KUWAIT CITY, Oct 28: His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah received His Highness the Crown Prince Sheikh Sabah Khaled Al- Hamad Al-Sabah at Bayan Palace Monday morning. The Amir received His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah Monday morning at Bayan Palace as well.

Later, His Highness the Amir met with Minister of Commerce and Industry, Minister of Finance, and Acting Minister of State for Economic Affairs and Investment Khalifa Al-Askar, along with Kuwait Direct Investment Promotion Authority (KDIPA) Director General Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Sabah and Deputy Chairman Wafa Al-Qatami, as they presented KDIPA’s report for the 2023/2024 fiscal year. Additionally, His Highness received the President of Kuwait Audit Bureau Essam Al-Roumi, who submitted the bureau’s annual report for the 2023/2024 fiscal year.

His Highness the Crown Prince Sheikh Sabah Khaled Al- Hamad Al-Sabah also received Minister Al-Askar, Director General Sheikh Dr. Meshaal Jaber, Deputy Chairman Wafa Al-Qatami, and President Al-Roumi at Bayan Palace, as they presented their respective reports for the fiscal year. Kuwait attracted foreign direct investments (FDI) of up to KD 206.9 million (USD 675 million) from the period starting in April 2023 to March 2024, according to a report released by the country’s direct investment authority. The fresh investments have upped the cumulative figure since the inception of the Kuwait Direct Investment Authority (KDIPA) back in January of 2015 up until March of this year to KD 1.7 billion (USD 5.55 billion), the report said. The investments were “generated by 95 licensed entities from 34 different countries,” the report showed, citing “focus” on the services sector, Information Technology, in addition to oil and gas services and construction and infrastructure, KDIPA report showed. It went on to say that the “economic impact” from the licensed investment entities has led to a 16-percent increase in cumulative spending in the domestic economy of approximately KD 924.1 million, propped up by local goods and services, which include advanced technological devices and equipment, added the report.

In efforts to accelerate a national digital transformation, KDIPA said it marked several “milestones” in activities related to digital transformation, investment promotion, talent nurturing, and sustainability, all of which led to the completion of necessary “digital infrastructure,” the report highlighted. Kuwait’s investment authority has managed to “strengthen” its presence in the international arena by being elected, for the first time, as vice president of the global association of Global Investment Bodies, WAIPA, thanks to its prominent external events to showcase the latest economic developments in Kuwait, it said.(KUNA)