KDIPA records $2.2bn direct investment

Over 1,000 jobs created for Kuwait nationals

KUWAIT CITY, Sept 28, (KUNA): Kuwait Direct Investment Promotion Authority (KDIPA) Director General Sheikh Dr Meshaal Jaber Al-Ahmad AlSabah said Tuesday KDIPA has recorded more than $2.2 billion in inward direct investments by renowned global companies since it started accepting applications in early 2015.

Addressing the Euromoney Kuwait Conference held in Kuwait today under the topic: “Meeting the Challenge of Financial Innovation and Reform”, he said these companies have been approved in the services sector focusing on ICT and energy activities coming from many different geographic regions.

He added that this has led to the creation of more than 1,000 jobs for Kuwaiti nationals while supporting the local economy.

In order to maintain Kuwait’ attractiveness as a potential investment hub, KDIPA is currently leading two national initiatives aiming to further improve the business climate and enhance competitiveness, he said.

The first initiative is leading the Permanent Committee for Streamlining Business Environment in Kuwait (PCK), based on the Cabinet’s decision and with membership of nine concerned government entities, Sheikh Meshaal said. The second initiative, launched in March 2016, aims to enhance Kuwait’s competitiveness towards a more innovation driven economy in coordination with various stakeholders, he added.

He considered the conference as a good opportunity for discussing key topics and providing the opportunity to exchange knowledge and deepen understanding of core economic issues faced by policymakers, regulators, investors and corporate executives.