Latest Kuwait News
New Companies Law underway in Kuwait
Kuwait is considering plans to develop a new Companies Law to update its current legislation, issued about 50 years ago.
The Minister of Commerce and Industry in the Gulf State, Ahmad Al-Haroun, said a ministerial team has been working towards framing the new law, which is urgently required.
The Companies Law which is currently in practice was issued in 1960 and new legislation was required to cope with the ongoing development of companies’ systems to achieve economic growth.
The new law will help in organizing better relations between companies, supervising authorities and auditors. The Finance Market Authority may also “see light very soon,” said Al-Haroun.
The draft law by the authority received approval by the finance committee at the Parliament and will be tabled for voting, he said.
The Emir Sheikh Sabah Al-Ahmad Al-Sabah is awaiting the establishment of the authority at the earliest, to “ultimately transform Kuwait into a regional financial and commercial hub,” Al-Haroun said.
Social Bookmarking
Read more news
> Labour Ministry embarks on pilot test for online transactions
> Metro project progressing to get operational by 2020
> Avenues Mall expansion may cater to small businesses
> Municipal Council grants approval for free zone in South Kuwait
> Barbecue in public places can draw KD1000 fine
> Cabinet approves privatization of Kuwait Airways
> Three-year work permits open to special medical professions
> Kuwait-Iraq flight services restored after 22 years
> Ambitious infrastructure projects in pipeline for Kuwait
> Kuwaitis investing more on foreign properties