US IT giant IBM will be the first company to invest in Kuwait under a 2013 law that allows 100 per cent ownership of projects.
The approval came well within KDIPAs 30-day time limit for granting approval, and the new body appears to be functioning smoothly.
IBM must now work with the Commerce & Industry Ministry to establish a company in Kuwait, before receiving a licence from KDIPA.
KDIPA will eventually bring key stakeholders from the ministry in-house to create a one stop shop where investors can obtain licenses and incorporate investment vehicles.
IBM declined to comment on the project, which will be in the IT sector and involve training.
A second project, in the IT and telecoms sectors, is in the final stages of acquiring approval from KDIPA.
A list of sectors excluded from 100 per cent foreign ownership, including oil and gas extraction and real estate, was approved in early February.