Kuwait Investment Authority to open office in Saudi Arabia – Finance Min.

KUWAIT, Minister of Finance Dr. Anwar Al-Mudhaf said on Tuesday that Kuwait Investment Authority's board decided to open a representative office in the Kingdom of Saudi Arabia, within the framework of strengthening economic and investment ties between the State of Kuwait and the Kingdom, and the desire to bolster cooperation of such relations. In a statement, Al-Mudhaf, who is also Minister of State for Economic Affairs and Investment, and Chairman of the Board of Directors of Kuwait Investment Authority said, "the Kingdom of Saudi Arabia is witnessing great economic development and growth that has led to the creation of a rich investment environment which has attracted the attention of the entire world." The Kingdom's economy is among the major economies in the world and it is a permanent member of the Group of Twenty (G20), the minister said. The minister noted that the kingdom has "a prominent and influential role in the Organization of Petroleum Exporting Countries (OPEC) and is witnessing a remarkable increase in its economic and investment importance and its increasing role in international economic decision-making." The minister added, "through the presence of a representative office of the General Investment Authority in the Kingdom, the Authority will be able to explore and seize investment opportunities, which will certainly increase the prospects for cooperation with Saudi and international companies in joint projects to enhance economic development of the both countries." Al-Mudhaf also noted that "opening the representative office will contribute to enhancing trade and investment exchange between Kuwait and Saudi Arabia." Source: Kuwait News Agency