Kuwait is a major country in the western Asia, bordering Iraq to the north and Saudi Arabia to the south. Kuwait with a wealthy petroleum-based economy is one of the richest countries in the world with its currency Kuwaiti Dinar being a highest valued currency in the world. According to the World Bank, Kuwait is the fifth richest country in the world by gross national income per capita, and one of five nations with a GNI per capita above $70,000. As a result of various diversification policies, petroleum now accounts for 43% of total GDP and 70% of export earnings. The biggest non-oil industry is steel manufacturing.
With the significant rise in the entrepreneurship and small business start-ups in Kuwait, Kuwait was ranked fourth in the MENA region in start-up funding after UAE, Egypt and Saudi Arabia. Globally, Kuwait main export products are mineral fuels (89.1% of total exports), aircraft and spacecraft (4.3%), organic chemicals (3.2%), plastics (1.2%), iron and steel (0.2%), gems and precious metals (0.1%). Kuwait is the region’s most oil-dependent country with having lowest share of economic diversification.
The process of Patents registration in Kuwait is governed by provisions of Law No. 4 of 1962 Relating to Patents, Designs and Industrial Models and its amendment of 1999. Patents of invention shall, in conformity with the provisions of this Law, be granted for every new innovation liable to be industrially exploited, whether connected with new industrial products, or new industrial processes or means, or with the new application of known industrial means and processes.