KUWAIT CITY, May 13: The Kuwait Business Council in Dubai and the Northern Emirates (KBC) plays a pivotal role in supporting over 1,800 Kuwaiti companies operating across the UAE, excluding those in special financial zones like the Dubai International Financial Centre and Abu Dhabi Global Market. Established in May 2016 under the umbrella of the Dubai Chamber, the KBC serves as a non-profit organization dedicated to enhancing the presence and success of Kuwaiti businesses in the UAE. 

Firas Al-Salem, Chairman of the KBC, emphasized the council's commitment to facilitating the growth of Kuwaiti enterprises by providing essential services and fostering strong relationships with UAE authorities. The council collaborates with various government agencies, including the Dubai Chamber of Commerce and Industry and the Ministry of Economy, to address challenges faced by Kuwaiti investors and to raise awareness about the support available through the council.

Kuwait's investments in the UAE have surpassed $55 billion, with significant contributions in real estate, financial markets, and commercial sectors. The UAE hosts over 44,000 Kuwaiti investors in its financial markets and more than 22,000 in real estate, with these numbers continuing to grow annually. The favorable legislative environment, proactive government efforts, and successful economic diversification in the UAE have made it an attractive destination for Kuwaiti investments. 

The KBC's activities encompass a wide range of sectors, including ground services at airports, retail, healthcare, hospitality, real estate development, financial markets, and financial services. Notably, Kuwaiti banks maintain a presence in the UAE through branches and representative offices, with expectations for further expansion, particularly in wealth and capital management services.

To support its members, the KBC offers three types of membership tailored to different segments of Kuwaiti society. Memoranda of Understanding (MOUs) have been signed with relevant authorities to facilitate account opening for Kuwaiti citizens, students, and startups expanding in the UAE. Additionally, the council collaborates with the Dubai Chamber's Arbitration Center and Business Development and Attraction Center to provide incentives for Kuwaiti companies investing in the UAE.

The KBC also works closely with the Sharjah Investment Authority to present investment opportunities to the Kuwaiti private sector interested in the emirate. Furthermore, the council has agreed to support student membership to facilitate the inclusion of the Kuwaiti student community, recognizing their integral role in Kuwaiti society.

Al-Salem highlighted the importance of agreements between Kuwait and the UAE, such as the prevention of double taxation and customs agreements, in reducing the tax burden on companies and promoting economic cooperation. The KBC continues to advocate for policies that enhance the business environment and support the interests of Kuwaiti investors in the UAE.

Established as the first of its kind for Kuwaiti business communities abroad, the KBC aims to enrich the experiences of Kuwaiti companies in Dubai and the Northern Emirates, enhancing expertise, opportunities, and relationships. The council remains dedicated to facilitating the growth and success of Kuwaiti businesses in the UAE, contributing to the strengthening of economic ties between the two nations.