A new investment company targeting private and listed companies in the Arab world, Gulfinvest International, was formally incorporated in Kuwait on 13 July (MEED 25:4:97). It is the first time that an investment company with non-GCC shareholders has been permitted to incorporate in the country.

The company has fully paid-up capital of KD 28 million ($92.5 million) and 98 private and institutional shareholders from the Gulf, other Arab countries, the UK, Luxembourg, the US and India. The company is intended to be quoted on the Kuwait stock market in the near future. Institutional shareholders currently own 72 per cent of the company, according to a statement made on 14 July.