Prominent Economists Anticipate UAE Leader's Impending Kuwait Visit

11/10/2024 7:08:19 AM

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Nov 10 (KUNA) -- A number of Kuwaiti economists have highlighted the significance of UAE President sheikh Mohammad bin Zayed Al-Nahyan's forthcoming visit to neighboring Kuwait, expecting the event to be a catalyst for progress in bilateral relations.

In separate interviews with KUNA, the experts prognosticated that the UAE leader's visit would give impetus to a boom in development projects in the two Gulf Arab neighbors, overseen by businessmen and firms from both countries, subsequently boding well for the entire six-member Gulf Cooperation Council bloc.

History is dotted with instances that are a testament to the camaraderie shared between Kuwait and Abu Dhabi, which has seen fruitful cooperation in fields running the gamut from politics and the economy to education, diplomacy and trade, said Kuwait Investment Company chairman Dr. Yousef Al-Ali.

He went on to welcome the UAE leader's upcoming visit to his country, saying it was part of efforts to propel bilateral relations to greater levels, placing greater emphasis on ties between private sector officials from both countries, which will prove beneficial to the entire region, he emphasized.

On bilateral trade between Kuwait and Abu Dhabi, he said the figure reached a record USD 13 billion last year, which he said proves the "solidity" of bilateral relations, propped by a plethora of deals that had come to fruition recently.

On the UAE leader's visit, Kuwait Finance House Group (KFH) chairman Hamad Al-Marzouq said he will be amongst "family," hailing the visit as a step towards bolstering what he described a paradigm example of "brotherly" ties between neighbors.

In a bid to strengthen cooperation with UAE-based firms, he said KFH has sealed a plethora of significant deals there, including efforts to regulate the issuance of bonds and sukuk worth some USD 1.6 billion for a number of Abu Dhabi-based banks, the official added.

Citing some of the aforementioned agreements, he said Bahrain's Al-Ahli United Bank, a KFH affiliate, had recently completed a funding agreement of up to USD 800 million with First Abu Dhabi Bank, which was one of various similar deals that had come to fruition.

Discussing future plans, including Kuwait's 2035 development vision, the KFH chairman said that the bank stands ready to explore any initiative aiming to bolster the rapport between Kuwait and Abu Dhabi's respective private sectors, citing their economic partnership as "decades-long."

Offering his perspective, Kuwait real estate firm Mabanee's chief executive Waleed Al-Shuraian said he expected a "family affair" when the UAE president lands in Kuwait, commending the meteoric development the Gulf Arab emirate had seen over the years. (end)

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