Saudi firms play vital driving role in Kuwaiti market: KDIPA exec

Mohammed Mulla Yaqoub, Deputy Director General of the Kuwait Direct Investment Promotion Authority (KDIPA)

Saudi companies play a crucial role in the Kuwaiti market by investing in various sectors, including petroleum, chemicals, construction, and technology, Deputy Director General of the Kuwait Direct Investment Promotion Authority (KDIPA) Mohammed Mulla Yaqoub told Argaam.

He highlighted that Saudi companies face no restrictions in Kuwait and are viewed as strategic partners, reflecting the economic integration between the two nations.

On the sidelines of the 28th Annual World Investment Conference (WIC) in Riyadh, Yaqoub praised the Kingdom’s leadership role in implementing strategies to attract direct investments quickly and effectively.

The Gulf Cooperation Council (GCC) countries are collaborating to establish a robust economic entity that enhances the collective efforts of its member states. He emphasized the importance of each country leveraging its strengths to attain economic integration and promote sustainable development.

Conferences in the GCC countries foster cooperation and share expertise among nations, enhancing regional economies and addressing gaps and challenges.

Kuwait attracted a KWD 1.7 billion of total direct investments until 2023-end. They cover various vital sectors such as oil and gas, technology, and renewable energy, Yaqoub said.

He added that the Kuwaiti legislative environment has developed significantly since the issuance of the KDIPA’s law in 2013, allowing foreign investors full ownership of 100% and providing various investment incentives.

Like other GCC countries, Kuwait has a clear strategy to diversify its economy away from oil dependence. The government aims to enhance the knowledge economy by attracting value-added investments and focusing on sectors such as technology, fintech, artificial intelligence (AI), future innovations, and food security. This approach aligns with the goals outlined in Kuwait Vision 2035.

He highlighted that KDIPA not only aims to attract investments but also seeks to add real value to the local economy by bringing in investors who help transfer knowledge and technology while developing essential sectors.

Yaqoub assured that China is one of the most prominent foreign investors in Kuwait, alongside British, American, and European companies, as well as Gulf investments, particularly from the UAE and Saudi Arabia.