Foreign investments in Kuwait grew 2.6% year-on-year in 2017, according to a survey issued by Kuwait’s Central Statistical Bureau on Monday.
The Gulf nation’s foreign investments surged by KWD 195.4 million to KWD 7.65 billion ($25.2 billion) in 2017, marking the highest level in five years, up from KWD 7.455 billion a year earlier, the state-run statistics agency said.
Foreign direct investment (FDI) accounted for 40.6%, or KWD 3.105 billion ($10.2 billion), of the total value of Kuwait’s investments in 2017.
The GCC country’s FDI rose 1% year-on-year in 2017, from KWD 3.07 billion ($10.1 billion).
The telecommunications sector accounted for 38.4% or KWD 1.19 billion of overall FDI, followed by the investment sector with 27.4% or KWD 852 million, while the industrial companies made up 12.4% or KWD 386.2 million.
Qatar topped foreign investors in Kuwait with KWD 1.246 billion, down from KWD 1.326 billion in 2016 and KWD 1.314 billion in 2015.
Saudi Arabia came in the second position with KWD 328.9 million, followed by Bahrain, the UAE and Oman with KWD 296.6 million, KWD 288.9 million and KWD 152.8 million, respectively.