Kuwait's government amends expats property ownership rules
These experts confirmed to the newspaper that the decision will contribute to the development of investment in the real estate sector, and achieve economic and social development goals in a way that benefits the local economy by attracting more foreign investments and providing job opportunities for Kuwaitis.
The Real Estate Union said the decision was issued in appreciation of the nature of economic life, its variables and the dynamics of change it requires; thus, enabling it to address a sterile situation that has harmed companies listed on Boursa Kuwait, as it prevented them from owning real estate properties and engaging in commercial activities as per their founding contracts and basic systems. It added that the decision will solve this complex and important problem, and prevent damages and dire consequences.
Head of the union Ibrahim Al-Awadhi revealed that listed companies in general, and real estate companies in particular, were unable to buy or sell real estate properties and transfer ownership through the Real Estate Registration Department at the Ministry of Justice due to the presence of foreign owners among their shareholders for the past five years.
He said this is considered an unjustified disruption in their work and a clash with the reality imposed by previous laws that were not implemented at the time and a step backwards in the State's efforts to attract and encourage foreign capital to participate in such types of investments.
Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info).
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