KUWAIT-- Kuwait attracted direct foreign investments (FDI) of up to KD 206.9 million (USD 675 million) from the period starting in April 2023 to March 2024, according to a report released by the country's direct investment authority.

The fresh investments have upped the cumulative figure since the inception of Kuwait Direct Investment Authority (KDIPA) back in January of 2015 up until March of this year to KD 1.7 billion (USD 5.55 billion), the report said.

The investments were "generated by 95 licensed entities from 34 different countries," the report showed, citing "focus" on the services sector, Information Technology, in addition to oil and gas services and construction and infrastructure, the KDIPA report showed.

It went on to say that the "economic impact" from the licensed investment entities has led to a 16-percent increase in cumulative spending in the domestic economy of approximately KD 924.1 million, propped up by local goods and services, which include advanced technological devices and equipment, added the report.

On efforts to accelerate a national digital transformation, KDIPA said it marked several "milestones" in activities related to digital transformation, investment promotion, talents nurturing and sustainability, all of which led to the completion of necessary "digital infrastructure," the report highlighted.

Kuwait's investment authority has managed to "strengthen" its presence in the international arena by being elected, for the first time, as vice president of the global association of global investment bodies, WAIPA, thanks to its prominent external events to showcase latest economic developments in Kuwait, it said. 

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