Non-Kuwaitis permitted to own local banking stocks
Al-Hayat reported on September 10th, that the Kuwaiti Minister of Commerce and Industry, Abdul-Wahhab Al-Wazzan, has recently issued a new ruling, which permits non-Kuwaiti investors to own and exchange banking shares.
However, foreign investors must receive approval from the Kuwaiti Central Bank if they wish to purchase more than 5 percent of a local bank’s capital. Furthermore, in order to possess more than 49 percent of a bank’s total capital, these are required to obtain special permission from the Kuwaiti cabinet. –(Albawaba-MEBG)