KUWAIT. Kuwait Airport Duty Free says it is “cautiously optimistic” that following the liberation of Iraq a trading and travel boom will take place in Kuwait.
With the advent of hostilities in the region, passenger figures dropped sharply in the month of March 2003 at Kuwait International Airport, as anticipated. Total passenger traffic was down by -28 % and outbound passengers were down by -8 % over March 2002 figures.
“This has adversely affected business at Kuwait Airport Duty Free, although we have remained fully operational on a 24-hour basis since the start of the conflict,” the company told The Moodie Report. “Sales were below forecasts by 25 % for the month of March 2003 and 8 % behind March 2002 figures.
“Nevertheless, there is a silver lining, looking at the first quarter results; overall business is still ahead of 2002 figures by 6 %.”
A spokesman added: “But if the conflict in the region prolongs for any reason then these modest gains will surely be eroded. The sentiment in the region is one of hope for a quick end to the war and return to normal business conditions. There is also cautious optimism that after the liberation of Iraq, Kuwait will witness a trading and travel boom and recover most of the losses incurred since the start of the conflict.
“Already many companies in Kuwait are preparing to have a hand in rebuilding Iraq. Given the location of Kuwait and the presence of US and British personnel based in Kuwait, we believe that at least some of the trading and channeling of the goods and supply lines will be done through Kuwait, thereby generating new avenues for business development.”
