The Kuwaiti government should accelerate the privatisation of partially government-owned co-op society stores to avoid competing with the private sector, according to Mohammed Alshaya, the executive chairman of the Alshaya Group of companies.
Speaking at the Gateway Gulf Investor Forum in the Bahraini capital of Manama on Wednesday, Alshaya cited Bahrain as an example that Kuwait should follow when it comes to the encouragement of private sector businesses.
“This is an environment where Bahrain is helping start businesses, and not competing with them,” he said. “My country [Kuwait] has businesses that compete with the private sector,which they [the Kuwaiti government] are trying very hard to privatise. We want them to privatise.”
As an example, Alshaya pointed to Kuwait’s government backed co-ops and co-operative consumer societies, which constitute a large portion of the country’s retail and consumer goods sector.
“Where else are there co-ops? We should have supermarkets, [rather than] co-ops. Every co-op has a board of directors. Every single one,” he said.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.