‘Kuwait must do more to accommodate fresh businesses and entrepreneurism’
Expat accountants prevented from travelling over ‘probe’
A new generation of gamers gets introduced to the mighty Neo Geo system.
One of the shops selling good old retro video-games.
Old generations of Gameboys. KUWAIT CITY, July 23, (KUNA): Kuwait needs to do more to accommodate fresh businesses and entrepreneurism, and provide a lucrative environment for smart specialisations and fresh businesses with a global impact, a report said on Sunday.
The report, conducted by Berkeley Research Group amid a consultancy endeavor commissioned by Kuwait Foundation for the Advancement of Science, was aimed at identifying commercial and strategic considerations entrepreneurs are faced with ahead of launching their businesses.
Entrepreneurs do not lack adequate funding, but rather, lack the practical know-how and the assistance required to create a business and target an appropriate customer.
They also lack guidance and training which leads to naive mistakes, the report added.
About the Kuwaiti market, the report highlighted that Kuwait has a rich consumer society, with a high purchasing power, giving it a strong competitive advantage.
This advantage, said the report, provides entrepreneurs with huge opportunities to test their new services and validate their commercial concepts, ahead of introducing these businesses to the outside world. The report highlighted red tape and delays spent over paperwork and approvals as other fundamental difficulties facing entrepreneurs in Kuwait.
The Public Prosecution has issued decisions to prevent dozens of expatriate accountants from traveling due to ongoing investigations on several issues related to infringement of public funds, reports Aljarida daily quoting informed sources.
They explained that the State Audit Bureau had earlier reported financial irregularities within the ministry concerning payment of dues to pharmaceutical companies despite expiry of their contracts, as well as suspicions over some contracts with foreign institutions.