Kuwait Secures $675 Million in Foreign Direct Investments in 2023, Report Shows

KUWAIT: Kuwait has successfully attracted foreign direct investments (FDI) totaling KD 206.9 million (USD 675 million) for the fiscal period from April 2023 to March 2024, according to a report by the country's direct investment authority. According to Kuwait News Agency, the influx of investments has elevated the cumulative total since the establishment of the Kuwait Direct Investment Authority (KDIPA) in January 2015 to KD 1.7 billion (USD 5.55 billion) as of March this year. The reported investments were generated by 95 licensed entities from 34 different countries, with a focus on sectors such as services, Information Technology, oil and gas services, as well as construction and infrastructure. The report further highlighted the economic impact of these investments, noting a 16-percent increase in cumulative spending within Kuwait's domestic economy, amounting to approximately KD 924.1 million. This boost is supported by local goods and services, including advanced technological devices and equipment. On the national digital transformation front, KDIPA reported progress in digital infrastructure, investment promotion, talent development, and sustainability. These efforts have been described as "milestones" that are contributing to the country's ongoing digital evolution. Moreover, the report emphasized KDIPA's strengthened international presence, as the authority has been elected for the first time as vice president of the World Association of Investment Promotion Agencies (WAIPA). This achievement is attributed to KDIPA's active participation in international events showcasing Kuwait's latest economic developments.