Kuwait and UAE Strengthen Trade Ties for a Prosperous Future
Kuwait and UAE Strengthen Trade Ties for a Prosperous Future
Dubai, UAE - Zyad Abdullah Alnajem, the Under-Secretary of the Ministry of Commerce and Industry of Kuwait, has highlighted the promising future of economic relations between Kuwait and the UAE. He emphasized that these relations are crucial for prosperity and growth in the Gulf region, supported by strong trade and investment connections.
The UAE is a major trading partner for Kuwait, being the largest in the Arab world. Recent years have seen significant growth in bilateral trade, thanks to well-planned economic policies and cooperation between the two nations. Kuwaiti investments in the UAE have grown, especially in real estate, services, financial investments, and tourism. Similarly, Emirati investments in Kuwait are boosting economic growth, particularly in the maritime and aviation sectors, with 122 weekly flights between the two countries.
Alnajem also mentioned several bilateral agreements signed recently, focusing on telecommunications, cybersecurity, and information technology. An agreement to avoid double taxation aims to ease the movement of goods, services, and capital, enhancing the competitiveness of local companies.
He affirmed that the trade relations between Kuwait and the UAE are a model of Arab integration, with both countries working together to achieve mutual benefits. Their historical ties, based on mutual understanding and cooperation, are vital for supporting development and economic diversification in both nations.
Doubts Revealed
Kuwait
Kuwait is a small country in the Middle East, located near Saudi Arabia and Iraq. It is known for its oil reserves and rich cultural heritage.
UAE
UAE stands for the United Arab Emirates, a country in the Middle East made up of seven emirates, including Dubai and Abu Dhabi. It is known for its modern cities and economic growth.
Trade Ties
Trade ties refer to the economic relationships between two countries where they buy and sell goods and services to each other. Strong trade ties can help both countries grow and prosper.
Under-Secretary
An Under-Secretary is a high-ranking official in a government department. They help make important decisions and manage the department's activities.
Bilateral Trade
Bilateral trade means the exchange of goods and services between two countries. It helps both countries benefit from each other's resources and products.
Real Estate
Real estate refers to property, such as land and buildings. Investing in real estate means buying property to earn money from it, like renting or selling it later.
Maritime
Maritime relates to the sea and activities like shipping and fishing. Maritime investments involve spending money on things like ships and ports to support sea trade.
Aviation
Aviation is about flying and operating aircraft. Investments in aviation can include building airports or buying airplanes to improve air travel and transport.
Telecommunications
Telecommunications is the technology that allows people to communicate over long distances, like phones and the internet. Improving telecommunications can help people and businesses connect better.
Double Taxation
Double taxation happens when the same income is taxed in two different countries. Agreements to avoid double taxation help people and businesses pay taxes only once, making it easier to trade internationally.
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