The latest figures from the 2024-2025 development plans highlight significant progress in the government’s efforts to strengthen Kuwait’s regional and global standing in diplomacy and trade. Notably, the project aimed at enhancing economic diplomacy has reached an impressive completion rate of 87.4%.
The project, designed to enhance Kuwait’s economic image, is on track for full completion by next year. It aligns with various other initiatives aimed at attracting foreign investments by showcasing Kuwait’s economic potential, strengthening international economic relations, and promoting coordination between local economic entities and global organizations.
The current fiscal year’s development plan includes several initiatives, notably a project aimed at enhancing Kuwait’s image as a safe and stable environment. This initiative seeks to showcase the country’s achievements and present Kuwait as a secure and attractive destination for international investment and development projects.
Kuwait has recently made significant strides in attracting major international companies, positioning itself as a key regional and global investment hub.
According to the Kuwait Direct Investment Promotion Authority’s annual report, coordinated national efforts in economic diplomacy played a crucial role in securing Kuwait’s appointment as Vice President of the Steering Committee of the International Association of Investment Promotion Agencies (WAIPA).
This achievement enhances Kuwait’s presence on the international stage by facilitating knowledge exchange, organizing investment promotion events, and boosting investment flows.
Reflecting this progress, foreign direct investment in Kuwait surged by 180% in the previous fiscal year, reaching 649 million dinars, compared to 232 million dinars the year before.
Project Package
Kuwait is expected to see the launch of several major projects in the near future, including the economic zone project, Mubarak Port, and multiple residential cities. These developments position Kuwait as a prime investment destination for international companies.
By the end of 2024, foreign direct investments in the country reached 1.74 billion dinars, with companies from five countries accounting for 62.6% of the total investments.
The Netherlands led the list of investing countries, accounting for 27.95% of total foreign direct investments in Kuwait, amounting to 500 million dinars.
Chinese companies ranked second, contributing 12.5% of the total investments, valued at 218.6 million dinars. Additionally, other investments in Kuwait reached approximately 147.4 million dinars.
Companies from the British Virgin Islands secured third place, contributing 8.4% of total foreign investments in Kuwait under the Direct Investment Law in recent years.
Irish companies followed in fourth place, with direct investments reaching approximately 136.4 million dinars, representing 7.8% of total investments.
Canadian companies ranked fifth, with entities established in Kuwait holding capital worth around 103.5 million dinars, accounting for 5.9% of total foreign direct investments.
Distribution of Foreign Investments
Spanish, Turkish, and American companies ranked sixth, seventh, and eighth in terms of foreign investments in Kuwait, with investments valued at 89.1 million, 65.1 million, and 62.9 million dinars, respectively.
In total, direct investments came from approximately 34 countries across various continents. European countries led the way, accounting for 59.9% of total foreign direct investments, followed by Asia with 28.5%, North America with 9.5%, and Africa with 1.9%.
Source: Al Qabas
