greater opportunites for business in Kuwait
Before the first Iraq war in 1990, Kuwait was the fastest growing economy in the Gulf region. However, the following decade represented a time of uncertainty. The removal of Saddam Hussain gave people renewed optimism and the economy quickly regained its momentum.
Revisions to visa regulations in March 2004 mean that visitors from North America, Western Europe, Southeast Asia, Australia and New Zealand are now able to obtain entry visas on arrival as opposed to applying in advance.
The country is also becoming more accessible due to changes in foreign investment legislation and ownership.
In October 2003, Kuwait introduced regulations to enable foreign companies to operate and allow for 100% foreign ownership across a number of sectors.
Following the success of the free-zone concept in Qatar and Dubai, the Kuwaiti cabinet has approved an order to establish a media and technology free zone. This means full foreign ownership is possible and residency visas and entrance permits will be fast-tracked.
The economy is reaping the rewards, and investments are taking place in all sectors, both in new projects and developing existing ones. The real estate sector is booming and the marketing services business is gearing up to profit from advertising growth and marketing spend. A lot of grand projects, including a City Centre mall and the construction of the £130 million Kuwait Business Town—a prime downtown real estate development encompassing nine office towers, shopping malls and a luxury hotel—are underway.
Moreover, on 16th May 2005 the Kuwaiti parliament passed a law guaranteeing women the right to vote and run for public office. Although Kuwaiti women have participated in the social and educational development of the country, their right to vote and stand in elections was denied for many years by parliament, even though Islam does not ban women from participating in public life. This was largely because of the conservative traditions its members felt they needed to uphold.
The amendment of Article I of Kuwait’s electoral law reflects the spirit of reform which is flourishing in the Arab world today. Democratic reform is being seen throughout the region, which translates to greater opportunity in terms of culture and business for foreigners and the people of Kuwait.