Today's Edition
DUBAI (WAM)
Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, the inaugural UAE-Kuwait Week will take place in Dubai from February 3-4, 2025.
The event aims to bolster strategic economic and trade ties between the two nations and identify new opportunities for collaboration across priority sectors.
Jointly organised by the UAE Ministry of Economy and Dubai Chambers, in collaboration with the Kuwaiti Consulate General and Dubai Culture & Arts Authority, the event will act as a dynamic platform for businesses, policymakers, and industry leaders to exchange insights, explore investments, and strengthen bilateral trade relations.
Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, underscored the significance of the UAE-Kuwait Week as a key milestone in advancing bilateral economic cooperation and fostering strategic partnerships.
He said, “The UAE and Kuwait share a deep-rooted relationship, driven by our leadership’s shared vision for sustainable growth and mutual prosperity. This event serves as a vital platform to identify opportunities, foster partnerships, and unlock the potential of key sectors such that are central to both our economies. Whether in energy, logistics, food security, or advanced industries, we aim to create synergies that will empower businesses and set the foundation for long-term economic growth.”
He further emphasised the role of the private sector in driving innovation and sustainable development, highlighting the importance of small and medium enterprises (SMEs) as the backbone of economic diversification.
“By engaging the private sector and promoting SME collaboration, we are fostering an ecosystem that encourages innovation, builds resilience, and delivers tangible economic benefits for both nations. Through this joint effort, we reaffirm our commitment to nurturing opportunities that enhance our shared prosperity.”
Al Zeyoudi highlighted the shared vision for the future between the two brotherly nations and noted synergies between the "We the UAE 2031" and "Kuwait 2035" visions and their overarching aims to achieve sustainable development and enhance economic prosperity right across the region. He noted the value of non-oil trade between the UAE and Kuwait during the 11 months of 2024 amounted to Dh 45.4 billion ($ 12.4 billion), an annual growth of 7.2 per cent compared to the same period of 2023, according to preliminary figures, while the investments flowing from the State of Kuwait to the UAE for the beginning of 2023 amounted to close to $4 billion.
Abdulaziz Al Ghurair, Chairman of Dubai Chambers, emphasised the role of UAE-Kuwait Week in driving bilateral economic ties to new heights. “The UAE-Kuwait Week represents a strategic opportunity to expand trade and investment flows, creating pathways for growth in sectors such as tourism, logistics, healthcare, and real estate. By fostering collaboration and sharing expertise, we can unlock promising opportunities that will contribute to sustainable economic progress for both nations.”
He added, “Dubai continues to provide Kuwaiti businesses with a gateway to regional and global markets, supported by advanced infrastructure, a pro-business environment, and a vibrant economy. Today, the Kuwaiti Business Council under Dubai Chambers’ umbrella actively supports the interests of Kuwaiti companies, whose numbers have risen to 775 registered members as of September 2024. This reflects the growing confidence of Kuwaiti businesses in Dubai’s status as a leading hub for trade and investment.”
Khalifa Al-Ajeel, Minister of Commerce and Industry in Kuwait, emphasised the strong brotherly relations between Kuwait and the UAE, highlighting the "We the UAE 2031" and "Kuwait 2035" guiding visions that target sustainable development and the enhancement of economic prosperity across the region.
Looking ahead to the "UAE-Kuwait Week" in Dubai on February 3-4, Al-Ajeel stated that the event aims to explore new investment opportunities and strengthen joint economic cooperation. It will focus on enhancing bilateral relations and stimulating growth in vital sectors such as tourism, healthcare, energy, and financial services. The event underscores the commitment of both nations to deepen cooperation, support the private sector, and promote sustainable development.
Meanwhile, Khaled Al Zaabi, Consul-General of the State of Kuwait to the United Arab Emirates, praised the deep fraternal ties between the State of Kuwait and the United Arab Emirates, highlighting the strong bond between their leaderships. These ties have fostered broad relations across many sectors including economic, cultural, and tourism, leading to accelerated growth and significant expansion of strategic partnerships which support both nations’ sustainable development goals.
The two-day event will feature a comprehensive agenda designed to drive cooperation and unlock new opportunities for growth. Conferences and panel discussions will focus on unlocking investment potential across key sectors, including energy, renewable energy, healthcare, logistics, and tourism. These sessions aim to bring together experts, investors, and policymakers to share insights and explore actionable strategies for economic development.
Business-to-business meetings will play a central role in facilitating dialogue and fostering partnerships between government and private sector representatives. These engagements will provide a platform for identifying opportunities, addressing challenges, and expanding collaboration in strategic areas.
The event will also showcase success stories, highlighting the achievements of small and medium-sized enterprises (SMEs) and exploring pathways for collaboration in emerging industries. By sharing these success narratives, the program will underline the critical role of SMEs as drivers of innovation and growth.
The UAE-Kuwait Week is expected to open new avenues for bilateral cooperation in sectors such as renewable energy, logistics, healthcare, and financial services. It also aims to stimulate growth in trade for key goods, including chemicals, metals, jewelry, and food products, aligning with the UAE’s We the UAE 2031 Vision and Kuwait’s Vision 2035.
In addition, a dedicated exhibition will provide SMEs, government entities, and major corporations with an opportunity to showcase their projects, exchange expertise, and promote innovative solutions. Complementing the business agenda, the exhibition will celebrate the rich cultural heritage of both nations through traditional performances, artisan displays, and interactive cultural experiences.
Non-oil trade between the UAE and Kuwait exceeded $12.4 billion (Dh 47 billion) in 2023, representing 4 per cent annual growth compared to 2022 and 19 per cent compared to 2021. Non-oil trade is expected to exceed $13 billion in 2024. The event will also highlight significant investment flows between the two nations. The UAE remains Kuwait’s top global destination for non-oil exports, accounting for 22 percent of Kuwait’s global exports, and the third most important Kuwaiti import market after China and the United States. On the other hand, Kuwait ranked as the UAE’s 12th most important trading partner during 2023 and third in the Gulf after Saudi Arabia and Oman, it ranks 9th in non-oil UAE exports and 6th in re-exports.
UAE investments in Kuwait currently total $1.087 billion, while Kuwaiti investments in the UAE reached $3.9 billion. The UAE and Kuwait have seen notable growth in tourism flows. In 2023, over 381,000 Kuwaiti tourists visited the UAE, compared to 250,00 in 2022. Emirati visitors to Kuwait totaled over 42,236 between January and September 2024. The strong connectivity between the two nations is underscored by over 122 weekly flights operated by national carriers, while the total number of flights of Kuwaiti carriers to the UAE reached 53 flights per week.
