Saudi Arabia, Kuwait to establish joint business council
The Federation of Saudi Chambers has begun procedures to form the first-ever Saudi-Kuwaiti joint business council, a move set to strengthen economic ties between the neighboring nations, according to Al Rai newspaper.
The Saudi Press Agency (SPA) reported that the initiative was discussed during a meeting between Hassan Al-Huwaizi, President of the Federation of Saudi Chambers, and Sheikh Sabah Al-Nasser, Kuwait’s Ambassador to Saudi Arabia.
The discussions covered the investment climate in both countries and opportunities for collaboration. Key highlights included organizing an investment forum in Riyadh and exploring avenues for Kuwaiti participation in the Hafr Al Batin Investment Forum 2025.
Al-Huwaizi emphasized the significance of the meeting, stating that it marks a new era of economic cooperation. He noted the potential for promising partnerships in various sectors, expressing the mutual commitment to enhance bilateral collaboration.
Ambassador Sabah Al-Nasser voiced optimism about achieving comprehensive economic integration, praising Saudi Arabia’s dynamic investment environment and its appeal as a global investment hub.
Trade between the two nations has grown steadily, with bilateral trade volumes reaching 10 billion riyals (approximately $2.67 billion) in 2023. Saudi exports accounted for $2.42 billion, while Kuwaiti imports amounted to $430 million.
The establishment of the joint business council is expected to further expand economic relations, foster investment, and create new opportunities for both Saudi and Kuwaiti businesses.
