Kuwaiti Prime Minister receives HE Al Zeyoudi during ‘UAE Companies Investment Meet’ to enhance bilateral trade and investment ties

News Desk

KUWAIT: His Highness Sheikh Dr. Mohammed Sabah Al Salem Al-Sabah, Prime Minister of Kuwait, has received His Excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade in Kuwait City. His Excellency was leading a high-level Emirati delegation to the “UAE Companies Investment Meet”, which was designed to identify trade and investment opportunities in the Kuwaiti market.

During the meeting, which was attended by His Excellency Dr Matar Hamed Al Neyadi, UAE Ambassador to Kuwait, His Excellency Al Zeyoudi underscored the positive nature of UAE-Kuwait relations, which reflect the shared determination of both leaderships to catalyze growth and support each other’s economic development.

His Excellency Dr Thani Al Zeyoudi welcomed the opportunity to restate the importance of bilateral relations: “The UAE and Kuwait enjoy a long-term economic partnership and this visit is an important opportunity to both restate its value and seek to increase private-sector collaboration in priority sectors. The UAE Companies Investment Meet provides a key platform to build the networks, and identify the opportunities, that can deliver mutually beneficial results in the months and years to come.”

While attending the event, His Excellency Al Zeyoudi also held a meeting with His Excellency Abdullah Hamad Al Jawaan, Kuwait’s Minister of Commerce and Industry in the State. They reviewed bilateral trade, which reached AED45 billion in 2023, marking a 2 percent increase compared to 2022 and 16 percent compared to 2021, and agreed to maintain the positive momentum. Kuwait is the UAE’s 12th largest trading partner globally, its 10th leading export destination and 6th globally for re-exports. The UAE, meanwhile, ranks as Kuwait’s second largest trading partner globally, and first in the Arab world. The UAE is currently Kuwait’s leading non-oil export destination, accounting for 22% of total global exports, and ranks 3rd in terms of Kuwait’s imports.

In terms of investment, the UAE is the 3rd largest investor in Kuwait’s economy accounting for 6% of total investments in 2022 at a value of more than AED3.3 billion. In turn, Kuwait is the tenth largest investor in the UAE with a total investment value of AED13.2 billion by the close of 2021.

His Excellency Abdullah Al Jawaan welcomed the UAE delegation, and said in a statement that the growth of bilateral trade between the two countries reflected the strength and diversity of the economic relations between the two nations, which continues to evolve. The UAE Companies Investment meet, Al Jawaan noted, will boost bilateral trade ties, facilitate successful investment agreements, and enhance the exchange of ideas and expertise. “Events such as this one will restore the historic role of the private sector in both Kuwait and the UAE as a strong bridge that connect the two brotherly peoples.”

Al Jawaan expressed his thanks to the UAE Embassy in Kuwait for organizing the trade event. He said he was looking forward to its positive outcome that will benefit the two nations.

The “UAE Companies Investment Meet”, under the patronage of His Highness Sheikh Dr. Mohammed Sabah Al Salem Al-Sabah, Prime Minister of Kuwait, was held from April 28th to 29th under the banner “Unlocking Kuwait’s Potential”. It was organised by the UAE Embassy in Kuwait in collaboration with the Union of Investment Companies, and the Public Authority for Industry, and the Public Authority for Manpower in Kuwait.

The UAE delegation in Kuwait included His Excellency Abdullah Mohamed Al Mazrouei, Chairman of the Abu Dhabi Chamber of Commerce & Industry, and His Excellency Jamal Aljarwan, Secretary General of the UAE International Investors Council, in addition to some 20 leading UAE companies across various sectors.