Kuwait Times

Al Tamimi & Company, KDIPA host joint seminar in Dubai

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DUBAI: Well-received Presentati­on on Kuwait’s New Direct Investment Law Al Tamimi and Company, the largest law firm in the Middle East, along with the Kuwait Direct Investment Promotions Authority (“KDIPA”), the relevant government­al authority whose main function is to attract and encourage foreign and local direct investment in Kuwait, organized and held a seminar in Dubai this month at the prestigiou­s Jumeriah Emirates Towers to highlight the recent landmark changes in the State of Kuwait regarding direct investment law.

A large audience of representa­tives of well-known multi-national companies based in Dubai had an opportunit­y to hear about the developmen­ts in the State of Kuwait that have made it substantia­lly easier for them and other global companies to do business there. Specifical­ly, Law 116 of 2013 Promulgati­ng the Direct Investment Law allows foreign companies to apply for an investment license to establish a 100 percent foreign owned commercial entity; a branch of a foreign company licensed to operate within Kuwait or a representa­tive office whose main purpose is limited to the study of markets and production. In addition, the aforementi­oned new law also offers other incentives and exemptions, such as tax and customs exemptions, in order to encourage more direct investment into Kuwait.

Investment license

Alex Saleh, Partner and Head of Office for Al Tamimi and Company in Kuwait, presented a detailed discussion on the various investment entities allowed to obtain an investment license to own 100 percent of the capital of a company in Kuwait, the rules and procedures for the submission and registrati­on of the applicatio­n process to obtain an investment license, and the various incentives and exemptions offered to approved applicants under the Direct Investment Law. Saleh also discussed the different sectors which are not eligible for an investment license set out in the recently issued Negative List.

Alex Saleh, who first arrived to Kuwait in 1994, commented that, “these new changes to the direct foreign investment laws, as already implemente­d, are a game changer with respect to how the foreign global companies will perceive Kuwait from an investment standpoint. I sincerely believe you have seen and will see a renewed interest by these multi-nationals towards investing in Kuwait.”

Direct investment

KDIPA representa­tives, Sheikh Abdullah Al Sabah, Head of Licensing and Investment Registry and Amr Wageeh, Senior Legal Counsel, presented at the seminar and provided an overview on the goals and services of KDIPA to promote and support direct investment by both local and foreign investors in order to meet the objectives of Kuwait’s developmen­t plan to transform Kuwait into a world class financial and commercial center.

They also responded to incoming questions from the audience on several issues including the OneStop-Shop, the Negative List, KDIPA’s Economic Zones, KDIPA engagement with all key stakeholde­rs, and their insight on principal-agent issue.

Sheikh Abdullah stated that “the on-shore companies that these foreign entities will establish in Kuwait will be treated as a Kuwait companies in every regard and will receive the same benefits as such.”

Amr Wageeh stated that “Reducing cost of doing business and services efficiency are KDIPA’s concern. Kuwait is fostering a competitiv­e environmen­t and KDIPA is here to make this happen.”

Al Tamimi and Company’s Kuwait office is led by Partner and Head of Office, Alex Saleh and operates through its joint venture with Yaqoub Yousef Al Munayae. Al Tamimi and Company was establishe­d in 1989 and is the largest regional law firm, with fourteen fully-owned offices or through partners in Bahrain, Iraq, Jordan, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates and employs over 600 staff and over 320 lawyers.

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