Kuwait on its way to privatisation

Mar 12, 1997 01:00 AM

Mar. 2, 1997 Kuwait will pass a privatisation law during the current National Assembly's four-year legislative term which started last October, Kuwaiti Deputy Prime Minister and Finance Minister Nasser Al-Rudhan said following the inauguration of a two-day seminar in Kuwait on legal issues in privatisation. He said the privatisation has been fully studied by law and finance experts of the parliament and the government as well, adding that a blueprint of privatisation law had already been devised. In his inauguration speech, Al-Ruhdan said Kuwaiti privatisation was aimed at increasing citizens' role in national investments, boosting the private sector and encouraging foreign investments. Kuwait initiated the privatisation program in 1994, so far it has sold more than $ 2 bn worth of shares of state-owned enterprises to the private sector. Kuwaiti government officials have expressed the hope that the parliament would soon pass a privatisation law to help kick off a plan to shed state involvement in some public utilities and services during 1997.
During the seminar, participants will discuss the legal aspects of privatisation of public services and utilities in the country. They will examine several matters related to the legal aspects of turning government-run projects to the private sector. Al-Rudhan said that in recent years, Kuwaiti private sector began to grow and show eagerness to compete with the government in taking on gigantic projects.

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