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Kuwait announces plan for USD 200 mln tech investment fund
January 21, 2019, 8:22 am
Kuwaiti Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah.

Kuwait has launched an initiative to form a USD 200 million fund for investments in technology, Kuwaiti Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al­-Hamad Al­Sabah said on Sunday.

Addressing an Arab economic summit held in Beirut, citing economic cooperation as the Arab region's "primary concern," the Kuwaiti minister, who is His Highness the Kuwaiti Amir Sheikh Sabah Al­Ahnmad Al­Jaber Al­Sabah's representative for the talks, described the initiative as a step towards embracing a digital economy.

He mentioned that His Highness the Amir created a fund to prop up small enterprises in the Arab region back in 2009, with Kuwait contributing a share of USD 500 million.

The fund has helped save some 437,000 jobs in the region, while it financed more than 7,000 Arab­made development projects, which shows His Highness the Amir of Kuwait's vision of investing in "valuable youth power."

Given their "intertwined fates," he spoke of the "close rapport" that Arab nations have forged over the years, having held talks on a regualr basis in a bid to attain prosperity and development.

Sheikh Sabah Al­-Khaled renewed his appreciation and trust in the business agenda of the summit, thanking Lebanese president Michel Aoun for his hospitality and support.

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