SCCI strengthens economic and investment relations with Kuwait

The Sharjah Chamber of Commerce and Industry (SCCI) engaged in discussions with a high-level diplomatic delegation from the State of Kuwait, exploring avenues for enhancing economic and trade relations.

The discussions focused on facilitating the exchange of trade missions and hosting joint business events, thereby fostering mutual investment cooperation across diverse sectors and strengthening partnerships between the two business communities.

Abdallah Sultan Al Owais, Chairman of SCCI, met with Khalid Abdulrahim Al-Zaabi, the Consul General of the State of Kuwait in Dubai and the Northern Emirates. The meeting was attended by Mohammed Ahmed Amin Al-Awadi, Director-General of SCCI, and Dr Fatema Khalifa Al Muqarrab, Director of International Relations at SCCI, as well as several key officials from both sides.During the meeting, both sides explored opportunities to develop and enhance economic cooperation and trade ties between Sharjah and Kuwait at the private sector level, and to encourage companies across various sectors to increase the exchange of information on investment prospects.

Al Owais praised the strong fraternal ties between the two countries, which continue to witness significant growth across various sectors, especially in the economic and trade fields.

He noted that that non-oil trade between the UAE and Kuwait reached approximately Dhs45.4 billion ($12.4 billion) during the first 11 months of 2024, marking a year-on-year growth of 7.2 per cent compared to the same period in 2023.

He underlined the significance of sustaining the momentum of economic cooperation and the need to strengthen it by increasing trade exchange and fostering bilateral economic relations across industrial, commercial, and investment sectors.

The Sharjah Chamber briefed the visiting delegation on the investment opportunities available in Sharjah, highlighting the attractive incentives offered by the emirate and its institutions to entrepreneurs from across the globe.

The Chamber pinpointed the multiple advantages that position Sharjah as a prime destination for Kuwaiti companies to establish their business and industrial operations and launch new projects.

He pointed out the emirate’s modern infrastructure, advanced logistics services, flexible regulatory framework, and strategic geographic location, all of which contribute to creating an ideal environment for business growth.

In February, Zyad Abdullah Alnajem, Under-Secretary of the Ministry of Commerce and Industry of the State of Kuwait, stressed that the future of economic relations between Kuwait and the UAE holds promising prospects that ensure prosperity and growth in the Gulf region, underpinned by strong trade and investment ties.

He added that the UAE is one of Kuwait’s largest trading partners globally and the largest in the Arab world, with bilateral trade witnessing significant growth in recent years.

Speaking on the sidelines of the UAE-Kuwait Week, Alnajem highlighted that the well-planned economic policies of both nations and their bilateral cooperation have contributed to enhancing trade exchange, resulting in substantial levels of investment. Kuwaiti investments in the UAE have notably flourished, particularly in real estate, services, financial investments and tourism.

He also noted that Emirati investments in Kuwait support economic growth, particularly in the maritime and aviation sectors, with 122 weekly flights between the two countries, ensuring continued economic integration.

Alnajem pointed out that several bilateral agreements have been signed recently within the framework of the UAE-Kuwait Joint Higher Committee, focusing on key areas such as telecommunications, cybersecurity and information technology.

Additionally, the agreement on avoiding double taxation aims to facilitate the movement of goods, services and capital between the two countries while enhancing the competitiveness of local companies in both markets.

Alnajem affirmed that Kuwaiti-UAE trade relations serve as a model of Arab integration, where both nations collaborate to achieve mutual interests. He underscored that their historical ties, reinforced through mutual understanding, constructive cooperation and innovation in emerging economic sectors, are essential for supporting development and economic diversification plans in both countries.