In Just Four Months, Kuwait Witnesses Establishment Of 2,620 Specialized Companies

In January of this year, Kuwait witnessed a remarkable surge in the establishment of specialized companies, marking a 45% increase compared to the previous month, December 2023.

The Single Window Department at the Ministry of Commerce and Industry reported a total of 694 specialized companies established in January, a significant rise from the 479 recorded in December 2023, indicating an increase of 215 companies within just one month.

Specialized companies of a private nature operate solely under the management of their owners, exempt from the need for employees, commercial premises, or approval from additional regulatory bodies. This framework aims to streamline and support projects, providing exceptions to the requirements outlined in the executive regulations of the Commercial Shop Licensing Law.

Official data released by the Ministry of Commerce, obtained by Al-Anbaa newspaper, indicates that since the decision made by the former Minister of Commerce in May 2023, approximately 2,620 specialized companies have been established in Kuwait. Notably, 839 companies were established in October, 608 in November, 479 in December, and 694 in January 2024.

Additionally, the number of micro companies surged from 153 in December 2023 to 208 in January 2024, reflecting a growth of 55 companies and a growth rate of 36%. Similarly, private companies experienced significant growth in January 2024, reaching 993 companies compared to 851 in December 2023, marking a growth rate of 17%.

The data also indicates that mobile vehicle licenses have not seen any new establishments since their temporary suspension in March 2021. This suspension will persist until the sector is reorganized, and new sites are identified for these vehicles, in cooperation with Kuwait Municipality.

The Ministry of Commerce has identified 400 sites for vehicle owners, in adherence to regulations from Kuwait Municipality, the General Traffic Administration, and other pertinent authorities. These sites encompass various locations, including parking lots for public parks managed by the Public Authority for Agriculture and Livestock, waterfront areas overseen by the Tourism Projects Company, parking lots for clubs affiliated with the Public Sports Authority, and external parking lots in select public benefit associations.

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