(MENAFN- Khaleej Times) The recent establishment of the Kuwait Business Council in Dubai is expected to boost economic cooperation and enhance trade and commerce between the business communities of Dubai and Kuwait.
Currently, 47 business councils operate under the umbrella of the Dubai Chamber of Commerce and Industry, of which two are in the GCC (including one in Oman). The Kuwait Business Council has 21 members from a range of economic sectors in Dubai.
Atiq Juma Nasib, senior vice-president of the commercial services sector at the Dubai Chamber, said the new council would go a long way in enhancing bilateral relations between the two GCC countries.
"Kuwait is Dubai's historic trading partner in the GCC. This new council will help business communities in the UAE and Kuwait to establish stronger trade ties and contribute to the economic development of Kuwait and the UAE," said Nasib.
He added that there are 426 companies operating in Dubai which are co-owned by Kuwaiti businessmen. Kuwait ranks 19th on the list of Dubai's trading partners. Dubai's non-oil trade with Kuwait amounted to Dh20.3 billion at the end of 2015.
Highlighting the important role played by business councils, Nasib said these entities directly support the trade sector, which is one of the leading drivers of the emirate's economic engine.
Saad Al Rubaiaan, chairman of the Kuwait Business Council, said: "It is a matter of pride for us to establish this first-of-its-kind business council outside Kuwait. This has been made possible by the hard work of Kuwaiti businesses, the support of the Dubai Chamber and the Consulate General of the Kuwait in the emirate."
He added: "We look forward to the Business Council to serve as a platform for Kuwaiti businesses to strengthen trading ties with Dubai-based businesses and to benefit from the opportunities that the emirate's vibrant investment environment offers to companies looking to expand globally."
Currently, there are 47 country-specific Business Councils and 27 sector-oriented Business Groups operating under the umbrella of the Dubai Chamber.
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