ON THE UP
KDIPA adopts a proactive approach to attract value-added direct investments supported by an integrated promotional strategy serving Kuwait's developmental goals in line with its National Vision 2035.
BIOGRAPHY
Sheikh Dr. Meshaal Jaber Al-Ahmed Al-Sabah is currently Director General of KDIPA. He also chairs the Permanent Committee for Streamlining Business Environment & Enhancing Competitiveness in the State of Kuwait. Sheikh Dr. Meshaal served as Deputy Chairman for National Offset Company (NOC), previously chaired the inter-Ministerial Steering Group for insolvency and creditor/debtor regime, and was a member of the board of directors for the Central Bank of Kuwait. Prior to that, he was Chief of the Kuwait Foreign Investment Bureau Division under the Ministry of Commerce & Industry. He holds a PhD in HR and marketing management from the University of Portsmouth (UK), an MBA from Maastricht School of Management, and a BA in political science and public administration from Kuwait University.What specific actions have you implemented to increase levels of FDI into the country?
KDIPA adopts a pro-active approach to attract value-added direct investments supported by an integrated promotional strategy serving Kuwait's developmental goals in line with its National Vision 2035. KDIPA launched the Kuwait Investment Forum (KIF) to convey a consistent message to the local and international business community on developments and reflect achievements as well as display lucrative opportunities. KIF was co-organized by KDIPA and the Kuwait Chamber of Commerce and Industry (KCCI) and is regarded as one of the biggest economic events in the country. This forum clearly reiterates the government's commitment to support investment led growth that will favorably impact the economy and expedite its ability to cope with accelerated technological advances. In conjunction, KDIPA also launched the Kuwait Investment Outreach Roadshow (KIO) in association with the Financial Times Group and in strategic partnership with Kuwaiti companies that kicked off in London in 2017 and continued in Silicon Valley in 2018, with the final leg of this roadshow scheduled to take place in Singapore in March 2019. This was further supported by numerous other collaborations and outreach programs with KCCI and other parties. The successful implementation of these key promotional initiatives resulted an extensive network of interested investors and yielded a total of around USD2.8 billion of investments in leading services sectors like ICT, renewable energy, healthcare, entertainment, and consulting, among others. On another note, KDIPA continues to develop its three economic zones in Abdali and Wafra to avail needed space for land and create sector-driven competitive clusters.
In which industries is Kuwait attracting higher levels of FDI?
Kuwait has attracted direct investments primarily in the services sector. The cumulative approved direct investments since KDIPA started its operations in early 2015 until March 2018 were focused in activities relating to ICT, oil and gas, construction, training, health, energy, recreational, and consulting services. With increased commitment by the Kuwaiti government to embrace digitalization and innovation, in a transparent environment adopting sound governance and integrity practices, as well as intellectual property rights protection, its ICT sector is witnessing unprecedented blossom. These investments came from 16 different countries, both developed and emerging. During KIF 2018 an exclusive session was held where Kuwaiti high-ranked officials and ministers presented a series of projects across diverse sectors of the economy—from infrastructure development and renewable energy to the digital transformation initiatives. Furthermore, path-breaking announcements were made to boost the status of Kuwait as a financial and capital market hub.
How has KDIPA assisted in the improvement of the Kuwait's business environment?
Kuwait's business climate has been on a steady progress course, reflecting the commitment of the government to improve business environment. There are also other relevant reform programs that are part of the national efforts to improve doing business in full collaboration with the concerned government authorities, the private sector, and civil society, and with technical support by the World Bank. The national agenda for streamlining business environment in Kuwait (Tahseen Program) was duly conducted under KDIPA as the head of the Permanent Committee for Streamlining Business Environment & Enhancing Competitiveness in the State of Kuwait (PCK), established by a council of ministers' decision 1551/2013. To follow up implementation of the Tahseen Program, the Tahseen Portal was launched through the KDIPA website with a transparent dashboard aimed to document all the reforms by competent government authorities. KDIPA fosters its advocacy role further by providing direct channel and constant support through a series of open dialogues between the public and private sectors to depict potential obstacles and address them duly and collaboratively. Furthermore, KDIPA adopts a full facilitation paradigm based on investors-services to encourage business retention and expansion. The hope is that these efforts will attain the expected results to enhancing economic diversification for a sustainable future.
ON THE UP
TABLE OF CONTENTS
Interview
Adel Abdul Wahab Al-Majed , Chairman, Kuwait Banking Association (KBA)
Through a broad array of information, specialized committees, staff expertise, and other resources, KBA supports Kuwait's banks as they perform their critical role in energizing the economy and helping communities thrive.
read articleInterview
Sheikh Dr. Meshaal Jaber Al-Ahmed Al-Sabah, Director General, Kuwait Direct Investment Promotion Authority (KDIPA)
KDIPA adopts a proactive approach to attract value-added direct investments supported by an integrated promotional strategy serving Kuwait's developmental goals in line with its National Vision 2035.
read articleCommuniqué
Legal Reform and Infrastructure Projects Spell Opportunity for Foreign Investors
Along with the introduction and modernization of new laws and regulations, the vision of His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to transform Kuwait into an international center for commerce and industry by 2035 is already being implemented through Kuwait's National Development Plan. Coupled with the promulgation of progressive FDI regulations, these new opportunities spell positive news for foreign companies looking to conduct business in Kuwait.
read articleFocus: Developing connectivity
Connecting the Dots
Today, connectivity is hardly indispensible for individuals and the companies where they work. Kuwait's smart cities, considered elsewhere in the book, will thrive on it, and meanwhile the nation continues to register notable business deals from the informatics sector.
read articleInterview
Khalid Abbas , Country Manager-Kuwait, Unilever
Contributing to the improved health and wellbeing of communities and reducing environmental footprint are key priorities for Unilever, which is committed to improving the health and wellbeing of up to 1 billion people globally by 2020.
read articleInterview
Mohammed Yousif Soud Al-Sabah , Board Chairman & Director, Public Authority of Agriculture Affairs and Fish Resources (PAAAFR)
PAAAFR has adapted a package of policies to face challenges inherent to deserts, hot climate, and water scarcity, bringing Kuwait closer to achieving national food security, one step at a time.
read articleInterview
Yang Chunsen, Vice President/ Chief Representative, China State Construction Engineering Corporation Middle East (CSCME) Kuwait
CSCME is a technology-driven company that leverages its R&D and long-standing partnership with the government to increase its participation in the future development of Kuwait.
read article
