KUWAIT: An Amiri decree published in the official gazette Kuwait Al-Youm on Sunday has allowed listed companies in which non-Kuwaitis have shares to own property in the country, excluding private residences. Under a Kuwaiti law issued in 1979, such companies were barred from owning property in the country and only Arab individuals can own a house or land through an Amiri decree.
Foreigners who inherit property from their Kuwaiti mothers must sell it within one year, according to the old legislation. Foreign embassies can own a maximum of 4,000 square meters to build their own premises based on mutual treatment. Most Gulf countries currently allow foreigners to own houses directly and some states even offer long-term residence permits to big buyers.
The new decree, however, made an amendment to the 1979 law, allowing listed shareholding companies, real estate funds and investment portfolios with non-Kuwaiti ownership to buy real estate. Such companies must be listed on bourses in Kuwait and one of their purposes is trading in property, the new decree states. Such companies are, however, not allowed to purchase land used for private housing. Nationals of the Gulf Cooperation Council (GCC) member states are treated like Kuwaitis in owning property in Kuwait, the decree states.
Meanwhile, Kuwait Anti-Corruption Authority (Nazaha) announced on Sunday that it has referred a senior government bureaucrat and an unspecified number of other persons to the public prosecution on suspicion of graft and filing incorrect financial statements about their wealth. Nazaha has recently referred dozens of leading government bureaucrats to the public prosecution over suspected violations regarding mandatory financial statements about their private wealth.
