I've certainly never run across one of these before. Some cursory internet searches also came up blank.
In my limited research, the obverse appears to depict the Twin Minarets of Khamis mosque in Bahrain at right and; the Kuwait Towers a trio of towers in Kuwait City.
And... I'm not 100% sure on the reverse.
The medal was made by Thomas Fattorini in Birmingham in 1978. Given the Kuwait Towers were officially inaugurated in 1979 it would make sense that it was issued to commemorate the structures' inauguration.
Weight: 2 troy ounces
Composition: .925 silver