ANNOUNCEMENT 15 Dec 2018
On 15 December 2018, the Kuwaiti Ministry of Commerce and Industry issued a new decree allowing foreign investors to own and trade in Kuwaiti banks' shares.
NUMBER OF INTERVENTIONS
Ministry of Commerce and Industry's tweet. December 2018.
Kuwait Commerce Industry: Foreign investors can own and trade in local bank shares. Kuwait News Agency. 15 December 2018. Available at https://www.kuna.net.kw/ArticleDetails.aspx?id=2765766
On 15 December 2018, the Kuwaiti Ministry of Commerce and Industry issued a Decree 694/2018 allowing foreign investors to own and trade in Kuwaiti banks' shares.
Minister of Trade and Industry have indicated in a press statement that "the decree allows foreign investors to trade and own in Kuwaiti bank shares directly or indirectly. But the approval of the Central Bank of Kuwait should be obtained if ownership exceeds 5%."
Noteworthy that this Decree replaces article (3) of Ministerial Decree 205/2000 that prohibits foreign investors from owning more than 49% of the bank's capital except with prior approval of the Council of Ministers and which should consult the Central Bank of Kuwait.