Kuwaiti investments in UAE reach USD 1.4 bln - newspaper

DUBAI, March 18 (KUNA) -- In light of sturdy economic relations and growing strategic partnership between Kuwait and United Arab Emirates, Kuwait's investments in UAE stock markets reached USD 1.4 billion.
Kuwaitis trading in Dubai Financial Market (DFM) reached USD 1.61 billion, while their trading in Abu Dhabi securities exchange (ADX) reached USD 408 million, reflecting significance of UAE markets for Kuwaiti investors, said Al-Bayan online newspaper in a special report.
The report, which was published on the daily's economic bulletin, noted that strategic partnership between Kuwait and UAE extended to reach different domains, most vital of which is stock markets, which witnessed a remarkable increase lately.
Emirates' markets is considered an "attractive" destination for Kuwaiti companies and business people, as it embraces many leading Kuwaiti companies in various fields.
Most important are in the field of natural gas, food industry, investment, energy, and financial bonds offered for the interest of Kuwaiti companies, the report added.
It described the acquisition of the UAE's (Adeptio); an investment group led by prominent Dubai businessman Mohamed Alabbar, to take over Kuwait Food Co. (Americana), as "proof of the strong investing relations between the two brotherly countries." Adeptio, agreed in June 2016 to undertake a mandatory offer of shares in Americana, which owns the Middle East franchises for fast food chains and produces branded consumer foods. Al-Bayan predicted a continuous growth of economic relations and increasing trade exchange volume in the coming years based on current growing rate. (end) smr.nhq