Kuwait Plans to Amend Foreign Investment Law, Bureau Says

Kuwait intends to modify its foreign direct investment law this year as the Persian Gulf oil producer embarks on a $111 billion plan to modernize its economy, a government official said.

“Foreign investors coming to Kuwait find obtaining necessary licenses a very difficult and prolonged process, as well as getting land needed” for projects, Sheikh Meshaal Jaber Al-Ahmad Al-Sabah, head of the Kuwait Foreign Investment Bureau, said in an April 18 interview at the bureau’s offices in Kuwait City. “The proposed amendment should overcome shortcomings of the law. We hope it will be passed this year.”