As part of a study in which KuwaitBC participated for the Kuwait Foundation for the Advancement of Sciences

Kuwait: A study conducted by the Berkeley Research Group for the Kuwait Foundation for the Advancement of Sciences and funded by KAMCO, revealed that Kuwaiti start-up companies targeting global markets and expansion, find Dubai to be an ideal platform from which to launch. Companies are able to take advantage of the emirate’s dynamic ecosystem, which provides a host of facilities and incentives for entrepreneurs and Gulf companies. The findings were revealed as part of a discussion panel held at the Kuwait Chamber of Commerce to launch the “Cluster of Innovation Framework Study: Kuwait” with the participation of the Kuwaiti Business Council in Dubai and the Northern Emirates (KuwaitBC).

Saad Al Rubaiaan, Chairman of Kuwait Business Council, said that the KuwaitBC's participation in this study is a continuation of its role in building a knowledge base related to the business community including companies and individuals. The KuwaitBC participated in several phases of the study by hosting a workshop and holding interviews with several Kuwaiti entrepreneurs, in addition to providing official data and statistics issued by the concerned government agencies.

Al Rubaiaan said in his contribution to the discussion panel that the Kuwaiti entrepreneur in Dubai, despite the facilities available to him, does not benefit from social insurance and pension programs, which means that any entrepreneur based here would be deprived of registering years of service, even though the law does not prevent this. However, an administrative and legal framework is required to bridge the gap and activate the relevant laws on this matter. Al Rubaiaan said that the Kuwaiti Business Council has adopted this issue through conducting specialized studies on the needs of entrepreneurs, most notably those related to social and insurance allowances.

Al Rubaiaan also pointed out that the presence of Kuwaiti businessmen in the UAE and Dubai in particular dates to the first decade of the 20th century, with Murshid Al Osaimi being one of the first traders to settle in Dubai and contributed to its early development, so that one of the emirate’s oldest markets still bears his name; Souq Murshid.

Al Rubaiaan highlighted that Kuwaiti companies and entrepreneurs have a reputation for creativity and innovation, with many Kuwaiti companies being active in various real estate, retail and technology sectors. The list of Kuwaiti companies operating in the UAE, includes a long list of prominent names.

The "Cluster of Innovation Framework Study: Kuwait" study revealed many outputs and recommendations based on scientific analysis of data and direct interviews. The full study is available through the official website of the Kuwaiti Business Council in Dubai (www.KuwaitBC.ae).

About the Kuwait Business Council in Dubai

The Kuwait Business Council was established in May 2016 as an independent non-profit organization under the umbrella of Dubai Chamber to enhance economic cooperation, trade and commerce between the business communities of Kuwait, Dubai, and the Northern Emirates (Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah, and Fujairah). The Council was founded by number of Kuwaiti companies and entrepreneurs from several business sectors in the Emirates. It is the first of its kind business council outside of Kuwait.

© Press Release 2017