UAE, Kuwait '24 Trade Value Hits USD 13.5 Bln - Minister

(MENAFN- Kuwait News Agency (KUNA)) DUBAI, Feb 3 (KUNA) -- The United Arab Emirates (UAE) and Kuwait's trade value reached USD 13.5 billion in 2024 in a growth rate worth nine percent as compared to the previous year, Minister for Foreign Trade Thani Al-Zeyoudi said on Monday.
The exponential growth in trade volume is part of a string of "positive developments" that ties Kuwait City and Abu Dhabi, the minister told the joint UAE-Kuwait week, an initiative patronized by Vice-President, Prime Minister and ruler of Dubai sheikh Mohammad bin Rashed Al-Maktoum in a bid to shine light on such progress in relations.
Hailing the event as a "platform" to exchange viewpoints and ideas over plans to propel relations to greater levels, the UAE minister said that the gathering aims to ensure that ties remain on an upward trajectory, in line with the respective development strategies in the two Gulf Arab neighbors, he said.
The initiative also allows Abu Dhabi and Kuwait the opportunity to look into strategies aiming to ratchet up bilateral cooperation, he said, reiterating the words of the Dubai ruler in which he spoke of the "special place Kuwait holds in the hearts of Emiratis," a reference to the amity between the two Gulf Arab nations.
Praising the special "dynamics" of Kuwait and Abu Dhabi's economic relations, Dubai Chamber of Commerce chief Mohammad Lootah said that the volume of non-oil trade in the first nine months of last year reached USD 7.5 billion, a growth of 14 percent as compared to the same period a year earlier.
He went on to speak of the increasingly significant role of the Dubai-based Kuwaiti Business Council, which is comprised of some 776 registered Kuwaiti businesses, and how its crucial to "serve the best interests" of Kuwait-based firms operating in the bustling UAE metropolis. (end)
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