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Fri 3 Jun 2016 12:11 AM

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Dubai business group sets up council to drive Kuwait trade

Dubai Chamber of Commerce and Industry establishes Kuwait Business Council to improve business ties

Dubai business group sets up council to drive Kuwait trade

The Dubai Chamber of Commerce and Industry has set up a Kuwait Business Council to boost economic cooperation and enhancement of trade and commerce between the business communities of Dubai and Kuwait.

The business council is the 47th operating under the umbrella of Dubai Chamber and the second in the GCC after the establishment of the Oman Business Council.

The Kuwait Business Council has 21 members from a wide sector of economic activities in the emirate, a statement said. 

Atiq Juma Nasib, senior vice president, Commercial Services Sector, Dubai Chamber, said the new council will go a long way in enhancing bilateral relations between the two GCC countries.

“Kuwait is a historic GCC trading partner for Dubai and this new council will help business communities of the UAE and Kuwait to establish stronger trade ties and contribute to the economic development of Kuwait and the UAE while taking both the countries’ bilateral relations to a higher level,” said Nasib. 

He added that presently there are 426 companies, co-owned and operating in Dubai by Kuwaiti businessmen and the country occupies 19th rank on the list of the emirate’s trading partners.

Dubai’s non-oil trade with Kuwait amounted to AED20.3 billion at the end of 2015.

Saad Al Rubaiaan, chairman, Kuwait Business Council, added: “It is a matter of pride for us to establish this first of its kind business Council outside of Kuwait.

“We look forward to the newly-established Business Council to serve as an ideal platform for Kuwaiti businesses to strengthen their trading ties with Dubai-based businesses and to benefit from the opportunities that the emirate’s vibrant investment environment offers to companies looking to expand globally while contributing to the success and growth of Kuwaiti companies operating out of the emirate’s markets."

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