ALBAWABA- In a significant move, the Kuwaiti government announced the signing of a memorandum of understanding with the United Kingdom to foster investment partnerships.
This accord materialized during the visit of Kuwait's Crown Prince, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, to London. As per the Kuwait News Agency (KUNA), the agreement was inked by Kuwait's Minister of Oil and Minister of State for Economic and Investment Affairs, Saad Hamad Al-Badah, and the UK's Minister for Investment, Lord Dominic Johnson.
The memorandum was formalized in the presence of both the Crown Prince and the UK Prime Minister, Rishi Sunak, marking an integral facet of the Crown Prince's official London trip.
The UK Prime Minister reiterated the strength of their historical ties spanning more than a century and expressed anticipation for further collaborative endeavors. The Crown Prince's visit also encompassed the commemoration of the 70th anniversary of the Kuwait Investment Office's establishment in London.
The Kuwait Investment Office, founded in 1953, stands as the world's first sovereign wealth fund and plays a pivotal role as the primary arm of the Kuwait Investment Authority, overseeing about 30% of the Authority's assets and funds, valued at around $738 billion in 2022.
