Articles by Passant Hisham

Business

Kuwait’s investments in Oman top $3.27 bn; ties reach ‘advanced levels’ | Kuwait Times Newspaper

KUWAIT: Kuwait’s direct investments in Oman reached around $3.272 billion by the end of the first quarter of 2025, the Omani Ambassador to Kuwait, Dr Saleh Al-Kharousi, stated on Sunday during the Sultanate’s National Day celebration in Kuwait. He said the growing economic partnership reflects “the advanced levels” that Omani-Kuwaiti relations have achieved in recent years. Speaking at the ceremony, the ambassador described the bilateral relationship as “a regional and international model of integration and partnership,” strengthened at both the official and popular levels. He noted that this close cooperation is most evident in the economic field, where trade volumes have risen sharply. According to the ambassador, trade exchange between the two countries reached nearly $5 billion in 2024, almost double the figure recorded in 2023. During the first half of 2025 alone, the volume of trade amounted to approximately $2.3 billion, further underscoring what he called the “strong momentum” in economic ties. He added that this year also witnessed important cultural cooperation, most notably the selection of Oman as the guest of honor at the 48th Kuwait International Book Fair held from November 19 to 29, 2025. The ambassador praised the deep-rooted relationship between Oman and Kuwait, describing it as “close and distinguished.” He emphasized that the bond continues to flourish under the guidance of His Majesty Sultan Haitham bin Tariq and His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah. He highlighted the visit of Sheikh Meshal to Oman on October 14, 2025, where he met with Sultan Haitham as part of efforts to expand bilateral cooperation across various sectors, noting that the visit reflected “a shared commitment to elevating cooperation to new horizons.” The ambassador also reiterated Oman’s long-standing diplomatic approach, which is based on “positive neutrality, balance, dialogue, and respect for the UN Charter and international law.” He stressed that Oman continues to call for dialogue, the de-escalation of regional tensions and the peaceful resolution of disputes without interference in the internal affairs of states. On regional issues, he reaffirmed Oman’s unwavering support for the legitimate rights of the Palestinian people to establish an independent state on the June 4, 1967 borders with East Jerusalem as its capital. “The two-state solution remains the only just and viable path to a comprehensive and lasting peace,” he said, warning that anything short of that would be “temporary and insufficient” to achieve stability. Turning to domestic progress, the ambassador said Oman is moving steadily under the leadership of Sultan Haitham toward the goals of Oman Vision 2040, which aims to build a diversified economy, a prosperous society, and modern, effective institutions. The year 2025, he noted, witnessed significant steps in economic modernization, including improved public spending efficiency, an upgrade of Oman’s credit rating to investment grade, and new international agreements supporting innovation and entrepreneurship. He concluded by affirming Oman’s commitment to strengthening cooperation with Kuwait and contributing to regional peace and development.