29 October 2015: Kuwait Direct Investment Promotion Authority (KDIPA) participated in the Seminar on Legislation regarding the Promotion of Direct Investment in Kuwait, organized by ASAR – Al Ruwayeh & Partners, Attorneys & Legal Consultants, on Tuesday October 27, 2015, at J. W. Marriott Kuwait. Mr. Ahmed Barakat, Managing Partner at ASAR – Al Ruwayeh & Partners, Kuwait, gave the seminar opening remarks. He welcomed the audience, made of law firms, investment and consulting companies, and local banks, explaining the objectives behind convening such an event. Sheikh Dr. Meshaal Jaber Al Ahmad Al Sabah, Director General of KDIPA provided the Key Note Address. He gave a quick narrative on how the new FDI draft law No. 116 of 2013 was developed and passed, and the aim ofit. Mr. Luis Cunha, Senior Associate, ASAR provided an overview highlighting main features of the new law, its executive regulations, and the procedures at KDIPA for the issuance of investment licenses, the facilities KADPA provides. He also referred to the current role of account managers at the Investors Service Centre, which will be the future One Stop Shop as required by this law. He further touched upon offered incentives and exemptions, and in particular shed light on the new Tax Credit methodology for granting tax exemption. Mr. Cunha explained the “negative list”, issued by the Council of Ministers, which refers to the economic activities, which is not subject to the provisions of Law No. 116 of 2013. At the conclusion of the seminar, a panel discussion held that tackled the main challenges that the previous Law no. 8 of 2001 encountered and necessitated the introduction of Law No. 116 of 2013. Other inquiries covered included issue the land availability and allocation, how to implement the new mechanism of Tax holiday, and future of new obligation under Kuwait offset program that was recently terminated by the Council of Ministers.
