RIYADH: The Federation for Saudi Chambers announced the start of procedures to establish the first Saudi-Kuwaiti Joint Business Council, marking an important step in advancing economic cooperation between the two countries. According to the Saudi Press Agency, this announcement came during a meeting between the Chairman of the Saudi Chambers Federation Hassan Al-Huwaizi and the Ambassador of Kuwait to Saudi Arabia Sheikh Sabah Nasser Sabah Al-Ahmad Al-Sabah.

The agency added that the two sides discussed the investment environment and opportunities between Saudi Arabia and Kuwait, as well as the organization of an investment forum in Riyadh, along with enabling Kuwaiti investors to participate in the 2025 Hafr Al-Batin Investment Forum.

The Chairman of the Saudi Chambers Federation stated that the outcomes of the meeting with the Kuwaiti Ambassador represent a new phase of economic cooperation between the two countries, highlighting the promising partnership opportunities between the business sectors of both nations.

Kuwaiti Ambassador to Saudi Arabia expressed his hope for achieving comprehensive economic integration between the two countries, pointing to the investment environment in the Kingdom and the remarkable development it has witnessed, which has made it an attractive destination for investors from around the world.

Trade exchange between Saudi Arabia and Kuwait reached approximately $2.67 billion in 2023, with approximately $2.24 billion in Saudi exports and approximately $430 million in Kuwaiti imports. — KUNA