8 – July- 2013, Kuwait Foreign Investment Bureau (KFIB) has published its First Annual Report 2012, in both Arabic and English languages. The report serves as a record to showcase KFIB achievements as mandated by FDI Law No. 8/2001, and the progress in implementing its projects under the current development plan. The Report is divided into four sections covering a brief profile on KFIB, milestones achieved during 2012, developments in the core business, and a synopsis on developments depicting Kuwait investment climate, as well as an appendix on incentives and guarantees and open economic sectors under FDI Law No.8/2001. KFIB Chief extended his thanks to the Chairman, Vice Chairman, and members of the Foreign Capital Investment Committee (FCIC) in its Fourth Formation for their continued support and guidance to achieve aspired goals that serves the country’s national interest. The Report mentioned that the total cumulative investment applications volume received during the period 2003-2012 reached around KD 1.88 billion of which KD 1.05 billion approved, comprising 56% of the total.
Currently, KFIB is in the process of transition into becoming a separate public authority by Law No. 116/2013, whereby all the funds, assets, liabilities, and obligations of KFIB will be transferred to the new authority.