This Practice Note provides an overview of the significant changes brought about by 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. Kuwait Law No. 1/2024 marks a fundamental shift in Kuwait's approach to foreign investment and commercial operations, particularly concerning the operations of foreign companies and public tender processes in Kuwait. The principal legislation addressed is Kuwait Law No. 1/2024, which amends key aspects of Kuwait Decree-Law No. 68/1980 On the Promulgation of the Commercial Transactions Law and Kuwait Law No. 49/2016 On Public Tenders.

• Public tenders: Relates to the procedures and regulations for public procurement under Kuwaiti law.

• For foreign companies looking to establish a presence in Kuwait, it is no longer mandatory to have a local Kuwaiti partner owning at least 51% of the capital.

• In public tenders, foreign companies are now treated equally with Kuwaiti entities, eliminating previous biases and fostering a more competitive market.