Kuwait’s economic diplomacy project nears completion at 87.4%
The development plan for the current fiscal year includes several projects, such as improving the country’s image as a safe and stable environment, showcasing its achievements, and presenting it as an attractive destination for development and investment projects.
• The economic diplomacy project, aimed at enhancing Kuwait’s economic image and attracting foreign investments, is set to be completed next year, integrating efforts to strengthen economic relations and coordinate with international organizations.
Figures from the development plan for the 2024-2025 fiscal year show significant progress in the government’s efforts to strengthen Kuwait’s regional and international standing in diplomacy and trade, with the project to activate economic diplomacy reaching a completion rate of 87.4%, as reported by Al Qabas newspaper.
The project, aimed at enhancing Kuwait’s economic image, is expected to be fully completed next year. It is integrated with several other initiatives focused on attracting foreign investments to Kuwait by highlighting the country’s economic image, developing economic relations, and coordinating efforts between economic entities in Kuwait and international organizations.
The development plan for the current fiscal year includes several projects, such as improving Kuwait’s image as a safe and stable environment, showcasing its achievements, and presenting it as an attractive destination for development and investment projects.
Recently, Kuwait has successfully attracted major international companies to invest in the country, making it a regional and international hub.
The Kuwait Direct Investment Promotion Authority’s annual report confirms that national efforts in economic diplomacy have led to Kuwait’s election as Vice President of the Steering Committee of the International Association of Investment Promotion Agencies (WAIPA), enhancing its role in the international arena through experience-sharing, information exchange, and organizing events to boost investment flows and sustainable economic impact.
Foreign direct investment in Kuwait saw a significant increase of 180% during the previous fiscal year, reaching 649 million dinars, compared to 232 million dinars in the previous year.
Kuwait to launch series of major projects
Kuwait is expected to see the launch of a series of major projects in the coming period, including the economic zone project, Mubarak Port, and several residential cities, making it an attractive investment destination for international companies.
Companies from five countries acquired 62.6% of foreign direct investments in Kuwait, which amounted to 1.74 billion dinars by the end of 2024. The Netherlands led these countries, accounting for 27.95% of the total investments, worth 500 million dinars.
Chinese companies followed in second place, with a share of 12.5% of the total investments, valued at 218.6 million dinars, while investments from Chinese companies totaled approximately 147.4 million dinars.
Companies from the British Virgin Islands ranked third, with 8.4% of total investments coming into the country under the Direct Investment Law in recent years. Irish companies ranked fourth, with direct investments totaling around 136.4 million dinars, or 7.8% of total direct investments. Canadian companies followed, with a capital investment of about 103.5 million dinars, accounting for 5.9% of the total investments.
Distribution of foreign investments
Spanish, Turkish, and American companies ranked sixth, seventh, and eighth in terms of foreign investments into the country, with values of 89.1, 65.1, and 62.9 million dinars, respectively.
The sources of direct investments included approximately 34 countries from various continents, with Europe leading, accounting for about 59.9% of total direct investments, followed by Asia with 28.5%, North America with 9.5%, and Africa with 1.9%.
