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Economy Diversification
As part of H.H. Sheikh Sabah Al-Ahmad Al-Sabah’s aim to position Kuwait as a regional financial & trading center, the Kuwaiti
government has taken further steps to ensure Kuwait embarks on a long term, sustainable and prosperous economic path. The
minister of council has initiated different laws to implement this strategy taking into consideration the private sector’s role:
• The government passed an amended BOT law through the national assembly to emphasize on the great economy
diversification of its alliance with the private sector.
• For the first time in fifty years, the government passed the law through the national assembly to reduce the income tax
enforced on foreign commercial institutions from 55% to 15%. This step encouraged foreign companies to participate in the
country's economy to further encourage them on working in Kuwait.
• The government has initiated different companies by assigning KD 2.7 billion from the reserve fund for future generations.
The companies will specialize in different fields such as health care, social growth, human resources, real estate, finance,
infrastructure development and industrial institutions.
The economy will be diversified with financial services that will play a
leading role while maintaining the importance of oil.
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