Kuwait's Central Bank will need to give permission in cases in which ownership will exceed five percent of the bank's capital
Foreign investors will now be able to own and trade in the shares of Kuwaiti banks', according to a new decision from the country's Ministry of Commerce and Industry.
According to the new rules, the Central Bank of Kuwait will need to give permission if ownership exceeds five percent of the bank's capital, according to a ministry statement.
The ministry statement added that the move comes after a number promotional tours abroad in which international investors inquired about the ease of doing business in the Kuwaiti market.
The statement noted that many of the foreign investors who approached the ministry identified a number of obstacles and restrictions imposed, such as the maximum percentage of non-Kuwaiti investors’ ownership in a single bank, which is not supported to exceed 49 percent of the bank's capital unless permission is given by the cabinet and the Central Bank.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.