Kuwait may allow foreigners 100% ownership of businesses, official tells Al-Arabiya

RIYADH: Kuwait may allow foreigners full ownership of companies in a push to attract more investments and boost the economy.

Abdullah Al-Sabah, deputy director general for investment operations at Kuwait’s Direct Investment Promotion Authority, highlighted the possibility of such a move in an interview with Al-Arabiya on Sunday.

Al-Sabah said in the last five years Kuwait managed to attract 1 billion dinars ($3.3 billion) worth of investments in different sectors particularly technology, health and procurement.

He said the authority is also working on the creation of four border economic zones to encourage foreign direct investments.

Economic zones will enable Kuwait to achieve growth and expansion of the country’s GDP base, as the target value of total investment in these areas after four years is estimated in 322 billion dinars (more than a trillion dollars).