Kuwait reports impressive 38.4% increase in foreign investments

Foreign direct investment grows by 19.7% in Q2, 2023

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KUWAIT CITY, Dec 10: Kuwaiti direct investments abroad experienced significant growth in the recent period, surging by approximately 4.08 billion dinars (around 12.9 billion dollars) within a year, marking a robust 38.4% increase. By the end of the second quarter of 2023, the investments reached 14.697 billion dinars (about 47.6 billion dollars), in contrast to 10.614 billion dinars in the same quarter of 2022 (approximately $34.4 billion).

Central Bank of Kuwait data highlights a remarkable uptick in Kuwaiti investments abroad during the fourth quarter of 2022, with an increase of around 3.26 billion dinars, reaching 14 billion dinars compared to 10.76 billion dinars in the third quarter of 2022, representing a growth rate of 30%. The investments made by Kuwaiti banks abroad surged by about 3.31 billion dinars throughout the year, escalating from 3.84 billion dinars in the second quarter of 2022 to about 7.15 billion dinars (approximately 23 billion dollars) in the second quarter of 2023, demonstrating a notable growth rate of 86.2%. Furthermore, foreign direct investment in Kuwait witnessed an annual increase of about 833 million dinars, reaching 5 billion dinars by the end of the second quarter of 2023, compared to 4.2 billion dinars in the second quarter of 2022, reflecting a growth rate of 19.7%.

Shifting focus to external debt, Kuwait’s total external debt rose by about 342 million dinars or 1.8%, totaling 19.334 billion dinars (approximately 62.7 billion dollars) on an annual basis by the end of the second quarter of 2023. Despite this annual increase, there was a decline compared to the first quarter of 2023, dropping by about 1.1 billion dinars or 5.4%, from 20.44 billion dinars to 19.334 billion dinars. The data also indicates fluctuations in Kuwait’s external debt during the years 2022-2023, with amounts ranging from approximately 18.99 billion dinars in the second quarter of 2022 to 20.44 billion dinars in the first quarter of 2023. It’s important to note that the total external debt encompasses both the general government’s external debt balances and the private sector’s external debt balances, covering various entities such as local banks, investment companies, exchange companies, insurance companies, and private non-financial companies.

By Mahmoud Shendi
Al-Seyassah/Arab Times Staff

This news has been read 1119 times!

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