Kuwait suspends formation of new companies, IPO over economic constraints

The Kuwait Investment Authority has ordered a temporary halt to the creation of new companies and the listing of companies on the country’s stock market, citing the prevailing strained economic environment, reports say.
Official sources, Arab News notes, told Al-Anba, a Kuwaiti daily newspaper, that current economic conditions require limited expenditures.
Equally, the source noted, the decision aimed to prevent the unjustified overburdening of the country’s official reserves. The Gulf country has embarked on empowering the private sector through the gradual easing of the government’s dominance.
Boston Consulting Group – a global management consulting firm – reports say, has prepared the strategy that was approved by the investment authority.

Written by