UAE seeks investment, probes Kuwait market

His Excellency Dr. Thani Al Zeyoudi welcomed this opportunity to reaffirm the importance of bilateral relations: “The UAE and Kuwait enjoy a long-standing economic partnership, and this visit represents an important opportunity to reaffirm their value and seek increased cooperation with the private sector in the region.” Priority sectors. The UAE Corporate Investment Forum provides a key platform for building networks and identifying opportunities that can achieve mutually beneficial results in the coming months and years. During his attendance at the ceremony, Al-Zeyoudi also met with His Excellency Abdullah Hamad Al-Joaan, the Kuwaiti Minister of Trade and Industry in the country. They reviewed the volume of bilateral trade, which reached 45 billion dirhams in 2023, an increase of 2% compared to 2022, and 16% compared to 2021, and agreed to maintain the positive momentum. Kuwait is ranked the twelfth largest trading partner of the United Arab Emirates in the world, its tenth leading export destination, and sixth globally in the field of re-exports.

commerce
At the same time, the United Arab Emirates ranks second as Kuwait’s largest trading partner in the world, and first in the Arab world. The UAE is currently the first destination for Kuwaiti non-oil exports, representing 22% of total global exports, and ranks third in terms of Kuwaiti imports. In terms of investment, the UAE is the third largest investor in the Kuwaiti economy, accounting for 6% of total investments in 2022, with a value of more than 3.3 billion dirhams. In turn, Kuwait is the tenth largest investor in the UAE with a total investment value reaching 13.2 billion dirhams by the end of 2021. His Excellency Abdullah Al-Joaan welcomed the Emirati delegation, and said in a statement that the growth of bilateral trade between the two countries and the countries reflects the strength and diversity of the economic relations between the two countries, which It continues to develop. Al-Joaan pointed out that the UAE Companies Investment Forum will strengthen bilateral trade relations, facilitate successful investment agreements, and enhance the exchange of ideas and experiences.

Such events will restore the historical role of the private sector in both Kuwait and the United Arab Emirates as a strong bridge linking the two brotherly peoples. Al-Jawaan expressed his thanks to the UAE Embassy in Kuwait for organizing this trade event. He said he looked forward to positive results that would benefit both countries. The UAE Corporate Investment Forum was held under the patronage of His Highness Sheikh Dr. Muhammad Sabah Al-Salem Al-Sabah, Prime Minister of Kuwait, from April 28 to 29 under the slogan “Unlocking Kuwait’s Potential.” It was organized by the Embassy of the United Arab Emirates in Kuwait in cooperation with the Union of Investment Companies, the Public Authority for Industry and the Public Authority for Manpower in Kuwait. The UAE delegation to Kuwait included His Excellency Abdullah Mohammed Al Mazrouei, Chairman of the Abu Dhabi Chamber of Commerce and Industry, and His Excellency Jamal Al Jarwan, Secretary General of the Emirates Council for International Investors, in addition to about 20 leading Emirati companies in various sectors. .

This news has been read 18 times!