and will also be charged with technical assistance and maintenance.
In order to function completely, the three founding members will have to recruit cashiers who will be offering the cash at the field once the machines have counted the coins and offered the receipts. The position would be well suited for locals with excellent computational skills who are capable of handling large numbers of customers.
Coins 4 Cash will generate revenues from the service charges and rentals of the machines to the interested businesses. A service charge rate of 5% to 10% will apply for the coins exchange transactions depending on the quantity. For the rentals, a constant amount would apply depending on the quantity of the machines that the client orders. The rate will be lower when a higher number of the machines is ordered.
The start-up capital for the business is expected to be about $150,000. This amount of money has to be invested wisely in order to get Coins 4 Cash operating. A number of areas that are mandatory need to be considered to avoid the company having short falls in its operations. The money will be used for payments of all requirements that the company needs to have before it starts its operations. The money needs to be broken down to specify which areas the amount of capital that the investors will spend on. This ensures that incase the company faces a deficit while in the process of starting their company, and they need an emergency loan from the local commercial banks, this breaking down of how the money will be used will be an added advantage.
This amount will be invested as follows:
The percentages are on the total amount of money that will be invested in the startup.
| Activity | Percentage of capital | Amount in $ of the Capital |
| Registration requirements and Procedures, this includes all the amount of money that will be incurred by the investors when going through the registration process that was described above. I.e. Fees to obtain the necessary certificates of operation and fees to the notary for licenses etc. | 60% | 90,000 |
| Hiring of Company lawyer | 4% | 6000 |
| Purchasing of Coin Machines | 5% | 7500 |
| Rental of Premises | 4% | 6000 |
| Mandatory deposits to the commercial bank | 4% | 6000 |
| Wages to workers in the first month | 3% | 4500 |
| Furnishing the Premises i.e. relevant furniture and telephone call boxes | 2% | 3000 |
| Purchasing legal portraits of the Prime Minister | 3% | 4500 |
| Payment of maintenance fees of premises | 5% | 7500 |
| Marketing and Advertisement fees | 5% | 7500 |
| Miscellaneous expenses | 5% | 7500 |
The initial start-up will require some funding from an external source since the joint venture would require about $150,000. The founding members are capable of raising 75% ($ 112500) of the capital and obtain the balance of 25% of $ 37500 from a repayable loan. The loan plus the accrued interest on the loan is repayable in a period of one financial year. The obtained amount from the loans will be to top up on the available amount of money by the investors for the smooth operating of Coins 4 Cash.
Coins 4 Cash is expected to perform well in the Kuwait market due to the thorough preparations for the new entry. It is expected that at the end of the second year the company will be ready for more expansion into the neighboring countries. However, if the business encounters some challenges in the operation, the exit strategy entails a buyout to a much established company such as Money Guard Technologies at a cost of not less than $200,000. This would ensure that no loses are incurred and the company could penetrate in another line of business.
Works Cited
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markets in the Middle East and North Africa Countries”, Journal of Multinational Financial Management, 19, (2009): 43-53.
Al Ammar, Layla. Investment Sector: Too Important to be Left. Kuwait City: Kuwait Financial
Center, Markaz, 2012. Print.
Atyeh, Mohamad and Al-Rashed, Wael. “Testing the Existence of Integration; Kuwait and
Jordan Financial markets. International journal of Economics, Finance and Management Sciences, 1.2 (2013): 89-94. Print.
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(2002):2283-2289.
Crystal, Jill. Kuwait: The Transformation of an Oil State. London: Routledge, 1992.Print.
Elaine, Beatrice. “Emerging stock markets and international asset pricing”. The World Bank
Economic Review, 9, (1995): 51-74. Print.
El Mallakh, Ragaei. Kuwait, Trade and Investment. Boulder: West view Press Inc., 2009. Print.
“Environment and Economy of Kuwait” 123helpme.com. web. 19 March 2015.
Hassan, Mohammad.”Financial Integration of stock markets in the Gulf: A multivariates
cointegration analysis”, International Journal of Business, 8. 3, (2003): 23-67. Print.
Ismael, Jacqueline. Kuwait: Social Change in Historical Perspective. New York: Wiley
Press, 2012. Print.
Khan, Ghazanfal. “Great Unification of Gulf States.” Arabnews.com. 14 May, 2012. Web. 19
March, 2015.
Peel, Michael and Abeer, Allam. “ Upheaval Increase as Kuwait’s economy Stagnates.”
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State of Kuwait. Annual Report: Kuwait 2013. 23 May, 2013. Web. 19 March, 2015.
Appendix 1: Facebook Users (Source: financialtimes.com)
Appendix 2: Kuwaitis’ Demographic (source:financialtimes.com)
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