KUWAIT: UAE Ambassador to Kuwait Matar Al-Neyadi has affirmed that the Kuwaiti market is promising and attractive to Emirati companies, recalling that two companies have opened offices in Kuwait this year, including SAFEEN Group, affiliated with Abu Dhabi Ports Group. Al-Neyadi added in a statement to reporters on the sidelines of the Forum for Representatives of Emirati Companies in Kuwait that the embassy is keen to hold this forum periodically, noting that it has already held last April a forum and exhibition for Emirati companies under the patronage of His Highness the Prime Minister under the title “Exploring Opportunities in the Kuwaiti Market.”

He explained that 21 Emirati companies participated in this forum, working in various sectors such as food security, artificial intelligence (AI), infrastructure, logistics services, aircraft maintenance, and shipbuilding. According to him, this is a clear proof of the interest of Emirati companies in the promising Kuwaiti market and the interest of the private and government sectors in Kuwait to learn about the products and services of Emirati companies and to discuss opportunities for cooperation and investment with them.

He revealed that the volume of trade between the two countries, according to preliminary data, amounts to about 6.4 billion dollars in the first half of this year, equivalent to about 1.9 billion Kuwaiti dinars. The diplomat reviewed the stimulating investment environment in the Emirates and Kuwait to attract investors from both countries, noting that the double taxation agreement signed earlier this year will help boost mutual investments.

Asked about the challenges faced by Emirati companies wishing to enter the Kuwaiti market, Al-Neyadi considered that the Kuwaiti market is promising and important. He praised the role of the Investment Promotion Authority, the Partnership Authority between the two sectors, the Ministry of Commerce and Industry, and the rest of the government agencies in facilitating administrative procedures for companies and investors from the UAE. - KUNA