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KUWAIT – Allowed 100% foreign-owned companies in the country

KUWAIT – Allowed 100% foreign-owned companies in the country

Fewer restrictions for foreign investment in Kuwait. That is the aim of the new law on Foreign Direct Investment (FDI), which makes the authorisation process for 100% foreign-owned companies less complex.

The Kuwait Direct Investment Promotion Authority (KDIPA), which replaces the Kuwait Foreign Investment Bureau (KFIB), is the body tasked with promoting inward investment. Licenses for foreign investors will be granted after careful assessment of the project’s impact on the local economy. This evaluation will include various parameters, including the transfer of technology and know-how, job creation, the provision of training programmes for Kuwaiti workers, the use of local products and services, the investment’s contribution to increasing Kuwait’s exports, and support for local small and medium-sized enterprises.

Under the new law, there will be no limits to the repatriation of capital, while land for the construction of business premises will be provided by the KDIPA. Lastly, the Kuwaiti authorities will be responsible for building the road, electricity and water infrastructure required to enable the enterprises to function properly.

Source: Diplomazia Economica Italiana