Kuwait to Speed up with Foreign Ownership Law

Published May 6th, 2000 - 02:00 GMT

Kuwait said Saturday it "would move at a great speed to endorse regulations relating to the law on allowing foreigners to own shares in Kuwaiti companies".  

Speaking exclusively to the daily al-Rai al-Aam newspaper, quoted by official news agency (KUNA), Kuwaiti minister of commerce and industry Abdulwahhab al-Wazzan said after the law goes through constitutional channels, "the ministry will work round the clock until the regulations are adopted".  

"We are here not talking about months, but weeks, because we are keen not only on allowing foreigners to own shares, but also to do whatever it takes to enhance the economy, bolster confidence in it, encourage the private sector and liberate it from restrictions," he stressed.  

Al-Wazzan said that endorsing the regulations would not start from the drawing boards, but would rely on previous documents and proposals that were studied by a specialized committee.  

He said that the surge in the bourse's performance last Wednesday in reaction to statements by First Deputy Premier and Foreign Minister Sheikh Sabah Al-Ahmad Al-Sabah on the unceasing work to jump-start the economy, along with endorsing the law "motivates us all to exert more effort be that in relation to endorsing the required laws or decisions and measures needed by the various economic activities".  

Meanwhile, the kuwait stock exchange (kse) index surged by 51.5 points last week, or 3.7 percent, while other market indices witnessed remarkable improvement.  

KUNA quoted analysts as saying that the market would continue its upward trend, as most companies achieved good profits for the first quarter of 2000 and the government and parliament continue to cooperate towards endorsing economic laws as soon as possible – Albawaba.com 

© 2000 Al Bawaba (www.albawaba.com)

You may also like