Pro business legislation boosts Kuwait's credentials as destination for investment

“There has never been a better time for British companies either operating elsewhere in the Gulf or considering a Middle East expansion play,” said Frank Baker, the British Ambassador to Kuwait (pictured below).

Kuwait’s new foreign direct investment (FDI) law enables a shorter timeframe for processing investment applications down to thirty days, as well as new and improved regulation for establishing various forms of legal entities for direct investment. The new law also offers a greater synchronization with Kuwait’s other economic laws, improving transparency for investors in the country.
 
“Kuwait offers a number of incentives for British investment including allowing up to 100% foreign ownership as an exception to the commercial law in addition to a ten year exemption from corporate income tax for up to ten years. Taking into account the major development opportunities in Kuwait, the country is offering either total or partial exemption from customs duties on raw materials, semi-processed product and packaging materials to name but a few. For those seeking to invest in the country, the state offers help in allocating land and guidance on hiring foreign labour,” said Baker.
 
Commenting on the investment opportunity for Kuwait, Dr Meshaal Jaber Al Ahmad Al Sabah, chief of the Kuwait Investment Bureau, said: “Kuwait has a long track record of successful trade with the United Kingdom stretching back over 200 years through general trading, investment, education, tourism and defense led relationships which we hope to continue for another 200 years. It is our target to double UK-Kuwait trade to $4 billion by 2015 and we hope that after 60 years since the Kuwait Investment Office was set up in London and one month since the launch of the new Kuwait-UK Business Council will play a major role in making this happen.”