In Coming Days Foreign Companies To Have 100 Percent Ownership In Kuwait

Kuwait has attracted international companies to set up businesses in the country with full ownership by these companies, such as IBM and Huawei, among others, said Minister of Finance Anas Al-Saleh on Tuesday.Kuwait is now a free trade zone, he said in a press statement on the sideline of the Euromoney Conference which kicked off here earlier today.He added that a number of Gulf countries have followed in Kuwait's footsteps, by enacting legislations inviting foreign capital with no strings attached.
 

Regarding the expected deficit in the nation's budget, the minister, who is also a deputy prime minister, said in the event that Kuwaiti crude oil price stabilized at USD 45 a barrel, the budget deficit would reach KD 8 billion, noting that a non-deficit budget required the oil price to be at least USD 73.Al-Saleh expected that the government would issue

KD-denominated bonds to address the deficit by the end of this year in all likelihood, noting that the government might have at a later stage borrow money from international markets to finance the deficit.
He further said that the bonds will be available to banks and to individuals, and that the selling of the bonds will be entrusted to banks in the country. 

 

SOURCE: IIK

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