Kuwait City: Kuwait and the United Arab Emirates (UAE) will tomorrow hold an event full of activities during which the two countries would shed light on economic and cultural opportunities for the private sector, as well as reviewing trade relations. Kuwait-UAE week, patronized by Vice-President, Prime Minister and Ruler of Dubai Sheikh Mohammad bin Rashed Al-Maktoum, is yet another venue to further boost relations at different levels.
According to Kuwait News Agency, Kuwait and the UAE enjoy solid decades-long economic ties, which include trade, investment, and energy. Non-oil trade exchange was over USD 12.4 billion in 2023, representing an increase of four percent from the previous year. The UAE stands as the world's largest importer of Kuwaiti non-oil products, accounting for 22 percent of such imports.
Kuwait holds the position of the UAE's 12th trade partner globally in 2023, and ranks third among the Gulf Cooperation Council (GCC) countries after Saudi Arabia and Oman. Additionally, Kuwait is the ninth-largest importer of UAE's non-oil products. In the tourism sector, the number of Kuwaitis booking hotels in the UAE in 2023 exceeded 381,000, compared to 250,000 in 2022. Meanwhile, the number of Emiratis visiting Kuwait in 2023 reached 42,000.
Kuwait Consul General in Dubai Khaled Al-Zaabi, speaking to KUNA, highlighted the strong bond between the two Gulf nations. He emphasized the shared history and culture reflected in the event, aimed at strengthening cooperation in trade, investment, and culture. Al-Zaabi expressed hope that the week would serve as a platform for companies and businessmen to forge further partnerships.
Feras Al-Salem, Chairman of the Kuwait Business Council in Dubai, described the event as an economic and cultural platform for exploring economic and trade ties. He noted that rules in Kuwait and the UAE facilitate the transfer of national or foreign capitals, thereby promoting trade and investment relations. Al-Salem mentioned that 300 government officials, businessmen, and companies' representatives are expected to attend the two-day event, which he described as the largest economic delegation from Kuwait visiting the Emirates in recognition of Sheikh Mohammad bin Rashed Al-Maktoum's patronage.
UAE journalist Mohammad Al-Raisi stated that such events contribute to fostering relations and cooperation in various fields, including economic, trade, and culture. Al-Raisi told KUNA that investors from both sides could play a role in cementing trade and economic relations. The event is anticipated to include meetings between public and private entities and the signing of cooperation agreements.