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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.
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