Oman and Kuwait sign four agreements
Oman and Kuwait signed four memoranda of understanding at the Kuwait Chamber of Commerce and Industry. The signing took place during the visit by His Majesty Sultan Haitham bin Tarik to Kuwait.
The agreements cover direct investment, standardisation activities, diplomatic studies and cooperation between the Oman Investment Authority and the Kuwait General Investment Authority.
A memorandum of understanding between the Foreign Ministries of the two countries aims to foster collaboration on developing modern methods for training specialists in foreign policy, international relations, political science and related fields. It also covers the exchange of documents, studies and expertise on topics of mutual interest.
In the areas of direct investment and standardisation, the Ministry of Commerce, Industry and Investment Promotion signed two memoranda. The first, with the Kuwait Direct Investment Promotion Authority, concerns establishing a framework for cooperation in direct investment and facilitating the exchange of knowledge and expertise. The second, with the Kuwait General Authority for Industry, aims to strengthen cooperation in standardisation activities, quality control, laboratories and conformity assessment. It also aims to enhance the quality of non-food industrial products and services exchanged between the two countries.
Additionally, the Oman Investment Authority signed a memorandum with the Kuwait General Investment Authority to establish a joint framework for cooperation and coordination in mutual investments and to engage in discussions on future investment opportunities in Oman and Kuwait with the potential to establish a joint investment fund. It also covers studying investment opportunities in existing funds managed by the Oman Investment Authority that focus on sectors such as energy, utilities, infrastructure, telecommunications, transport and logistics.
The memoranda were signed for Oman by: Abdul Salam bin Mohammed Al Murshidi, President of the Oman Investment Authority; Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion; Ibtisam bint Ahmed Al Farouji, Undersecretary for Investment Promotion at the Ministry of Commerce, Industry and Investment Promotion and Dr Saleh bin Amer Al Kharousi, Oman's Ambassador to Kuwait.
From Kuwait the signatories included: Dr Meshaal Jaber Al Ahmad Al Sabah, Director General of the Kuwait Direct Investment Promotion Authority; Ziad Abdullah Al-Najem, Undersecretary of the Ministry of Commerce and Industry; Nasser Subeeh Al Subeeh, Assistant Foreign Minister for the Affairs of the Saud Al-Nasser Institute and Ghanem Suleiman Al Ghaniman, Managing Director of the Kuwait General Investment Authority.
This is an unofficial English version of an Arabic report. To view the official Arabic text, click here.