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KUWAIT CITY, Nov 14: Kuwait Direct Investment Promotion Authority (KDIPA) announced that it attracted KD 106.1 million (USD 322 million) new direct investments during the fiscal year 2021-22, bringing its total cumulative investments to about KD 1.309 billion dinars (USD about 3.9 billion) from January 2015 until the end of March 2022. In a press statement on Monday, the authority said that most of these investments focus in the services sector, topped by information systems services, oil and gas, construction, health and environment activities, aviation and insurance.
These cumulative investments were made by 67 investment entities belonging to 25 different countries, explained KDIPA, pointing out that the spending of licensed investment entities, that started operating their business in the Kuwaiti economy, increased by 30.2 percent and cumulatively amounted to KWD 690,5 million (USD 2.1 billion) during the years 2015 and 2020.
KDIPA stressed on providing electronic services to continue improving the investor service model, as the authority met 230 existing and potential investors, received 27 initial requests, and dealt with 20 complaints. The authority pointed to strengthening coordination with the concerned governmental authorities, and continued to improve monitoring direct investment data in Kuwait, in cooperation with the Central Bank of Kuwait.
It noted to its role in launching traditional and digital promotional campaigns to highlight the latest economic developments in the country, introduced investment opportunities, target investors, as well as consolidate foreign relations in coordination with the Foreign Affairs Ministry. The period of this report was distinguished by strengthening the authority’s regional role, after being nominated to be MENA regional representative and winning, in the Steering Committee of the World Association of Investment Promotion Agencies (WAIPA) for the period 2021 – 2023 (KUNA)