Oxford Business Group signs Memorandum of Understanding with Al Tamimi and Co.
- Kuwait: Wednesday, December 12 - 2012 at 13:13
- PRESS RELEASE
Kuwait's new company law, and the options available to international investors looking to establish a commercial presence in the country, will be mapped out in a forthcoming report to be published by the global publishing, research and consultancy firm Oxford Business Group (OBG).
In preparation for the Group's new project, OBG has signed a Memorandum of Understanding (MOU) on research facilities for the first time with Al Tamimi & Company, the largest law firm in the Middle East. Under the MOU, OBG will have access to the legal firm's expertise and research resources which will be used to compile the Law Chapter of The Report: Kuwait 2013.
Established in 1989, Al Tamimi & Co. is a full service firm with 10 offices in the region, including Kuwait, the United Arab Emirates (UAE), Qatar, Iraq, Saudi Arabia and Jordan and is home to more than 200 lawyers. The Al Tamimi Kuwait office, which is run through a joint venture with local lawyer Yaqoub Yousef Al Munayae, provides a full range of legal services, including large international and local transactional and litigation departments with full multi-lingual capabilities.
Partner and Head of the Kuwait office, Mr. Alex Saleh, said the Law Chapter of The Report: Kuwait 2013 would look in detail at how foreigners can conduct business in Kuwait under its current legal regime, including under the new Kuwait Companies Law, while also mapping out the potential pitfalls and issues for investors and their Kuwaiti partners.
Mr. Saleh noted that, "For foreign investors looking to conduct business in Kuwait, there are several structures available and many legal considerations to take into account, As a general rule, foreign investors can only conduct business in Kuwait either through a local Kuwaiti agent or through Kuwaiti partners through formation of a Kuwaiti company, where the Kuwaiti partner/shareholders own at least 51% of the entity.."
He went on to say that, "There are exceptions to this rule provided for under Kuwaiti law, whereby a foreign investor can own up to 100 percent of business entities, which will be explored further in the research."
"The legal analysis you will find in the Oxford Business Group's report, will list the choices available to investors, which include contractual joint ventures and limited partnerships, while giving details of what they involve. I am pleased to be working with the Group to provide information on Kuwait's legal framework, which should prove highly useful to readers keen to discover more about doing business in the country."
Country Director Caroline Nguyen said she was confident that OBG's first-time partnership with Al Tamimi & Co. would give The Report: Kuwait 2013's Law Chapter an edge.
"Al Tamimi & Co's team are known for their in-depth understanding of both Kuwait's legislation and its culture," she said.
"I am delighted that the Group will benefit from their hands-on knowledge of the many issues relating to Kuwait's changing, legislative landscape and its new laws and regulations as we begin work on our exciting new project."
The Report: Kuwait 2013 will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. The publication will be available in print or online.
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