Kuwait will establish a government authority to promote foreign investment into the country as it moves towards diversifying its economy.
The oil-reliant country has the lowest foreign direct investment (FDI) of all the six Gulf Cooperation Council members.
Less than $2trn was invested in the country in 2010, according to analysts Index Mundi, based on figures from the International Monetary Fund (IMF) and other sources.
Kuwait, which relies on oil for majority of its revenue, is heading towards its first budget deficit in 2017 unless it diversifies its economy, the IMF has forecast.
The new authority, to replace the Foreign Investment Office, will be managed within the Ministry of Commerce and Industry and aims to improve legal and economic conditions to entice foreign investors to Kuwait, according to Kuwait Times.For all the latest business 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.
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