Oil rich Kuwait opens doors for new investments across sectors

The Prime Minister of the state of Kuwait affirmed that Kuwait, and in coordination with Arab countries bilaterally and multilaterally, is keen to promote and support all efforts, initiatives and events aimed at promoting inter-Arab cooperation in various fields, mainly economic development matters, and particularly investment issues, a pillar of growth, employment and welfare.


H.H. Sheikh Jaber Al-Mubarak Al-Sabah, Prime Minister of Kuwait, also added that the issue of redirecting Arab investments and attracting foreign investment from all over the world is not solely the responsibility of Investment Promotion Agencies. As proven in successful international experiences, it's the result of cooperation from all relevant stakeholders, especially the planning, legislation, infrastructure and all agencies related to the performance of the business environment.

  

 He also stressed in his speech at Arab Investment Meeting (AIM): Investment Attractiveness Gap, which was delivered on his behalf by the H.E. Mr. Anas Khalid Al-Saleh - Minister of Commerce and Industry that Kuwait recognizes the importance of the localization of Arab investments, and attracting foreign investments to the region, and Kuwait has supported many initiatives, projects and organizations in achieving this objective.


 Abdulatif





Y. Al-Hamad - Director General/Chairman of the Board of Directors of The Arab Fund for Economic and Social Development stressed the importance of AIM in strengthening Arab cooperation in the fields of economy, investment and development. FDI, in its various forms has become a key element and a main pillar of economies, especially after globalization, the opening up of markets to each other, and the accelerated movement of people, money, goods and information from one place to another.


 Al-Hamad also cited and praised the editorial by Dhaman’s Director-General Mr. Fahad Al-Ibrahim, in the first report on the "Dhaman Investment Attractiveness Index (DIAI)" where he pointed out that the Arab economies have not yet succeeded in becoming major sites to attract foreign investments, especially as its share of the total global FDI flows global did not exceed 5% on average over the past ten years. Also, many studies and data available point to the Arab countries’ failure in attracting foreign investments, with the exception of two Gulf states, Saudi Arabia and UAE, which combined account for 46% of the total inward FDI to the Arab countries in 2012 which reached US$ 48 billion.


Dignitaries at Arab Investment Meeting 2013. Dignitaries at Arab Investment Meeting 2013.

The Director-General of The Arab Investment & Export Credit Guarantee Corporation (Dhaman) Mr. Fahad Al-Ibrahim stated that that AIM is an important step in strengthening Arab cooperation in the field of investment and exploring the possibility of the establishment a Union for Arab Investment Promotion Agencies, pointing out that the recent developments in the Arab region have affected the ability of some Arab countries to attract foreign investments, and conduct business and financial international transactions, which led to the decrease of the total FDI inflows to the region to US$ 90 billion during 2011 and 2012 , a 57 % decrease compared to US$ 141 billion during 2009 and 2010.


He also noted that Dhaman has improved its services in order to cope with the recent political events, particularly its operations regarding investments






guarantees in Arab countries for Arab and foreign investors and Arab expats who wish to invest in their home countries, against political risks as well as export credit guarantees. The total value of the operations guarantees conducted by Dhaman





during the years 2011 – 2012, reached US$ 3.2 billion, which marks an increase of US$ 1.3 billion, 41% in comparison to the years 2009 – 2010.


Source: Dhaman

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