10 Sep 2014
(MENAFN) Kuwait is trying to attract more foreign companies by suspending a program under which foreign winners of big government contracts are required to invest in the local economy, The Peninsula Qatar reported.
The so-called offset program was introduced in 1992 as a way of preventing Kuwait from relying on oil and foreign manpower, giving it access to new technologies and training
According to the program, foreign companies which won military contracts of a value equal to or above USD10.5 million or civil/government contracts of a value equal to or above USD34.83 million and downstream oil/gas contracts have to invest 35 per cent of the contract value in an approved local business venture
Unlike offset arrangements in Saudi Arabia and the UAE, which have tended to be limited to military contracts, Kuwait’s program applies also to civilian contracts signed with Kuwaiti government entities.
Due to this, many foreign businesses were discouraged from doing business in one of the world’s richest countries.
27 Jan 2025
BBK offers customers with exclusive Tas’heel and Mazaya Finance to own their dream home
15 Jan 2025
BBK Signs Strategic Partnership with Bahrain Airport Company to Develop “Express Cargo Village”
08 Jan 2025
Bank of Bahrain and Kuwait and Global Payment Services Deliver the First Advanced Fraud Prevention Solution for Wallet Provisioning in the Kingdom of Bahrain
26 Dec 2024
BBK proudly supports “Celebrate Bahrain” as a gold sponsor in cooperation with BTEA
17 Nov 2024
BBK and Asia Jewellers announce exclusive offers to its customers at Jewellery Arabia 2024
12 Nov 2024
BBK partners with Durrat Al Bahrain to offer exclusive financing for Jawhart Al Marjan
05 Nov 2024
As part of its digital transformation journey, BBK adds Google Wallet to its range of digital wallets
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more