KDIPA attracts $1.2 bn worth foreign investment: Sheikh Meshal

KUWAIT: Chairman of Kuwait Direct Investment Promotion Authority (KDIPA) Sheikh Dr Meshal Jaber Al-Ahmad AlSabah said Tuesday the authority succeeded in attracting $1.2 billion worth of foreign investment, especially in technology.

Kuwait’s huge oil wealth, high per capita income, low risks and low companies’ tax are attracting the foreign investment to the country, Sheikh Meshal said in a speech before a conference, themed “Kuwait projects and development motivation,” organized by Meed for economic studies. He said Kuwait has huge 30 investment opportunities in sectors of oil and gas, health, tourism and education.

The investment environment in Kuwait are lucrative, said Sheikh Mishal, who pointed out to tax exemption on foreign companies which could extend to 10 years, coupled with waiver on custom duties. Sheikh Meshal said attracting huge investment in a short time showed that “Kuwait is in the right direction.” Sheikh Meshal, who said private and public sectors’ cooperation was essential for the national economy, Kuwait really needed to attract technology to create jobs.

Adel Al-Roumi, head of the Partnership Technical Bureau (PTB), overseeing private-public sectors partnership (PPP) programs, said the government would be executing the metro project and the GCC railway through PPP.