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Arab Times
2 days ago
- Business
- Arab Times
New rule adds KD 150 fee to work permits and worker transfers
KUWAIT CITY, June 4: First Deputy Prime Minister and Interior Minister Sheikh Fahd Al-Yousef issued Ministerial Resolution No. 4 of 2025, amending Resolution No. 3 of 2024. The changes affect work permit procedures, worker transfers, and fees. The new resolution cancels Article Two of Resolution No. 3 of 2024, which exempted certain sectors from paying additional fees for work permits based on need and approval by the Public Authority for Manpower. With the cancellation of this article, all previously exempted entities must now pay an additional KD 150 fee for each work permit, whether for new employment or worker transfers. Entities affected include government-owned companies; hospitals, clinics, and healthcare facilities licensed by the Ministry of Health; private universities, colleges, and schools; and foreign investors approved by the Kuwait Direct Investment Promotion Authority. Other affected sectors are sports clubs, federations, public benefit associations, cooperatives, labor unions, charities and endowments, agricultural plots licensed by the General Authority for Agriculture and Fisheries, hunting, livestock pens, grazing operations, commercial and investment real estate, industrial establishments, and small industries. The resolution also cancels Article Five of the 2024 decision, which required the Public Authority for Manpower's Board to prepare a study on the resolution's impact within one year and submit it, with recommendations, to the relevant minister. The new resolution signals a significant policy shift toward standardizing fees and tightening control over labor permit issuance and worker transfers across both public and private sectors.
Kuwait Times
24-05-2025
- Business
- Kuwait Times
Kuwait eyes ambitious reforms
Sovereign wealth fund head warns investors reduce US exposure at their 'own risk' KUWAIT/DOHA: Minister of Commerce and Industry Khalifa Al-Ajeel affirmed on Wednesday that the government is working to implement ambitious economic policies aimed at restructuring the national economy, achieving diversification and facilitating the business environment. This came in a speech delivered by Al-Ajeel during the opening of the Kuwait's New Era conference, organized by the Kuwait Direct Investment Promotion Authority in cooperation with The Business Year group. The one-day conference brought together a select group of economic leaders and decision-makers from various sectors. In light of these policies, a set of laws and legislation recently implemented by the government were issued, such as the public debt law, which aims to rationalize financing tools and support the country's financial sustainability, as well as the real estate developer law, which will propel the real estate, banking and investment sectors to new levels of growth and development, the minister added. Al-Ajeel pointed to qualitative initiatives and projects that were recently launched, such as the smart license project, the office licenses merger system and amendments to the companies law, as these policies are directly reflected in developing and improving the business environment in Kuwait. 'These government reforms have had an impact on all of the country's economic indicators,' the minister emphasized. Prior to any of these reforms, Kuwait's GDP had witnessed a notable 4 percent growth in non-oil sectors, indicating a real beginning in diversifying sources of income and reducing reliance on traditional resources. He pointed out that the country has witnessed a significant influx of international investments into sectors such as technology, renewable energy and infrastructure, reflecting the extent of foreign investor confidence in Kuwait as a stable and ambitious investment hub. Al-Ajeel stressed that the government looks to the future with confidence, treats challenges as opportunities and is confidently moving toward building a new Kuwaiti economic model, one that believes in partnership, champions modernity and invests in people above all else. Speakers at the conference addressed a number of economic and strategic topics, including national efforts to revive stalled projects and accelerate the implementation of major development projects such as the Al-Zour Refinery, the national railway and Mubarak Al-Kabeer Port, thus strengthening infrastructure and consolidating the foundations of sustainable development. Meanwhile, the head of the Kuwait Investment Authority (KIA), which manages almost $1 trillion in assets, said the sovereign wealth fund is committed to investing in the US and that investors cut allocations to US assets at their own risk. Some global investors have ditched US assets in recent weeks on fears that US President Donald Trump's overhaul of global trade may hurt the US economy, and could cause deeper long-term damage. The trend looks set to continue given a record number of managers said they planned to keep cutting their exposure to US assets, according to BofA research. Kuwait has been investing in the US market for a 'long time' and that 'won't change', KIA Managing Director Sheikh Saoud Salem Abdulaziz Al-Sabah said at an investment conference in the Qatari capital on Wednesday. 