Kuwait's Emir Sheikh Meshal al-Ahmad al-Sabah paid a state visit to the United Arab Emirates (UAE) today, March 5.
Welcoming Kuwaiti Emir Sheikh Meshal al-Ahmad al-Sabah in the capital Abu Dhabi were UAE President Sheikh Mohamed bin Zayed Al Nahyan and Vice President and Deputy Prime Minister Sheikh Mansour bin Zayed Al Nahyan, state news agency Wam reported.
At the meeting that followed, the host country's President and the distinguished guest from Kuwait discussed relations between the two countries, especially in the fields of economy, trade, investment and development.
The two sides also stressed the need to enhance security and stability in the region, and promote the framework of the Gulf Cooperation Council (GCC).
According to The National, economic and trade agreements and deals between Kuwait and the UAE over the past decades have contributed to increasing the volume of investment and trade between the two countries.
In 2014, the two countries established a high-level joint committee with a focus on strengthening efforts to enhance cooperation and promote joint GCC action.
Among the notable agreements signed between the two countries, the tripartite agreement in the securities sector was signed in February 2022 between the Abu Dhabi Securities Exchange, the Kuwait Stock Exchange and the Kuwait Clearing Company.
According to the UAE Ministry of Finance, statistics from the UAE Securities and Commodities Authority show that the total number of Kuwaiti shareholders in publicly traded companies increased from three individuals in 2000 to 40,979 individuals in 2022.
Trade between the UAE and Kuwait is set to reach Dh44.8 billion (about $12.2 billion) in 2023 and Dh44.1 billion (over $12 billion) in 2022, up 15% from 2021, according to figures from the UAE's Federal Authority for Identity, Nationality, Customs and Port Security.
Kuwait's Emir Sheikh Meshal al-Ahmad al-Sabah took power in December 2023, following the death of his predecessor and half-brother Sheikh Nawaf, 86. Over the past few months, the new emir has visited GCC member states Saudi Arabia, Bahrain, Qatar and Oman.
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