15 November, 2015: Kuwait Direct Investment Promotion Authority (KDIPA) received a Spanish commercial and investment delegation on November 11, 2015 at its new premises in Al Hamra Tower. Mr. Mohamed Yousef Yaqoub, Assistant Director General for Business Development, who commended the strength of Kuwaiti and Spanish bilateral relations, welcomed the delegation. He further acknowledged the important role that the Spanish companies can play benefiting from a host of investment opportunities in Kuwait within the second development plan, the PPP and privatization projects, as well as in supporting the local SMEs sector. In his turn, Sheikh Abdullah Al Sabah, Head of Licensing & Investment Registry provided a presentation, which displayed the unique attributes, that Kuwait offers as an investment location, highlighted the main features of Law No. 116 of 2013, the smooth procedures for licensing, and the transparent methodology for granting incentives and guarantees based on the criteria specified in the said law. He concluded by showcasing the success stories that KDIPA achieved since it started operations end of December 2014 by licensing for Kuwaiti legal entities with 100% foreign ownership for global companies operating in the ICT and energy sectors. The meeting concluded by the Spanish delegation asking some questions relating to methodology of granting incentives, sectors available for investment, and licensing procedures especially for establishing branches. Mr. Mohamed Jasim Al Sabbagh, Head of Investors Services, and Mrs. Mona Salim Bseiso, Economic Consultant at KDIPA, as well as members of One Stop Shop Department and the Investment Promotion Department also attended the meeting. The Spanish delegation is composed of prominent companies operating in construction, transport, aviation services, and renewable energy, among others. During the delegation visit to Kuwait, an MOU was singed between H.E. the Kuwaiti Minister of Commerce & Industry on behalf of H.E. the Deputy Prime Minister/ Minister of Finance with his Spanish counterpart to enhance the bilateral economic relations in various fields. It is worth mentioning that Kuwait and Spain have signed an avoidance of double taxation bilateral treaty, which entered into force on March 8, 2008.
