Private sector in Kuwait shows upturn
The newspaper obtained a copy of the statistics, stating that the number of company branches reached 35,360 while the number of service providers in the private sector totaled 371.
The statistics also confirmed that 25,840 companies are under investigation, 6,613 have expired licenses; one company was closed and three are unlicensed.
The total number of companies -- including those operating, under study, closed, and unlicensed -- reached 208,220.
A source from the Ministry of Finance (MoF) confirmed that the increase in the number of private companies in recent years is the fruit of governmental efforts to support the private sector.
The source stressed that the ministry is intensifying efforts, in coordination with other ministries, to diversify sources of income by allowing the private sector to contribute to the realization of development objectives.
The source indicated that the ministry provides numerous services to the private sector; such as supporting the salaries of national workers, removing companies that demonstrate good faith from the blacklist, and continuing to amend laws to better serve the private companies, encourage investment and attract foreign capital.
The source added that one of the most important policies of the ministry at present is opening doors for the private sector to be a partner in economic development, in line with Kuwait Vision 2035 and as per the directive of His Highness the Amir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah Al-Sabah to push the private sector forward.
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