Kuwait and UK sign investment partnership after Crown Prince meets British Prime Minister Rishi Sunak.
03 September 2023, 12:00 AM
30 September 2023, 12:00 AM
The UK and Kuwait signed an investment partnership after Kuwait's Crown Prince Sheikh Meshal Al Ahmad Al Sabah met Rishi Sunak at No 10 Downing Street.
Britain's Prime Minister “welcomed the historic and strong friendship between the UK and Kuwait, which has endured for 125 years”, a representative of Mr Sunak said.
“The leaders witnessed the signing of a new UK-Kuwait Investment Partnership which will drive significant new investment into UK industries and support Kuwait’s changing economy,” the representative added.
The deal was co-signed by Kuwaiti Deputy Premier, Oil Minister, in addition to acting finance minister and State Minister for Economic and Investment Affairs Dr. Saad Al-Barak, alongside British Minister of State in the Department for Business and Trade Lord Dominic Johnson. The ceremony was attended by Minister of Foreign Affairs Sheikh Salem Abdullah Al- Jaber Al-Sabah and a host of Kuwaiti senior diplomats and foreign ministry officials.
Sheikh Meshal and Mr Sunak also discussed defence, trade and investment.
Mr Sunak’s official spokesman said earlier that the Gulf nation was an “important partner for the UK and vice versa”.
The partnership will facilitate the Kuwait Investment Authority – one of the largest sovereign wealth funds in the world – to invest directly into mutually beneficial sectors in the UK, including education, renewables, life sciences, and technology.
A Statement of Intent was also signed by both parties to collaborate on the creation of Kuwait’s national cyber security centre.
“The Kuwait Investment Office, established during the coronation year of Queen Elizabeth II, has today, in the coronation year of King Charles III, further cemented its role in the UK’s economy,” Lord Johnson said.
“We look forward to many more years of friendship and mutual success bringing new jobs and opportunities across some of the UK’s most exciting sectors.”
Lord Johnson said it “marks a new chapter” in the British-Kuwaiti relations and would bring “new jobs and opportunities across UK life sciences, renewables, education and tech”.