Saudi Forum to Attract Kuwaiti Investments

Invest in Saudi Arabia forum to be launched on Monday in Kuwait (Asharq Al-Awsat)
Invest in Saudi Arabia forum to be launched on Monday in Kuwait (Asharq Al-Awsat)
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Saudi Forum to Attract Kuwaiti Investments

Invest in Saudi Arabia forum to be launched on Monday in Kuwait (Asharq Al-Awsat)
Invest in Saudi Arabia forum to be launched on Monday in Kuwait (Asharq Al-Awsat)

''Invest in Saudi Arabia Forum'' will kick off Monday in Kuwait within the framework of Saudi Investment Minister Khaled al-Falih's visit to the country.

Several ministers and officials, public entities, significant companies, and representatives of the private sector from both countries are expected to attend the forum.

The forum aims to develop economic relations, promote mutual investments, explore the investment environment, and showcase the Kingdom's most prominent investment opportunities.

The forum's activities include panels and dialogue sessions to discuss the most promising investment sectors between the two countries, review the most prominent developments in the business environment in the Kingdom and significant projects related to Vision 2030, and bilateral meetings between government agencies and the private sector.

The visit of the Saudi Minister to Kuwait aims to deepen existing investment relations, build new and diversified qualitative partnerships, and strengthen economic, investment, and commercial ties with Kuwait.

The two countries have ambitious visions, Vision 2030 and Kuwait Vision 2035, which seek to play a role in the economic transformation and focus on attracting and diversifying foreign investments.

Vision 2030 provides opportunities for investors and companies to enter the Saudi market.

It contributes to searching for economic and commercial opportunities, attracting investments, and providing proper infrastructure, seeing that the Kingdom has massive investment capabilities harnessed to build a more diversified and sustainable economy.

In Kuwait, the stock market closed its trading on a rise in its general index of 18.18 points, reaching 7358 points, an increase of 0.25 percent, with a trading volume of 215.3 million shares, through the implementation of 9599 cash transactions, at a value of KD47.1 million.



Kuwait's KPC CEO Says Oil Production Capacity Exceeds 3 Million Bpd 

A general view of Kuwait City buildings, Kuwait, December 23, 2024. (Reuters)
A general view of Kuwait City buildings, Kuwait, December 23, 2024. (Reuters)
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Kuwait's KPC CEO Says Oil Production Capacity Exceeds 3 Million Bpd 

A general view of Kuwait City buildings, Kuwait, December 23, 2024. (Reuters)
A general view of Kuwait City buildings, Kuwait, December 23, 2024. (Reuters)

Kuwait's oil production capacity now exceeds 3 million barrels per day, Kuwait Petroleum Corporation (KPC) CEO Sheikh Nawaf Saud al-Sabah told reporters on Tuesday.

The country's oil production capacity was at more than 2.8 million bpd in June last year, Ahmad Jaber Al-Eidan, the CEO of KPC subsidiary Kuwait Oil Company (KOC), said at the time.

Kuwait aims to boost its oil output to 4 million bpd by 2035, having previously missed a goal of reaching that level by 2020.

Commenting on US President Donald Trump's views on fossil fuels, Sheikh Nawaf said there is no alternative to oil as a primary source of energy, "neither now nor in the future".

"Perhaps this is what President Trump and officials in the United States have realized, that there must be continued exploration and production of oil, and this is what we reflect here in Kuwait. We know that demand for Kuwaiti oil will increase in the future."

Trump signed a flurry of orders within hours of his inauguration on Monday intended to boost the United States' already record-high oil and gas production.

Al-Eidan said KOC aims to reach "full production" from discovered offshore fields within eight to 10 years.

Of the 4 million bpd of oil production capacity Kuwait is targeting by 2035, 350,000 bpd of capacity is expected to come from an area called the Neutral Zone, jointly operated with Saudi Arabia.

Kuwait last year said it had made a "giant" oil discovery with estimated reserves of 3.2 billion barrels. It said on Monday it had found 800 million medium-density oil barrels and 600 billion standard cubic feet of associated gas offshore.

Sheikh Nawaf said Kuwait has completed engineering studies for the Durra gas field and is proceeding according to a plan agreed with Saudi Arabia.