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Parliamentary Committee: Investment laws are overlapping and must be reconsidered
The first 2023/03/05
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Muhannad Abdel Wahhab
The Parliamentary Investment and Development Committee stated that it will review all enacted laws, as they overlap with each other, which hinders the investment process, in addition to identifying opportunities to purchase invested housing units per person.
Committee member Muhammad Al-Ziyadi told Al-Sabah: The oil, industrial, metallic and non-metallic investment laws, investment No. 13, and Law 245 all have overlapping powers, in addition to the fact that the companies law differs completely in its rights and duties from the investment law.
He added that the Ministry of Industry, through companies, has developed and rehabilitated two factories in Al-Muthanna, namely the Al-Muthanna Salt Mill and the Al-Muthanna Cement Factory. Companies or partnership law between the public and private sectors usually present problems that hinder the investment process.
Al-Ziyadi pointed out that the main problem is the enactment of laws without an in-depth and clear study, and there are those who circumvent the law, similar to investment operations in the residential sector in which many frauds take place, which requires the enactment of paragraphs within the law according to investment controls, through which the price of units is determined. Residential and purchasing for one person with a housing unit or two, pointing to the committee's efforts to amend all relevant laws with the aim of reducing pressure on the government.
Edited by: Mostafa Majeed
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