Global Arab Network | Kuwait: Real Estate developers urge for investment-friendly legislations

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Kuwait: Real Estate developers urge for investment-friendly legislations

Monday, 14 February 2011 01:42

KUWAIT - Participants at Kuwait's third real property developers' conference being organized by Kuwait Real Estate Union (KREU), highlighted Sunday the importance of working out new legislations to optimize the role of private sector companies in the implementation of the country's development plan.

"It's of crucial importance to find new laws conducive to helping the private sectors to recover from two-year slump," Member of the Municipal Council Ashwaq Al-Modhaf said in an address to a workshop on the sidelines of the conference.

"The new layout of the state restructuring program has to entail a clear-cut vision for the role of the private sector in the development projects and the reactivation of economic development," she pointed out.

Meanwhile, Board Chairperson of Capital Standards Amani Burosly said the state development plan includes ambitious and practical targets and bears the promise of success.

"However, Kuwait is in need of creating a more investment-attractive atmosphere to in order to catalyze economic growth," she added, noting that some local and foreign investors left Kuwait for other Gulf countries in the last two years.

Burosly suggested initiating a parallel stock market to facilitate exchanging stocks and debts with a view to facilitating finance for the real property projects. On His part, Qais Al-Ghanim , chairman of Qais Al-Ghanim Group said Kuwait's five-year development plan is the engine of economic development and investment promotion.

He called on the government to use the cash surplus derived from the surging oil price in financing key projects capitalizing on the role of the private sector. (KUNA)

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