Canadian direct investment into Kuwait: Strengthening bond

The Canadian Ambassador to Kuwait Martine Moreau visited Sheikh Dr Meshaal Jaber Al-Ahmad Al-Sabah, Director General of KDIPA at KDIPA Headquarters to acknowledge the Authority’s recent approval of an investment license to Canadian healthcare consulting firm MMI Montreal Medical International Inc. (MMI). The meeting served to acknowledge KDIPA’s central role in rendering this achievement possible. Ambassador Moreau was accompanied by Senior Trade Commissioner Tammy Ames, and Trade Commissioner Raed Bishara.

Under the Foreign Direct Investment Law No 116 regarding the Promotion of Direct Investment into Kuwait by foreign firms, MMI is now considered a local company with 100 percent foreign ownership. It is also the first Canadian healthcare company to achieve such a milestone under the laws of the State of Kuwait. MMI’s core activities will be dedicated to the training of healthcare professionals in both the public and private sectors in the State. This will include the transfer of knowledge and international best practices and standards in medicine, nursing and the allied health disciplines, as well as consulting, advisory and project management services.

Ambassador Moreau expressed her enthusiasm and support for value added Canadian direct investment into Kuwait, exemplified in the approval of MMI as well as the establishment of an increasing number of Canadian companies in the state. As Canadian entities begin to establish themselves and expand their client base by securing new projects, hundreds of jobs and new positions for Kuwaitis will be created, which will help to simulate the local economy.

Canadian-Kuwaiti bilateral relations, dating back many decades, are strengthened by institutions such as KDIPA, whose dedicated personnel, under the leadership of Sheikh Dr Meshaal, are playing a historic role in the creation of a more sustainable - and competitive - business environment in Kuwait by facilitating the transfer of talent, know-how and technology from G7 nations such as Canada, into the local market.

Meanwhile, MMI enlisted the support of advisory firm Pricewaterhouse Cooper’s Al Shatti and Company under the leadership of the Tax Partner Sherif Shawki Abdel Fattah and his team, for facilitation of the application process.