'I would say it very bluntly, underweight America at your own risk,' he said. Last week, Moody's downgraded the US sovereign credit rating by one notch citing concerns about the nation's growing $36 trillion debt pile, which could make investors more cautious and drive up borrowing costs across the economy. 'They (investors) are merely looking at equity markets, but they're not taking into fact the US has the largest fixed income market, the US has the largest private equity market, the real estate market, infrastructure and credit,' Sheikh Saoud said. 'I think the US has the breadth and depth to sustain its exceptionalism and it has the rule of law as well,' he said. – Agencies
Arab Times
21-05-2025
- Business
- Arab Times
Kuwait pushes diversification, private sector growth
KUWAIT CITY, May 21: Minister of Commerce and Industry Khalifa Al-Ajeel said the government is working hard to implement ambitious economic policies aimed at restructuring the national economy, achieving diversification, facilitating the business environment, expanding participation, and raising the efficiency of the State's financial management. Al-Ajeel made the statement at the opening of the New Kuwait Economic Strategy 2025 Conference the Kuwait Direct Investment Promotion Authority (KDIPA) organized Wednesday in cooperation with The Business Year Group. KDIPA Director General Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Sabah attended the event, with the participation of a group of economic leaders in and outside Kuwait. According to Al-Ajeel, the government recently implemented a set of laws in light of these economic policies, such as the Public Debt Law, which aims to rationalize financing tools and support the financial sustainability of the State; as well as the Real Estate Developer Law, which will propel the real estate, banking and investment sectors to new stages of growth and development. He cited the initiatives and projects that were launched recently, like the Smart License Project, Office Licenses Merger System, and amendment of the Companies Law, which reflect policies to develop and improve the business environment in the country. He emphasized that 'these government reforms are manifested in the economic indicators of the country.' He explained that before the adoption of these reforms, the gross domestic product (GDP) witnessed a remarkable four percent growth in non-oil sectors, indicating a real beginning in terms of diversifying sources of income and reducing dependence on traditional resources. He stated that 'the government is looking forward to improving these rates in 2025 and the coming years. We have a historic opportunity to move Kuwait to a new phase of growth, productivity and partnership.' Regarding foreign investment, he revealed that Kuwait has adopted measures to improve the investment environment, raise the level of transparency and strengthen legal frameworks, which contributed to a 20 percent increase in foreign direct investment inflows last year. He pointed out that the country has witnessed many international investments in different sectors such as technology, renewable energy, and infrastructure, reflecting the extent of foreign investor confidence in Kuwait as a stable and ambitious investment hub. He added that mega strategic projects like Zour Refinery, Mubarak Al-Kabeer Port and Kuwait National Railway, along with the development of smart cities and infrastructure, not only strengthen the economic structure of the country, but also establish a sustainable economy based on innovation, diversity and partnerships between the private sector and the government. He said 'The noble directives of His Highness the Amir Sheikh Meshal Al- Ahmad Al-Jaber Al-Sabah are considered the compass that guides all of us in formulating the economic policies of the State. His Highness has repeatedly emphasized that Kuwait is now facing a historic responsibility that requires serious action to build a resilient and globally open economy based on knowledge and innovation, led by the private sector, supported by the State, and confidently keeping pace with rapid regional and global developments.' He believes that the challenge today does not lie in formulating visions; but in transforming them into reality through cooperation between the public and private sectors, developing national competencies, and strengthening Kuwait's position as an influential economic and investment hub in the region. 'The government looks forward to the future with confidence and treats challenges as opportunities to move assertively toward building a new Kuwaiti economic model -- one that believes in partnership, embraces modernity, and invests in people above all else,' he concluded.
