Business
Determined Austria looks to up Kuwaiti investment
Austrian Ambassador to Kuwait Ulrich Frank
KUWAIT CITY, May 6 : Austrian Ambassador to Kuwait Ulrich Frank has lauded the strong and solid Kuwaiti- Austrian relations which he described as “excellent and advanced” at all levels and in various areas of cooperation, indicating these are historical relations spanning 60 years. In a statement to reporters on the sidelines of a reception he hosted at his residence on the occasion of the visit of the Austrian trade delegation, Frank revealed this is the second time he was appointed as his country’s ambassador to Kuwait — the first was in 2012.
He stated that when he was offered the appointment again to Kuwait, he did not hesitate to accept it. He affirmed that he is exerting tremendous efforts to support, strengthen and develop bilateral relations with Kuwait. He said Kuwait hosted the first round of political consultations between the two countries, which strengthened the consensus between them. He looks forward to Vienna hosting the next round of consultations. He confirmed that the Austrian trade delegation’s visit to Kuwait reflects the strength of bilateral relations between the two countries and the shared desire to enhance economic cooperation, whether in the fields of trade, investment, science, technology or innovation. He added “we believe there is great potential to expand cooperation between Austria and Kuwait.
While precise figures are not available regarding the size of Kuwaiti investments in Austria due to the confidential nature of most of them, we believe they are significant and influential investments.” He went on to affirm that the Austrian Embassy is working hard to encourage Kuwaiti investments in his country by enhancing communication between businesspersons and facilitating access to available investment opportunities. “We are working hard to build a sustainable and fruitful economic partnership that benefits both countries. We look forward to a bright future of constructive cooperation with Kuwait,” he stressed.
On the other hand, Chairman of the Kuwaiti-Austrian Business Friendship Association (KABFA) Sheikh Abdullah Al-Mubarak asserted that relations between Kuwait and Austria are characterized by mutual trust, which constitutes a solid foundation for strengthening economic and trade cooperation between the two countries. In a press statement on the sidelines of his participation as the guest of honor at the event, Sheikh Abdullah pointed out that “as chairman of the association, I am elated to participate in this important meeting organized by the Austro-Arab Chamber of Commerce (AACC), with the attendance of a select group of multidisciplinary Austrian companies.”
He said this high-level trade visit is the first in more than five years, making it a valuable opportunity to enhance trade exchange and explore new areas of cooperation. He clarified that “personal and business communication are no less important than economic figures; indeed, they are the foundation upon which sustainable success is built. Although Austria is small, it possesses high-quality and advanced technologies in sectors like construction and renewable energy. Kuwait and the region can benefit from such sectors, especially in light of the development vision of Kuwait.”
On Kuwaiti investments in Austria, Sheikh Abdullah confirmed the existing investments; indicating that “the Austrian market is smaller than traditional European markets such as Germany and France, but it is stable and safe. It has an encouraging legal environment, which enhances confidence among Kuwaiti investors.” Moreover, former Austrian Defense Minister and AACC President Dr. Werner Fasslabend emphasized that his visit to Kuwait, which was organized in cooperation with Kuwait Chamber of Commerce and Industry (KCCI), aims to strengthen bilateral relations; particularly in the area of economic cooperation between the two countries. He disclosed “we are here today accompanied by a delegation of 22 Austrian companies, in addition to prominent figures, including the President of the Austrian Industry Federation — one of the most prominent economic figures in Austria, along with representatives of leading global companies such as Rosenbauer and ANSERS.”
He said the goal of the visit is not limited to exchanging documents or signing agreements, as it rather extends to building trust through direct personal communication. He believes that personal trust is the foundation for building successful business relationships. “Through this visit, we want to learn about the country and its economy, and most importantly, to communicate directly with the individuals and stakeholders.
By Fares Al-Abdan
Al-Seyassah/Arab Times Staff
The Kuwait government approves tougher measures to tackle financial crimes.
