UAE, Kuwait strengthen economic ties as trade exchange hits $13.5bn
Al Neyadi revealed that the volume of trade exchange between the two countries reached AED 49.7 billion ($13.53 billion) by the end of 2024, marking an 8.8 percent increase compared to 2023. He added that trade for the first quarter of 2025 stood at AED 10.2 billion ($2.78 billion), underscoring the resilience of economic ties. He noted that both nations enjoy a favorable investment climate that offers considerable opportunities for the private sector, semi-government entities, and small and medium-sized enterprises to expand cooperation and establish strategic partnerships.
UAE Ambassador to Kuwait Dr Matar Al Neyadi address the audience.- KUNA photos
The ambassador also praised the outcomes of the fourth and fifth sessions of the UAE-Kuwait Joint Higher Committee meetings, which identified priority sectors for collaboration. These include food security, healthcare, communications, information technology, artificial intelligence, defence industries, infrastructure, energy, and air and maritime transport. For his part, Dr Sultan Al Nuaimi, Director General of ECSSR, said the symposium comes at a pivotal time as the region seeks to deepen Gulf integration. He emphasized the need for continued dialogue and alignment of shared visions to build resilient, competitive, and sustainable economies amid evolving global economic challenges.
Al Nuaimi noted the historical depth of UAE-Kuwait relations, describing them as a model of Gulf cooperation. He pointed out that bilateral trade has surged by approximately 75 percent over the past decade, with the UAE currently ranking as the third-largest investor in Kuwait. He further highlighted the alignment between the two nations' economic visions, especially their early commitment to diversifying income sources and fostering innovation across strategic sectors. This shared outlook, he said, paves the way for advanced partnerships in renewable energy, digital innovation, and knowledge-based industries.
'These synergies open wide horizons for joint initiatives and investment in sustainable development projects,' Al Nuaimi said. Relations between Kuwait and the UAE continue to be defined by mutual respect and strategic collaboration, particularly in non-oil sectors, which have shown consistent growth in recent years. With non-oil trade already surpassing $13.5 billion in 2024, expectations remain high for even stronger economic engagement in the months ahead. — KUNA
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