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WEF President Highlights Saudi Arabia's Development, Economic Ambition

President of the World Economic Forum Borge Brende speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. (Reuters)
President of the World Economic Forum Borge Brende speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. (Reuters)
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WEF President Highlights Saudi Arabia's Development, Economic Ambition

President of the World Economic Forum Borge Brende speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. (Reuters)
President of the World Economic Forum Borge Brende speaks during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. (Reuters)

President of the World Economic Forum (WEF) Borge Brende expressed on Sunday his appreciation to the government of Saudi Arabia for hosting the WEF's special meeting under the theme "Global Collaboration, Growth and Energy for Development."

During a speech at the special WEF meeting in Riyadh, Brende highlighted the developments witnessed by Saudi Arabia in recent years, which reflect its global economic ambition, reported the Saudi Press Agency.

He stressed the importance of finding solutions to address economic challenges that boost international cooperation and discussed challenges, including energy shortages in some countries.

He stressed the importance of finding cooperative solutions to reshape the future of energy worldwide,

The forum has attracted participants from 92 countries and more than 500 companies, institutions, and non-profit organizations for discussions on achieving a sustainable future.

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Kuwait Seeks to Offer Flexible Incentives to Attract Foreign Investments

Kuwait City (Asharq Al-Awsat file photo)
Kuwait City (Asharq Al-Awsat file photo)
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Kuwait Seeks to Offer Flexible Incentives to Attract Foreign Investments

Kuwait City (Asharq Al-Awsat file photo)
Kuwait City (Asharq Al-Awsat file photo)

Mohammad Yaqoub, Assistant Director General for Business Development at Kuwait’s Direct Investment Promotion Authority (KDIPA), announced that Kuwait is actively working to boost investments in emerging sectors such as the management of government facilities, hospitals, and ports, including Mubarak Al-Kabeer Port.

He added that his country is collaborating with Saudi Arabia on joint projects, notably the development of a railway linking the two nations.

Speaking at the 28th Annual Global Investment Conference in Riyadh, Yaqoub highlighted the 650-kilometer railway project, which is expected to cut travel time between Saudi Arabia and Kuwait to under three hours. He clarified that this initiative is separate from the broader GCC railway network under development.

The official further emphasized Kuwait’s commitment to offering streamlined processes and incentives to attract foreign investment in critical sectors such as oil and gas, healthcare, education, and technology.

Since January 2015, the Gulf country has attracted cumulative foreign investments valued at approximately 1.7 billion Kuwaiti dinars ($5.8 billion). During the 2023–2024 fiscal year, KDIPA reported foreign investment inflows amounting to 206.9 million Kuwaiti dinars ($672 million).

Yaqoub stressed that KDIPA is focused on creating an investor-friendly environment by offering flexible incentives to attract international companies. He noted Saudi Arabia’s achievements in this area and highlighted his country’s efforts to provide comparable benefits to foreign investors.

He also expressed optimism about the potential for growth in foreign investments in Kuwait, emphasizing their role in advancing economic development in line with the United Nations’ Sustainable Development Goals (SDGs).

Yaqoub also underscored the strong synergy between the Kuwaiti and Saudi markets, which he said will help accelerate economic progress across the region.