Kuwait Times

Kuwait - The Public Authority for Industry (PAI) finished renewing lease contracts for investors within the free trade zone in Shuwaikh, pending procedures to transfer authority over the area to Kuwait Direct Investment Promotion Authority (KDIPA) to be run and developed on par with international standards.



KDIPA will restructure the zone’s commercial, service and investment licenses, in addition to licensing some restaurants, travel agencies and hot beverage bars as stipulated in ministerial decision number 575/2013, which allows including publicity, ads, interior design, postal services, shipping, navigation, a hotel, and hotel apartments in no more than two percent of the free zone’s total area.



Notably, Kuwait Chamber of Commerce and Industry had presented a memo to the free zone’s committee on Jan 10, 2016 titled ‘Free Zones in a Changing World,’ explaining that the main purpose of free zones should remain economically developmental and that they should be able to attract investors.





KD 2.2 billion



A government document released yesterday showed that the oil sector had signed 586 contracts during the fiscal year 2016-2017 of a total value of KD 2.2 billion. The document also showed that the total number of contracts including commissions was 211, with a total value of KD 1.3 million. The document showed that Kuwait Petroleum Corporation (KPC) had the lion’s share of the contracts, signing 321 contracts of a total value of KD 92 million, 171 of them including commissions.



