DLA Piper addresses high profile delegation to discuss Kuwait's new Companies Law
- Kuwait: Monday, January 28 - 2013 at 12:58
- PRESS RELEASE
DLA Piper, the global law firm, presented to a high profile audience at the Austrian Ambassador's residence in Kuwait this week. The event, hosted by the German Business Council of Kuwait (GBCK), focused on the scope and implications of the recently introduced new Companies Law, a law partly drafted by DLA Piper's Regional Managing Partner, Abdul Aziz Al-Yaqout.
The changes are set to encourage investment in the country and provide comfort to investors and organisations looking to expand their operation in the state.
"We were delighted to attend the German Business Council's event this week to discuss the scope of the new laws as the changes introduced are a significant step forward for businesses in Kuwait and they will undoubtedly enhance the confidence of investors," commented Abdul Aziz Al-Yaqout, Regional Managing Partner, DLA Piper Middle East and co-author of the new law.
"The new law brings greater clarity in terms of the powers of Boards of Directors and, unlike its predecessor the Commercial Companies Law of 1960, it will require Kuwaiti companies to adopt more stringent adherence to best practice with regards to corporate governance. This can only produce more transparent and efficient companies, essential elements when attracting foreign and domestic investment," he added.
The new law was finalised with the participation of the Ministry of Commerce and Industry, the Central Bank of Kuwait, the Capital Markets Authority, the Kuwait Investment Authority, private sector representatives and lawyers from DLA Piper, including Abdul Aziz Al-Yaqout and Tarek Yehya, Senior Legal Consultant in DLA Piper's Kuwait office. It came into force with its publication and companies were given six months to comply with the new regulations.
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