Kuwait's parliament on Monday approved a new draft law opening up the country's banking sector to foreign investment.
Currently, overseas financial institutions are not permitted to operate in Kuwait.
However, under the terms of the bill, approved provisionally last month by a 38-9 vote in the National Assembly, and then officially this week, the Central Bank will be able to grant licences to foreign banks.
The draft legislation stipulates that overseas banking groups wanting to open operations in Kuwait will be obliged to employ a workforce which is 50% Kuwaiti, in the same way as their local counterparts.
Other measures undertaken by the Kuwaiti authorities to attract overseas investment include the recent decision to grant foreign investors a 10 year tax exemption once their projects are up and running.
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