Kuwait Kuwait Background Britain oversaw foreign relations and defense for the ruling Kuwaiti AL-SABAH dynasty from 1899 until independence in 1961. Kuwait was attacked and overrun by Iraq on 2 August 1990. Following several weeks of aerial bombardment, a US-led, UN coalition began a ground assault on 23 February 1991 that liberated Kuwait in four days. Kuwait spent more than $5 billion to repair oil infrastructure damaged during 1990-91. Kuwait Economy Kuwait is a small, rich, relatively open economy with proved crude oil reserves of about 98 billion barrels - 10% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% of government income. Kuwait's climate limits agricultural development. Consequently, with the exception of fish, it depends almost wholly on food imports. About 75% of potable water must be distilled or imported. Kuwait continues its discussions with foreign oil companies to develop fields in the northern part of the country. Oil production declined by an estimated 8% in 2002 but is expected to return to the 2001 level in 2003. Kuwait Location Middle East, bordering the Persian Gulf, between Iraq and Saudi Arabia Kuwait Flag three equal horizontal bands of green (top), white, and red with a black trapezoid based on the hoist side
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