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Tuesday, 24 November 2009 02:31 UAE time

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Kuwait officials work on new Companies Law

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Thursday, 15 October 2009
NEW LAW: Kuwait is working on new legislations for companies to abide to in the Gulf state.
NEW LAW: Kuwait is working on new legislations for companies to abide to in the Gulf state.

Kuwait is mulling plans to develop a new Companies Law to update its current legislation that was issued nearly 50 years ago.

Ahmad Al-Haroun, the Gulf state's Minister of Commerce and Industry, said a ministerial team was working on developing the new law, of which there was a "dire need".

Al-Haroun said the current Companies Law was issued in 1960 and new legislation was needed "to cope with ongoing development of companies' systems in order to achieve economic development".


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In comments published by KUNA News Agency, he said the new law would better organise relations between companies, auditors and supervising authorities.

Al-Haroun also said he hoped plans for the Finance Market Authority would "see light very soon".

The authority's draft law was approved by the finance committee at the parliament and would soon be tabled for voting, he added.

Al-Haroun said the Emir Sheikh Sabah Al-Ahmad Al-Sabah was "personally interested" in seeing the authority established as soon as possible to "ultimately transform Kuwait into a regional financial and commercial hub".

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