Kuwait may allow foreigners 100% ownership of businesses
RIYADH: Kuwait may allow foreigners full ownership of companies in a push to attract more investments and boost the economy, Arab News reported.
Abdullah Al-Sabah, deputy director general for investment operations at Kuwait’s Direct Investment Promotion Authority, highlighted the possibility of such a move in an interview.
Al-Sabah said in the last five years Kuwait managed to attract one billion dinars ($3.3 billion) worth of investments in different sectors, particularly technology, health and procurement.
The authority is also working on the creation of four border economic zones to encourage foreign direct investments, he said.
The economic zones will enable Kuwait to achieve growth and expansion of the country’s GDP base, as the target value of the total investment in these areas after four years is estimated at 322 billion dinars (more than a trillion dollars).
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