(MENAFN - Kuwait News Agency (KUNA)) Lord Mayor of London Roger Gifford stressed, on Saturday, that the upcoming visit of His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to the United Kingdom will enhance the "exceptional" bilateral relations in all domains, particularly the economic ones.
Speaking to KUNA, Lord Gifford said His Highness the Amir's visit, from November 26-29, would open great investment opportunities and strengthen commercial cooperation between London's financial district and the state of Kuwait.
Lord Gifford noted Kuwait has invested more than 100 billion pound sterling (GBP) in the financial district, of which 20 billion GBP are direct investments. Kuwaiti citizens own properties that amount to 15,000 GBP in London and the UK, he pointed out.
He said that five of world sovereign funds have established offices in London to run their investments and businesses directly and smoothly; therefore, it is commendable that Kuwait follows the footsteps of these major funds by setting its own investment office in the heart of London's financial district, also known as the "Square Mile." Kuwait's investment office has recorded series of successes in bringing in investments for both countries and promoting bilateral ties, Lord Gifford explained.
Diversifying investment and commercial activities is the right equation to creating solid economies for both Kuwait and the UK, he pointed out. He added that Kuwait has realized the grandeur of these investment opportunities by establishing its development plan of 90 billion GBP (roughly 37 billion Kuwaiti dinar) that would generate more income for the country.