Law bars companies with non-Kuwaiti part owners from owning property

Law bars companies with non-Kuwaiti part owners from owning property

KUWAIT: The Kuwait Real Estate Union released a statement yesterday criticizing regulations that ban any Kuwaiti commercial company from owning properties in the country in case it has one or more non-Kuwaiti part owners. According to the union, the justice ministry has recently stopped transferring properties to companies that do not have full-Kuwaiti shareholders, based on a law that was issued in 1979.

"Among the most important goals of the Real Estate Union are to create a secure umbrella that includes real estate owners in Kuwait to promote in the business community, defend the real estate owners' rights, and carry out an effective role in organizing and developing the sector,“ the union said.

"The union would like to announce, based on statements of several of its members, that the real estate registry and documentation department at the Ministry of Justice has stopped transfer of property to any real estate to shareholding company, public or closed, until after producing a list of company shareholders at the time of its formation, as well as a list of its current shareholders“ that show that all of them are Kuwaiti, it explained.

"This is as per article 8 of decreed law 74 for 1979 to organize Kuwaitis'