Kuwait has attracted direct investments worth KD106.1 billion (US$322 million) for the fiscal year 2021-2022, according to the Kuwait Direct Investment Promotion Authority (KDIPA).

The additional investments place the total value of cumulative investments between 2015 and 2022 at approximately KD 1.309 billion.

The investments have been spread across several focus areas, including service sectors, information system services, oil and gas, health and aviation, among others.

According to a report, the cumulative investments came primarily from 67 independent entities from 25 countries.

The report also outlined a 30% increase in the spending made by licenced companies doing business in Kuwait, bringing their total investment spend over the same period to KD690.5 million.

The authority also said that it has implemented changes in its previous working model with the provision of electronic services to serve investors better, following extensive meetings with 230 existing and potential investors.

KDIPA also highlighted some of its initiatives carried out during the year. These include campaigns showcasing the economic progress and investment opportunities in the country, as well as encouraging bilateral economic ties and joint ventures.

(Reporting by Jethu Abraham; editing by Cleofe Maceda)

Cleofe.maceda@lseg.com