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AUK Hosts a Talk about Kuwait Law 116 of 2013

The College of Business & Economics at AUK hosted a talk entitled "Kuwait Law 116 of 2013 - Changing Business & Economic Landscape in Kuwait" by Mr. Hamad Faisal AlSaad, an administrator in the Licensing and Investment Registry Section of One Stop Shop Department at the Kuwait Direct Investment Promotion Authority (KDIPA). The talk was organized for BUS 321 - International Business students and was open to the AUK community.

The primary objective of the talk was to expose students to a major shift in Kuwait's policy and orientation, which is paving the way for more significant role of the private sector in Kuwait's economy.

"Mr. AlSaad is a graduate of AUK, and the College of Business and Economics takes pride in having its graduate come back as a guest speaker. A significant number of CBE students attended today to learn about how foreign investment contributes to Kuwait's efforts toward building a more sustainable economy" said Dr. Ralph Palliam, Associate Professor of Management and Dean of the College of Business And Economics at AUK.

As an oil-based economy, Kuwait launched in 2013 Kuwait Vision 2035 in an effort to diversify its economy. Through Kuwait National Plan, branded as "New Kuwait" Kuwait hopes to transform the country into a regional financial and cultural hub in the next two decades. The Plan includes positioning Kuwait as a global hub for the petrochemical industry and increases direct foreign investment by 300 percent. Kuwait Direct Investment Promotion Authority (KDIPA) was established to promote and facilitate foreign investment in vital economic sectors such as information technology, services, and renewable energy, among others.

Hamad Faisal AlSaad received a BBA in management from AUK in 2014. He went on to work as an administrator in the Licensing and Investment Registry Section of KDIPA, and he earned an MBA from GUST in 2016. Hamad is passionate about making Kuwait more conducive for business through direct investment in Kuwait. He frequently conducts presentations in Kuwait and around the world and was an enthusiastic promoter of KDIPA sharing its success stories.

About Kuwait Direct Investment Promotion Authority (KDIPA) (www.kdipa.gov.kw)
Kuwait Direct Investment Promotion Authority (KDIPA) was established in accordance with Law No. 116of 2013. This Law grants KDIPA financial and administrative independence to attractvalue added investment opportunities through incentives, exemptions and guarantees granted to investors. It establishes economic zones in coordination with the government authorities to promote direct investment in the State of Kuwait. Through One Stop Shop, KDIPA handles investment licenses and Coordinates with other public authorities to facilitate doing business in Kuwait. KDIPA is one of Kuwait's economic implementation arms, taking on developmental, promotional, regulatory, and advocacy roles.

Images from the event

Released by the Office of Public Affairs on the 15th June 2017

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