The Kuwait Direct Investment Promotion Authority said the eighth annual report that has been issued for fiscal “2022-2023” from April 1, 2022 to March 31, 2023 shows KDIPA was able to attract new approved inward direct investments worth 195.3 million Kuwaiti dinars (about $630 million) as a result of strengthening its efforts during the aforementioned period at all promotional, procedural, awareness-raising and development levels.
The authority added that the cumulative volume of direct investments rose to approximately 1.4 billion dinars (about $4.5 billion) since the Authority began its work in early January 2015 until the end of March 2023, indicating that of these cumulative investments came from 69 investment entities belonging to 26 countries, reports Al-Jarida daily.
KDIPA pointed out that these investments were concentrated in the services sector, topped by information systems services, oil and gas and construction services.
The sources explained that the economic impact of investment entities licensed by the Authority led to an increase of 15.2 percent compared to the previous period, as it cumulatively reached a total of 795.4 million dinars (about $2 billion).