Kuwait halts new company formations and public offerings: Investment Authority

The Kuwait Investment Authority has paused the creation of new companies and will also not have any further public offerings because of the prevailing strained economic environment.

Official sources told Al-Anba, a Kuwaiti daily newspaper, that current economic conditions require limited expenditures.

This decision is also designed to prevent the unjustified overburdening of the country’s official reserves, the sources said.

The country’s current direction is to empower the private sector through the gradual easing of the government’s dominance.

Boston Consulting Group – a global management consulting firm – has prepared the strategy that was approved by the investment authority.