December 9, 2014
Russian-Kuwaiti Business Forum
A number of high profile Russian and Kuwaiti businessmen held extensive negotiations during the Russian-Kuwaiti Business Forum, organized by the Russian-Arab Business Council. The forum took place in Kuwait City in December 9-11, 2014.
The forum schedule included a plenary session attended by Mr. Khalid Abdulla Hamad Al-Sagar, First Vice Chairman of the Kuwait Chamber of Commerce and Industry, Mr. Fouad Alghanim, Chairman of Fouad Algnanim and Sons Group and co-chairman of the Kuwaiti-Russian Business Council, Hussain Kharafi, Chairman of the Kuwait Industries Union, as well as a number of representatives of leading Kuwaiti companies. Russian participants gave a number of presentations regarding the investment potential of the Far East and Crimea, Astrakhan Free Zone, and a number of projects for the development of infrastructure where the Kuwaiti investors could take part, including the expansion of the key Vanino Port in the Far East connecting mainland Russia with its large Sakhalin Island, as well as with Japan and other states of the Pacific.
Investment cooperation between the two countries was discussed during a separate meeting between the Russian delegates and Alia F. Al-Tameemi, Director of Private Equity at Kuwait Investment Authority.
The schedule of the business forum also included a joint session of the Russian-Kuwaiti Business Council, chaired by Fouad Alghanim who informed the Russian participants of the most attractive spheres for cooperation with Kuwaiti business, including agriculture, food security, infrastructure development, construction of housing units and social infrastructure, desalinization, power generation etc. According to Mr. Alghanim, the Kuwaiti Government allocates 150 billion USD every five years for infrastructure development purposes, and Russian companies have a good opportunity to provide their expertise and services in the field. He also stated that investment cooperation is “a two way lane” where both sides should invest in each other’s projects for the mutual benefit.
Kuwaiti companies also presented opportunities for investment in the construction of new healthcare facilities, oil and gas services. According to the participants in the session, both sides could benefit greatly from the establishment of a joint Russian-Kuwaiti bank. Representatives of the Russian-Arab Business Council also offered businessmen from both sides its support and consulting services for the implementation of projects and investment deals.
The Russian delegation discussed prospects of participation in projects offered by the Public Authority for Housing Welfare of Kuwait and the High Council for Planning and Development. The representatives of Russian business circles also visited Farwaniya Provence where they were received by its Governor H.S. Feisal Al Sabah. The visit was actively supported by the Embassy of Russia in Kuwait and by the Kuwaiti-Russian Business Council.