Revolutionising Business for International Investors (English/Arabic)
Overview
Kuwait has made a significant stride towards economic liberalisation with the enactment of Kuwait Law No. 1/2024 On Amending Article 24 of Kuwait Decree-Law No. 68/1980 on Promulgating the Commercial Law and Article 31 of Kuwait Law No. 49/2016 on Government Tenders. This groundbreaking legislation, aimed at revising commercial operations and public tender norms, marks a substantial shift in Kuwait's approach to foreign investment and competition in the public sector.
Practical Guidance
Key changes under Kuwait Law No. 1/2024
Facilitation of foreign company operations: Kuwait Law No. 1/2024 removes the requirement for foreign companies to have a local Kuwaiti partner owning at least 51% of the capital to establish branches or conduct business in Kuwait. This change signifies a major deviation from previous constraints and allows foreign entities to operate more freely in the Kuwaiti market.