Kuwait is reportedly planning to invest up to 50 billion dinars ($164 billion) in major regional projects, with Saudi Arabia expected to be a top destination.
The country will form a new company that will focus on energy, transport, infrastructure, smart cities, and manufacturing in the kingdom, Riyadh-based Al Eqtisadiah newspaper reported. The move, which is still being considered by the government, follows reports that Kuwait’s $1 trillion sovereign wealth fund — considered a sleeping giant in the region for its mammoth size but relative inactivity compared to Gulf peers — will open a Saudi office to boost cross-border investments.
The potential decision is a boon for Saudi Arabia, which aims to attract $100 billion in annual foreign direct investment by 2030. That target may prove elusive given current levels of FDI, with only around $20 billion brought in last year. Gulf investors, however, are key: The UAE is the largest investor in the kingdom.