KUWAIT CITY, June 30: Kuwait is intensifying efforts to combat money laundering and terrorist financing by enhancing its legislative framework, announced Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam on Monday.
The minister spoke in a statement issued by the Ministry of Finance following the publication of Decree Law No. (76) of 2025 in the official gazette, Kuwait Today. This decree introduces important amendments to Law No. (106) of 2013, reflecting Kuwait’s integrated government efforts to strengthen measures against financial crimes.
During the Cabinet meeting on June 17, the draft of the amended decree law was approved, underlining Kuwait’s commitment to raising the effectiveness of the national response to money laundering and terrorism financing. The amendments align with the requirements of the Financial Action Task Force (FATF) and relevant international standards.
The new decree law includes two significant amendments:
- Article One replaces Article (25) of Law No. (106) of 2013, empowering the Council of Ministers, upon the recommendation of the Minister of Foreign Affairs, to issue necessary decisions to implement United Nations Security Council resolutions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction under Chapter VII of the UN Charter. These decisions will take effect immediately upon issuance, consistent with Security Council Resolution No. 1373 of 2001. The executive regulations will define the rules for publishing these decisions, appealing them, authorizing the release of frozen funds for essential living expenses, and managing such assets.n
- Article Two adds a new Article (33 bis) to Law No. (106) of 2013, stating that any violation of decisions issued under Article (25) will result in fines ranging from 10,000 to 500,000 Kuwaiti dinars per violation. This penalty complements any additional sanctions imposed by regulatory authorities on financial institutions or designated non-financial businesses.n
The Ministry emphasized that these amendments support the National Committee for Combating Money Laundering and Terrorism Financing by broadening its powers to apply targeted financial sanctions in compliance with FATF standards. This includes the mandatory freezing of assets belonging to individuals and entities listed locally as terrorists, effective immediately upon decision issuance.
Furthermore, the amendments enable the Committee to impose fines on violators and require publishing the national list of designated terrorists on the Committee’s official website, enhancing transparency and meeting international obligations.
Minister Al-Fassam concluded that the updated legislative measures reaffirm Kuwait’s strong commitment to fighting financial crimes, safeguarding national security and stability, and fulfilling its global responsibilities.
Updated regulations aim to boost fair use and revenue from state properties.
KUWAIT CITY, June 30: The Ministry of Finance announced on Sunday the issuance of a new ministerial decision amending the regulations governing the use of state-owned real estate and service fees, in a move aimed at achieving a fair balance between public interest and the needs of individuals and institutions.
In a press statement, the Ministry said the decision comes as part of its broader efforts to regulate the use of government-owned properties and protect national resources. Ministerial Resolution No. 54 of 2025 introduces amendments to the regulations first outlined in Resolution No. 40 of 2016.
Minister of Finance and Minister of State for Economic Affairs and Investment, Eng. Noura Al-Fassam, stated that the amendments are intended to ensure fairness, clarify procedures, and improve transparency in the utilization of state assets.
“These changes aim to establish a fair balance in how state-owned properties are used by citizens and entities, while safeguarding public interests,” Al-Fassam said.
She added that the updated regulations were the result of a comprehensive pricing study comparing Gulf and international markets. The amended prices remain below average rates in Gulf Cooperation Council (GCC) countries, and were developed with Kuwait’s economic and social conditions in mind. The goal, Al-Fassam noted, is to promote equal opportunities and secure sustainable revenue streams for the state.
The amendments cover a wide range of activities involving the use of state-owned property, including chalets, rest houses, commercial complexes, cooperative societies, banks, and warehouses. They also apply to educational institutions, sports clubs, and hospitals.
In support of national food security and the promotion of local production, the Ministry also announced the stabilization of agricultural coupon prices under the new regulations.
The revised framework reflects Kuwait’s continued efforts to modernize its public asset management policies while maintaining a strong emphasis on economic fairness, efficiency, and sustainability.
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