Zawya
21-05-2025
- Business
- Zawya
Kuwait: Minister Al-Ajeel, Gov't to implement economic policies to restructure nat'l economy
KUWAIT -- Minister of Commerce and Industry Khalifa Al-Ajeel affirmed on Wednesday that the government is working to implement ambitious economic policies aimed at restructuring the national economy, achieving diversification and facilitating the business environment. This came in a speech delivered by Minister Al-Ajeel during the opening of the "Kuwait New Economic Strategy 2025" conference, organized by the Kuwait Direct Investment Promotion Authority in cooperation with The Business Year Group. The one-day conference brings together a select group of economic leaders and decision-makers from various sectors. In light of these policies, a set of laws and legislation recently implemented by the government were issued, such as the Public Debt Law, which aims to rationalize financing tools and support the country's financial sustainability, as well as the Real Estate Developer Law, which will propel the real estate, banking, and investment sectors to new levels of growth and development, he added. He pointed to qualitative initiatives and projects that were recently launched, such as the "Smart License" project, the "Office Licenses Merger" system, and amendments to the Companies Law, as these policies are directly reflected in developing and improving the business environment in Kuwait. The minister emphasized, "These government reforms have had an impact on all of the country's economic indicators." Prior to any of these reforms, the GDP had witnessed a notable 4 percent growth in non-oil sectors, indicating a real beginning in diversifying sources of income and reducing reliance on traditional resources. He pointed out that the country has witnessed a significant influx of international investments into sectors such as technology, renewable energy, and infrastructure, reflecting the extent of foreign investor confidence in Kuwait as a stable and ambitious investment hub. Minister Al-Ajeel stressed that the government looks to the future with confidence, treats challenges as opportunities, and is confidently moving toward building a new Kuwaiti economic model, one that believes in partnership, champions modernity, and invests in people above all else. Speakers at the conference addressed a number of economic and strategic topics, including national efforts to revive stalled projects and accelerate the implementation of major development projects such as the Al-Zour Refinery, the National Railway, and Mubarak Al-Kabeer Port, thus strengthening infrastructure and consolidating the foundations of sustainable development. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
Kuwait Times
15-05-2025
- Business
- Kuwait Times
Kuwait, Hong Kong sign 24 MoUs
Hong Kong business delegation concludes Mideast mission in Kuwait KUWAIT: A business delegation led by John Lee, Chief Executive of the Hong Kong Special Administrative Region (HKSAR), and organized by the Hong Kong Trade Development Council (HKTDC) visited Kuwait City on May 12-15, successfully concluding a five-day mission to Qatar and Kuwait. A total of 59 MoUs and announcements were facilitated during the mission with the aim to cultivate deeper partnerships and create new opportunities for synergy between Hong Kong, the mainland, Qatar, Kuwait and the broader Middle Eastern market. The mission also successfully enhanced collaboration between Hong Kong and the mainland, enabling mainland companies to partner with Hong Kong businesses to expand into the Middle East and beyond. Over the past few days, the delegation, comprising over 50 business leaders from Hong Kong and enterprise representatives from seven mainland provinces and cities, explored the Middle Eastern market and supported high-quality Belt and Road cooperation while promoting Hong Kong's unique role as a superconnector and super value-adder. During the visit to Kuwait, 24 memoranda of understanding (MoUs) and announcements were facilitated in trade and investment promotion, finance, law, transport and logistics, innovation and technology (I&T), agriculture, education and sport. The delegation met with senior executives and key members of the Kuwait Investment Authority (KIA), conglomerate Bukhamseen Group Holding and the Kuwait Chamber of Commerce and Industry (KCCI) to discuss investment opportunities and potential collaborations. Dr Peter K N Lam (second right), Hong Kong Trade Development Council Chairman, expresses his delight at the business delegation's success. The Hong Kong delegation meets with several representatives from the Kuwait Direct Investment Promotion Authority (KDIPA). A view of the business luncheon. The delegation also met with several representatives from the Kuwait Direct Investment