KUWAIT: Kuwait Direct Investment Promotion Authority (KDIPA) has attracted new approved foreign direct investments worth KD 206.9 million (approximately $675 million) during the 2023/2024 fiscal year, bringing the cumulative total of direct investments to around KD 1.7 billion (approximately $5.55 billion) since its establishment in January 2015.
KDIPA released its ninth annual report for the financial year 2023/2024 on Monday, covering the period from April 1, 2023 to March 31, 2024. This report is part of its mandate under Law No. (116) of 2013 and aims to achieve the developmental goals of Kuwait Vision 2035.
His Highness the Amir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, His Highness the Crown Prince Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah and His Highness the Prime Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah received at Bayan Palace on Monday Minister of Commerce and Industry Khalifa Al-Ajeel and Kuwait Direct Investment Promotion Authority (KDIPA) Director General Sheikh Dr Meshaal Jaber Al-Ahmad Al-Sabah, alongside Deputy Chairman Wafa Al-Qatami, as they handed KDIPA’s report for the fiscal year 2023/2024. The leaders also met with the President of Kuwait Audit Bureau Essam Al-Roumi, who presented the bureau’s report for the fiscal year 2023/2024.
According to KDIPA’s report, the authority’s cumulative investments came from 95 entities across 34 different countries, primarily focusing on the services sector, especially in information technology, oil and gas services, and construction and infrastructure. Investments also spanned other vital areas such as insurance, aviation, agriculture, and health.
The authority reported a 16 percent increase in the economic impact of licensed investment entities, raising the total cumulative spending in the local economy to approximately KD 924 million (about $3 billion). This spending included local goods and services, advanced technological equipment, taxes, government fees, national workforce salaries, and social responsibility activities.
In its report, KDIPA highlighted several milestones in digital transformation, promotional activities, national skill development, and sustainability. It accelerated its digital transformation, completing its digital infrastructure and developing electronic applications, achieving ISO 27001:2022 certification for information security management.
In terms of promotional activities, the authority expanded its international presence, securing the position of Vice President of the Steering Committee of the World Association of Investment Promotion Agencies (WAIPA) for the next two years, and enhancing participation in international promotional events to showcase Kuwait’s economic developments.
Regarding national skill development, KDIPA organized a comprehensive training program comprising 80 sessions that benefited 318 employees, with a notable 30.4 percent increase in specialized courses offered through virtual communication.
The authority also committed to the United Nations’ 2030 Sustainable Development Goals by launching around 40 initiatives in Kuwait. Furthermore, it implemented measures to strengthen corporate governance, including the adoption of a code of conduct as part of Kuwait Anti-Corruption Authority’s (Nazaha) "Performance Project”. — KUNA