Co-Chairman of the Russian-Kuwaiti Business Council visits Moscow

Chairman of “Fouad Al-Ghanim and Sons” Group of Companies and Co-Chairman of the Kuwaiti-Russian Business Council Mr. Fouad Al-Ghanim arrived in Moscow on November 22, 2007 for a two-day visit focused on economic relations and activities. During the visit Mr. Al-Ghanim discussed the creation of the Kuwaiti-Russian Business Council, as well as a number of issues in the bilateral economic relations with Mr. Yevgeny Primakov, President of the Chamber of Commerce and Industry of the Russian Federation. Mr. Al-Ghanim, whose Group of Companies is one of the largest transnational industrial groups, also met Chairman of JSFC “SISTEMA” and President of the Russian-Arab Business Council Mr. Vladimir Yevtushenkov. The parties discussed the investment climate in Russia and Kuwait, opportunities for investors in both countries, as well as a number of large-scale projects in construction, real estate, telecommunications, medicine, and hotel business, executed in both in Russia and abroad. Summing up the negotiations, the parties confirmed the necessity of expansion of the business cooperation between the Russian and Kuwaiti businessmen and the importance of the efforts to create the Kuwaiti-Russian Business Council.