KD 154 million to establish ‘Abdali Warehouses Company’
KUWAIT: At a time when the government is preparing two decisions about increasing state property fees and gas prices, it also agreed to establish a new shareholding company to run a planned free trade zone and sites allocated for customs’ warehouses in Abdali to the North of Kuwait, said high-ranking ministerial sources.
The sources explained that the cabinet agreed during its meeting Monday to allocate the KD 154 million as initial founding capital, out of a total capital of KD 610 million, to complete the executive phases of establishing the new company in four steps.
The sources added that according to a law approved by the cabinet, 50 percent of the company’s shares will be owned by Kuwaiti citizens through an initial public offering, 26 percent by a strategic partner and 24 percent for the government. The cabinet also asked the finance minister, the Investment Authority and the Ministry of Commerce and Industry to take the needed measures concerning rent values, lease contracts’ duration and the requirements of running the free trade zone. — Al-Anbaa