Mubasher: Kuwait’s Minister of Commerce and Industry Khaled Al-Roudhan has issued a decree allowing foreign investors to own and trade shares in the GCC country’s banks.
The decree allows overseas investors to own up to 5% of a Kuwaiti bank’s capital directly or indirectly after the approval of the Central Bank of Kuwait (CBK), state-owned Kuna news agency reported, citing the Ministry of Commerce and Industry.
“The latest move comes in accordance with Decree 694/2018, which notes that the non-Kuwaiti investor shall be allowed to own and trade in Kuwaiti banks’ shares,” Kuna added.
The decree stated that ownership of a foreign investor shall not exceed 5% in any Kuwaiti bank, whether directly or indirectly, without the approval of the CBK.
The decision is aimed at boosting the Kuwaiti stock market and attracting further foreign investment, which accounts for 15% of Boursa Kuwait.
