UAE and Kuwait Strengthen Financial Cooperation with Dh44.8 Billion Trade Exchange

UAE, 24 February, 2024 : The UAE and Kuwait have seen robust bilateral cooperation, particularly in finance, with trade reaching Dh 44.8 billion in 2023, marking a 15% increase from 2022. Recent agreements, including those signed at the World Governments Summit 2024, focus on tax avoidance and capital movement.

Collaborations between the Securities and Commodities Authority and a tripartite agreement involving stock exchanges indicate deepening financial ties. The UAE has witnessed a notable rise in Kuwaiti shareholders and licenses for economic activities.

Efforts to foster innovation include partnerships with institutions like the Sabah Al-Ahmad Center for Giftedness and Creativity in Kuwait. Bilateral relations have strengthened since the establishment of the 'Joint Committee' in 2006, with mutual investments totaling billions.

Financial and insurance activities dominate Kuwaiti investment in the UAE, while the UAE remains a significant investor in Kuwait's financial and banking sector. Notably, the UAE hosts branches of two Kuwaiti commercial banks among the seven Gulf banks permitted to operate in the country.

Source :  www.gulfnews.com