The first Law Update of 2024 is here, and our first focus of the year spotlights Healthcare and Lifesciences, a sector that is undergoing significant growth and development across the MENA region.
Our focus provides an insight into some of the most important regulatory updates across the region, such as the UAE’s groundbreaking law on the use of human genome, Kuwait’s resolution on nuclear and radioactive materials, the new regulations for healthcare services in Qatar, Egypt’s healthcare regulatory framework, and the impact of the Saudi Civil Transactions Law on the healthcare and life sciences sector … and there is so much more!
Beyond the healthcare pages our lawyers share with you multi-sector insights where you will discover articles on Dubai’s DIFC regulatory framework for startups, Bahrain’s commercial agencies law, and we also shed light on Kuwaiti civil code and the advantages of setting up a joint stock company in Saudi Arabia.Read the full edition
On January 14, 2023, the Amir of Kuwait has approved a law to amend Article 24 of the Kuwait Commercial Law and Article 31 of the Public Tenders Law allowing foreign companies to establish branches in Kuwait and conduct business without the necessity of a local agent.
Article (24) of Decree No. (68) of 1980 regarding Commercial Law has been amended to allow a foreign company to establish a branch in Kuwait and carry out its work without the need for a local agent.
Further, Article (31) of Law No. (49) of 2016 regarding Public Tenders has been amended (without prejudice to Law No. (1) of 2016 and Law No. (116) of 2013) to allow foreign bidders to be exempted from having a commercial registration in Kuwait and the need of having a local agent, which means that foreign companies are now allowed to apply for a tender in Kuwait and execute it without a local agent or the need to set-up a company.
We expect that this law will be followed by detailed executive regulations to address the particulars of such a law and its consequences especially from employment and sponsorship perspective.
The law is expected to be officially issued in the Kuwait Official Gazette by Sunday 21 January 2024.
This law will be a game changer for foreign companies doing business in the country and we hope that it will encourage foreign investment.
Al Tamimi & Company’s Kuwait office is well-versed in advising on Corporate Commercial and Corporate Structuring matters, as well as supporting clients in meeting compliance and regulatory obligations in Kuwait.
We are available to offer additional information on this recent development and can assist your organization in navigating the new regulatory landscape.
To learn more about the details of this alert, please reach out to one of our key contacts.