Introduction: COVID-19 pandemic imposed a massive impact on constrained healthcare resources especially Intensive Care Units beds. Nevertheless, few studies have explored direct medical costs of ICU admissions and the financial burden associated with them. Aim: Our aim is to estimate the average direct medical cost of COVID-19 admitted to ICU per patient and per diem as well as the associated financial burden. Methods: A stochastic financial model was developed in accordance with Kuwait Task Force guidelines for COVID-19 management in ICU. Results: Our results showed the average cost of COVID-19 patients admitted in the ICU per patient and per diem to be 16,471 KWD (53,354 USD) and 1,643 KWD (5,422 USD) respectively. While the financial burden over one fiscal year amounted to 15,795,830 KWD (52,126,239 USD). Conclusion: This estimate can guide policy makers, researchers and financial analysts to follow a data driven decisions in planning and budgeting healthcare resources for this concurrent event or similar future events.