KDIPA announces the establishment of two new companies

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KUWAIT CITY, Jan 13: As part of its strategy to attract international companies to work directly in Kuwait, bypassing the need for intermediaries, the Kuwait Direct Investment Promotion Authority (KDIPA) has announced the establishment of two new companies in the country — Amazon for data processing and website hosting with a capital of one million dinars, and Johnson & Johnson Healthcare with a capital of 20,000 dinars to promote its products.

By establishing their entities in Kuwait, these two companies contribute to the growing share of American foreign investments facilitated by KDIPA. The authority recorded total investments of approximately 29.5 million dinars by the conclusion of the last fiscal year in 2022/2023.

Established under Law No. 116 of 2013, KDIPA operates as a specialized public authority with financial and administrative independence. Its board of directors is chaired by the Minister of Finance.

The authority assumes a developmental role, aligning with the national objective of economic diversification, generating employment opportunities for local workers, and expanding positive economic impacts.

Functioning under the provisions of its founding law, the authority receives and approves investment licensing applications, offering incentives by established standards. It collaborates with relevant authorities in this process and continues to provide after-care services and facilities for licensed projects.

The authority maintains ongoing supervision and support throughout the project’s lifecycle.

By Ahmad Fathi

Al-Seyassah/Arab Times Staff

This news has been read 1363 times!