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Al-Salem: Kuwaiti companies eye more investments in UAE

By Salem Al-Methen ABU DHABI, May 7 (KUNA) -- Kuwait's firms are seeking to increase their presence in the United Arab Emirates due to developed system and legislations that have created a global market for international trade and securities, Chief of Kuwait Business Council in Dubai and North Emirates, Feras Al-Salem said Tuesday.
Among the recent deals signed between Kuwait and the UAE are preventing double taxation, financial evasion by companies in Kuwait and the Emirates, customs agreements, operating additional sea freight trips and opening new shipping lines, as well as the dual listing of the Kuwaiti and Emirati exchange markets, Al-Salem told KUNA in a statement during the council's participation in the 13th edition of the Annual Investment Meeting (AIM) in Abu Dhabi.
Business environment in the UAE has become attractive for Kuwaiti investments, in light of keenness of the two sisterly countries' leaderships on boosting commercial and economic trade that helped reach trade exchange to USD 13 billion for 2023 and about USD 3.4 billion during the first quarter of this year, Al-Salem, who is a guest of honor of the AIM, he elaborated.
Kuwait's investments in the UAE are the largest in the Arabian Gulf region that exceeded USD 50 billion, he said.
Al-Salem referred to thousands of Kuwaiti firms working in the UAE's market, thanks to economic diversification and the growth of non-oil sectors.
Meanwhile, Kuwait's Ambassador to the UAE Jamal Al-Ghunaim told KUNA during the meeting that the embassy offers support and direction to, and protect and help, Kuwaiti investors to make successful investments and remove obstacles facing them in the UAE.
Economic ties between Kuwait and the UAE are robust and developed in all sectors that benefit the two sisterly countries and contribute to economic stability and sustainable development in the Gulf region, he stated.
Kuwait-UAE economic relations show the two countries' commitments to enhancing bilateral cooperation and achieving common prosperity to be a strong base for robust and fruitful future relations between the two states in several fields, he noted.
The AIM kicked off earlier in the day in the UAE, with the participation of Kuwait and a number of dignitaries across the globe.
Delivering an augural speech in the event, Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, said investments have contributed to forming UAE's economy, adding that they managed to reduce the ratio of oil from GDP to 30 percent.
The UAE is aware of the importance of joint action and unifying international efforts to achieve investment and prosperity, he said.
He revealed that his country is seeking to allure foreign investments estimated at USD 150 billion by 2031 to be the one of the top ten destinations in terms of direct foreign investments.
The event, which will run over until Thursday, is featuring more than 100 ministers, mayors and governors of central banks as well as 900 speakers, in addition to a number of panel discussions, workshops and forums. (end) skm.hm