Chairman of the Kuwaiti Business Council in Dubai and the Northern Emirates, Firas Al Salem

KUWAIT CITY, May 13: The Kuwait Business Council in Dubai and the Northern Emirates (KBC) plays a pivotal role in supporting over 1,800 Kuwaiti companies operating across the UAE, excluding those in special financial zones like the Dubai International Financial Centre and Abu Dhabi Global Market. Established in May 2016 under the umbrella of the Dubai Chamber, the KBC serves as a non-profit organization dedicated to enhancing the presence and success of Kuwaiti businesses in the UAE. 

Firas Al-Salem, Chairman of the KBC, emphasized the council’s commitment to facilitating the growth of Kuwaiti enterprises by providing essential services and fostering strong relationships with UAE authorities. The council collaborates with various government agencies, including the Dubai Chamber of Commerce and Industry and the Ministry of Economy, to address challenges faced by Kuwaiti investors and to raise awareness about the support available through the council.

Kuwait’s investments in the UAE have surpassed $55 billion, with significant contributions in real estate, financial markets, and commercial sectors. The UAE hosts over 44,000 Kuwaiti investors in its financial markets and more than 22,000 in real estate, with these numbers continuing to grow annually. The favorable legislative environment, proactive government efforts, and successful economic diversification in the UAE have made it an attractive destination for Kuwaiti investments. 

The KBC’s activities encompass a wide range of sectors, including ground services at airports, retail, healthcare, hospitality, real estate development, financial markets, and financial services. Notably, Kuwaiti banks maintain a presence in the UAE through branches and representative offices, with expectations for further expansion, particularly in wealth and capital management services.

To support its members, the KBC offers three types of membership tailored to different segments of Kuwaiti society. Memoranda of Understanding (MOUs) have been signed with relevant authorities to facilitate account opening for Kuwaiti citizens, students, and startups expanding in the UAE. Additionally, the council collaborates with the Dubai Chamber’s Arbitration Center and Business Development and Attraction Center to provide incentives for Kuwaiti companies investing in the UAE.

The KBC also works closely with the Sharjah Investment Authority to present investment opportunities to the Kuwaiti private sector interested in the emirate. Furthermore, the council has agreed to support student membership to facilitate the inclusion of the Kuwaiti student community, recognizing their integral role in Kuwaiti society.

Al-Salem highlighted the importance of agreements between Kuwait and the UAE, such as the prevention of double taxation and customs agreements, in reducing the tax burden on companies and promoting economic cooperation. The KBC continues to advocate for policies that enhance the business environment and support the interests of Kuwaiti investors in the UAE.

Established as the first of its kind for Kuwaiti business communities abroad, the KBC aims to enrich the experiences of Kuwaiti companies in Dubai and the Northern Emirates, enhancing expertise, opportunities, and relationships. The council remains dedicated to facilitating the growth and success of Kuwaiti businesses in the UAE, contributing to the strengthening of economic ties between the two nations.

World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala, (left), shakes hands with Japan’s Prime Minister Shigeru Ishiba at the latter’s office in Tokyo on May 13. (AP)

TOKYO, May 13, (AP): Global free trade is in crisis, the head of the World Trade Organization chief said Tuesday while meeting Japanese Prime Minister Shigaru Ishiba on Tuesday. Ngozi Okonjo-Iweala, director-general of the World Trade Organization, told Ishiba that she has high expectations for Japan as a champion of open markets as US President Donald Trump disrupts world commerce with his fast-changing tariffs and other policies.

“Trade is facing very challenging times right now and it is quite difficult,” she said. “We should try to use this crisis as an opportunity to solve the challenges we have and take advantage of new trends in trade.” Japan, as “a champion of the multilateral trading system” must help maintain, strengthen and reform the WTO, the Japanese Foreign Ministry cited her as saying.

They met a day after the United States and China said they had agreed to slash recent sky- high tariffs for 90 days to allow time for negotiations. Japan is among many countries yet to reach a deal with the Trump administration on hikes to US tariffs, including those on autos, steel and aluminum. The WTO played a pivotal role in past decades as the US and other major economies championed the trade liberalization that facilitated the growth of global supply chains, many of which are anchored in China.

By dismantling many protectionist barriers to trade, it has aided the ascent of Japan and China, and many other countries, as export manufacturing hubs. Since taking office for a second time, Trump has prioritized higher tariffs to try to reduce U.S. imports and compel companies to locate factories in the United States, doubling down on a trade war that he launched during his first term.

The two leaders agreed that WTO member countries should unite to restore the organization’s capacity to address challenges. Okonjo-Iwaela was visiting Japan to strengthen cooperation between Japan and the WTO to maintain and reinforce the multilateral trading system, Japanese officials said. She also was scheduled to meet with Foreign Minister Takeshi Iwaya, Finance Minister Katsunobu Kato and Economy, Trade and Industry Minister Yoji Muto.

Chinese President Xi Jinping, (left), is greeted by Chilean President Gabriel Boric, (center), after delivering his opening speech for the Fourth Ministerial Meeting of the Forum of China and Community of Latin American and Caribbean States in Beijing on May 13. (AP)

TAIPEI, Taiwan, May 13, (AP): China is moving to strengthen its alliances with other countries as a counterweight to President Donald Trump’s trade war, presenting a united front with Latin American leaders a day after China and the US agreed to a 90-day truce in their tariffs stalemate. China’s leaders have positioned the world’s second-largest economy as a reliable trade and development partner, in contrast to the uncertainty and instability from Trump’s tariff hikes and other policies.

On Monday, Beijing and Washington announced their breakthrough on tariffs after weekend talks in Geneva, Switzerland, where they agreed to cut sky-high import duties on both sides for 90 days to allow for negotiations. Still, Beijing’s ire over the trade war remains apparent. Speaking to officials from China and Latin America on Tuesday, Chinese leader Xi Jinping reiterated Beijing’s stance that nobody wins a trade war and that “bullying or hegemonism only leads to self-isolation.”

Having moved to defuse antagonisms with the US, Xi said China stands ready to “join hands” with Latin countries “in the face of seething undercurrents of pure political and bloc confrontation and the surging tide of unilateralism and protectionism.” “There are no winners in tariff wars or trade wars,” Xi said, reiterating a phrase China has used repeatedly when referring to Trump’s policies.