Promotion Authority (KDIPA) to gain an in-depth understanding of the operations of Kuwait's free trade zones. The meeting explored potential cooperation opportunities in areas such as logistics, manufacturing, distribution, and technology. The delegation visited the Sheikh Abdullah Al-Salem Cultural Centre to gain a comprehensive overview of Kuwaiti history, culture and achievements. To foster cooperation, the Hong Kong Economic and Trade Office (HKETO) and Hong Kong Trade Development Council (HKTDC) organized a high-level business luncheon, which was attended by some 270 business leaders and key officials. Concluding the Middle East mission, Lee said the delegation, comprising Hong Kong and mainland business leaders, had achieved three key objectives: 1. To strengthen government-to-government relations; 2. To find new areas of collaboration; and 3. To make friends, and expand networks. 'Over the past four days, I have observed that both Qatar and Kuwait are experiencing rapid development, supported by substantial investment and continually expanding economies. In meetings with leaders and officials, I appreciated their forward-looking vision and understanding of Hong Kong's unparalleled advantages under 'one country, two systems' as a bridge between the mainland and the world. As Middle Eastern countries seek diversification of risk and look for opportunities in China and the Hong Kong SAR to join the tide of the global economic shift towards the East, Hong Kong has boundless opportunities.' He pointed out that this visit will elevate the relationship between Hong Kong and Qatar and Kuwait to a new level, bringing more business opportunities to Hong Kong, and noted, 'We will continue to strive to explore new opportunities and frontiers for Hong Kong.' Dr Peter K N Lam, Chairman of the HKTDC, said: 'Over the past few days, we engaged in high-level government and business meetings, hosted business luncheons and visited key development projects in Qatar and Kuwait. We explored how Qatari and Kuwaiti businesses can leverage Hong Kong's advantages in finance, innovation and technology and professional services to advance initiatives in finance, energy transformation and smart infrastructure projects, contributing to the Qatar National Vision 2030 and Kuwait Vision 2035.' 'Following the visits, the HKTDC will continue to invite business leaders from the Middle East to visit Hong Kong. We welcome them participating in our international events, such as the Belt and Road Summit and Asian Financial Forum to explore opportunities in Hong Kong, Mainland China and beyond,' Dr Lam added. •A delegation led by John Lee, Chief Executive of the Hong Kong Special Administrative Region, visited Kuwait as part of a broader high-level visit to the Middle East •The delegation explored the Middle Eastern market and supported high-quality Belt and Road cooperation while promoting Hong Kong's unique role as a superconnector and super value-adder •A total of 59 MoUs and announcements were facilitated during the mission, cultivating deeper partnerships between Hong Kong, the mainland, Qatar and Kuwait 24 MoUs and announcements were facilitated in Kuwait Hong Kong and Kuwait Direct Investment Promotion Authority (KDIPA) Fisheries and Conservation Department and Marine Science Centre of Kuwait University (Announcement) Fisheries and Conservation Department and Public Authority of Agricultural Affairs and Fish Resources (Announcement) Kong Customs and Excise Department and Kuwait General Administration of Customs (Announcement) Authority Hong Kong (AAHK) and Kuwait Airways (Announcement) and Road General Chamber of Commerce and Kuwait Chamber of Commerce & Industry (KCCI) of Hong Kong Industries (FHKI) and Kuwait Chamber of Commerce & Industry (KCCI) Kong General Chamber of Commerce (HKGCC) and Kuwait Chamber of Commerce & Industry (KCCI) Kong Trade Development Council (HKTDC) and Kuwait Chamber of Commerce & Industry (KCCI) Kong Trade Development Council (HKTDC) and Kuwait Direct Investment Promotion Authority (KDIPA) Federation & Olympic Committee of Hong Kong, China and Olympic Council of Asia Chinese Manufacturers' Association of Hong Kong (CMA) and Kuwait Chamber of Commerce & Industry (KCCI) Law Society of Hong Kong and Kuwait Bar Association Services Development Council (FSDC) and Capital Market Authority in Kuwait (CMA) (non-delegate) University of Hong Kong and Ministry of Higher Education University of Hong Kong and Kuwait University and Blue Ocean Company China and Baoye Hubei Construction Engineering Group Co., Ltd China and PCI Technology Co., Ltd and PCI Technology Co., Ltd and Meetsocial Group and Shanghai Westwell Technology and Shanghai Fengling Renewables Co, Ltd Information Technology (Shanghai) Co, Ltd and Kuwait Direct Investment Promotion Authority (KDIPA)
