Encouraging Kuwaiti investors to take advantage of investment opportunities and major qualitative projects in Saudi Arabia, Investment Minister Khaled Al-Falih affirmed that investment policies in the Kingdom require treating all Gulf investors as Saudis.
Al-Falih pointed to Kuwait being one of Saudi Arabia’s most prominent trade partners.
Witnessing a growth of 22%, the volume of trade exchange between Kuwait and Saudi Arabia amounted to about SAR 11 billion ($2.9 billion) in 2022.
The balance of Kuwaiti investments in Saudi Arabia stands at about SAR 35 billion ($9.3 billion) in various sectors such as retail, communications, hospitality, and restaurants.
Al-Falih’s remarks came during a forum attended by Saudi officials and Kuwaiti businessmen. More than 90 Kuwaiti companies from various investment sectors also partook in the forum.
At the forum, Al-Falih highlighted the historical investment relationship that binds Kuwait and Saudi Arabia.
There are increasing expectations of the possibility of growing investment cooperation opportunities and increasing the presence of the Kuwaiti business community in the Saudi market.
Al-Falih added that the Kingdom’s economic reforms, carried out within the framework of Vision 2030, have succeeded in advancing growth and diversification, making the Saudi economy one of fastest growing in the world in 2022.
According to the International Monetary Fund, the Saudi economy’s size reached SAR 4 trillion ($1.1 trillion), making it the 16th largest economy in the world.
Al-Falih explained that Kuwait has a long record in trade.
Since the nineteenth century, Kuwaiti merchants have reached India and Europe to connect the Arabian Peninsula with the world.
Besides Kuwaiti leadership in trade, the Gulf country established the Kuwait Stock Exchange in 1962 to be the first market in the Arabian Gulf region.
Moreover, Kuwait has the second largest sovereign fund in the world with assets exceeding $ 750 billion.
