#iraqi invasion

Kuwait: A Financial History — From the Dhow Trade to the Oil Sovereign Wealth Pioneer

This article traces Kuwait’s economic evolution from its pre-oil maritime history, characterized by dhow trade and pearl diving, to its modern status as a pioneer in sovereign wealth management. It explores the discovery of the Burgan oil field in 1938, the devastating impact and reconstruction costs of the 1990 Iraqi invasion, and the structural challenge of Kuwait's ongoing reliance on crude exports.