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The Kuwaiti government on Sunday announced that it is setting up a special fund for investing in the region’s burgeoning technology sector.

His Highness the Kuwaiti Amir Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah, the Deputy Prime Minister in the Kuwaiti government officially confirmed the new initiative during his speech at the Arab Economic Summit 2019, held in Beirut. The size of the new fund is $200 million and it doesn’t include the existing financial support Kuwait is extending to the sector.

Hailing the move as an important step towards further bolstering the region’s digital economy, the Deputy Prime Minister stated that Kuwait is committed to funding up-and-coming businesses in the region. Worth mentioning here is that Kuwait has been an active supporter of the cause from as early In 2009 when His Highness the Amir allotted $500 million for aiding up-and-coming businesses in the region.

The Deputy Prime Minister highlighted that over the past decade, Kuwait has contributed to the region’s economy by creating around 437,000 jobs, as well as more than 7,000 Arab-made development projects.

Appreciating the Lebanese government’s hospitality and support throughout the event, Sheikh Sabah Al-Khaled urged participating nations to step forward and contribute towards turning the concept of an inter-Arab bank into a reality. The move, according to him, can go a long way in helping the Arab reconstruction and development initiative.