UAE-Kuwait trade flourishes with $6.4 billion in H1, Ambassador predicts further expansion
UAE Ambassador to Kuwait anticipates continued growth as Emirati companies expand their presence in key Kuwaiti sectors
• UAE companies, such as Abu Dhabi Ports Group subsidiary “SAFEEN,” have established a presence in Kuwait, reflecting the growing interest in participating in Kuwait’s infrastructure and development projects.
* The UAE ambassador discussed various factors contributing to the positive trade relations between the two countries, including investment agreements and economic partnerships.
The UAE Ambassador to Kuwait, H.E. Dr. Matar Al Neyadi, has expressed optimism about the potential for further growth in bilateral trade between the two countries, reports Al-Rai newspaper.
Speaking at a gathering of UAE companies operating in Kuwait, Ambassador Al Neyadi highlighted the attractiveness of the Kuwaiti market for Emirati businesses, noting that two major companies, including the Abu Dhabi Ports Group subsidiary “SAFEEN” and a classification company, have established a presence in Kuwait this year.
He emphasized the UAE embassy’s commitment to fostering economic ties between the two countries, pointing to the April 2024 forum and exhibition that showcased Emirati companies and products.
He noted that the participation of 21 UAE companies from various sectors, including food security, artificial intelligence, infrastructure, logistics, aircraft maintenance, and shipbuilding, is a testament to the growing interest in the Kuwaiti market.
The ambassador underscored the strong and ongoing relationship between the private sectors of both countries, attributing the significant growth in bilateral trade to these connections. He expressed pride in the current trade volume, which reached approximately 23.6 billion UAE dirhams ($6.4 billion) in the first half of 2024.
Ambassador Al Neyadi highlighted the supportive investment environments in both the UAE and Kuwait, noting that the recently signed double taxation avoidance agreement will further boost mutual investments and business activities. He also mentioned the comprehensive economic agreements that the UAE has signed with countries like Jordan, Serbia, Turkey, India, Indonesia, Australia, and Costa Rica, which are expected to facilitate market access, reduce trade barriers, and promote fair competition.
Addressing the challenges faced by UAE companies seeking to enter the Kuwaiti market, Ambassador Al Neyadi acknowledged the attractiveness of the Kuwaiti market and the supportive role played by Kuwaiti government entities, including the Investment Promotion Authority, the Public-Private Partnership Authority, and the Ministry of Commerce and Industry, in facilitating business procedures for UAE companies.
When asked about the interest of UAE companies in bidding for infrastructure projects in Kuwait, the ambassador confirmed that there is significant interest from UAE companies in participating in these projects.
