Foreign investment to be organized
Kuwait, Economics, 10/2/1997

Kuwaiti Finance Ministry under-secretary Abdul Mohsen Al Hanif said in Kuwait on October 1 that Kuwait's new investment law, which soon will be completed, will organize foreign investment in the country and the possibility of opening representation offices for Gulf banks.

Al Hanif, who chaired meetings of the Arab Banking cooperation board council which ended on October 1, also said that the organization--in which Kuwait owns 25 percent of one billion dollars in capital--was presently considering contributions to banking projects in Algeria and Egypt.

He gave no further details on the amount invested in these projects but said the organization would own most of the shares in the banking project in Algeria.

Al Hanif, who sponsored the opening of the organization's representation office in Abu Dhabi, said he hoped the office would soon be transferred into a bank once the door is opened for new banking permits in Abu Dhabi.

Previous Stories:
  Kuwait to attend International Monetary Fund, World Bank meetings   (9/17/1997)
  A dvelopment plan starting after the year 2000   (9/8/1997)
  Kuwait denied new income tax bill   (9/8/1997)

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