30 April, 2015: Kuwait Direct Investment Promotion Authority (KDIPA) issued the first Investment License since the launching of its operations on December 29, 2014, after the entry into force of the Executive Regulations of its Law No. 116 of 2013 on December 14, 2014. The Investment License was granted to the American IBM ME, allowing it to establish a 100% owned Kuwaiti company, benefiting from the incentives and exemptions granted by Law No. 116 of 2013 regarding the Promotion of Direct Investment in the State of Kuwait. The new company, IBM Kuwait, specified its activities to cover providing professional services in IT technology, system integration, study & research and facility management. Dr. Meshaal Jaber Al-Ahmad Al-Sabah, Director General of KDIPA revealed in the press release issued by IBM ME, that the Kuwaiti government recognizes the central role that IT plays in the diversification of the economic base of the country to achieve Kuwait’s 2035 national vision, and to streamline its transition into a sustainable knowledge-based economy. He reiterated the positive role that IBM is expected to play, through its newly licensed company, in supporting the modernization of Kuwait’s IT sector and addressing the country’s developmental needs. He also emphasized that KDIPA is keen to deliver on its promise to welcome and support establishing such high value added investments.
