ICAI Kuwait, AmCham hold session on evolving commercial, procurement laws
The Institute of Chartered Accountants of India – Kuwait Chapter (ICAIKC), in collaboration with the American Business Council Kuwait (ABCK – AmCham Kuwait), organised a legal awareness session to examine recent changes to Kuwait’s commercial and procurement laws and their implications for businesses.
Titled “Understanding Kuwait’s Commercial Concealment Law and Article 18 of Decree-Law No. 67 of 2026,” the session brought together chartered accountants, finance professionals and business representatives to discuss the changing regulatory environment and the compliance requirements facing companies operating in Kuwait.
The event opened with welcome remarks by CA Ketan Puri, Treasurer of ICAI Kuwait Chapter, followed by introductory addresses from CA Venkata Ramana Badida, Chairperson of ICAI Kuwait Chapter, and Dr Arezou Harraf, Chairwoman of the Board of AmCham Kuwait.
Badida highlighted the importance of keeping professionals informed about regulatory changes and strengthening cooperation between professional organisations and the business community.
He said chartered accountants were often the first point of contact for businesses seeking guidance on new regulations, adding that the collaboration with AmCham Kuwait reflected the chapter’s commitment to helping members provide practical value to the businesses they serve.
The technical session was led by Aaron Dikos, Chair of AmCham Kuwait’s Legal Focus Group and Partner at Al Tamimi & Company. He reviewed three key legislative developments, beginning with the Commercial Concealment Law (Decree-Law No. 78 of 2026), which addresses beneficial ownership, actual control and the implications for existing business structures, including the transition period extending to February 2027.
Dikos also examined Article 18 of Decree-Law No. 67 of 2026, focusing on restrictions concerning the engagement of local and commission agents in contracts with Kuwait Petroleum Corporation (KPC) and its wholly owned subsidiaries.
The discussion further covered Law No. 94 of 2026, which amends the Public Tenders Law, including changes to agent restrictions, procurement thresholds, local content requirements and preferences for small and medium-sized enterprises.
The discussions highlighted the need for businesses to review their ownership structures, agency relationships and contractual arrangements, while keeping track of executive regulations and further guidance expected on the new legislation. Speakers also underlined the growing role of chartered accountants in helping companies strengthen governance, meet disclosure requirements and manage regulatory compliance.
An interactive question-and-answer session allowed participants to seek clarification and discuss the practical impact of the legislative changes. The event concluded with a vote of thanks by CA Nisha Jalan, Committee Member of ICAI Kuwait Chapter, who acknowledged the speakers, partner organisations and participants.
ICAI Kuwait Chapter thanked AmCham Kuwait, Al Tamimi & Company, its annual sponsors and The Times Kuwait, for their support.
The chapter said it would continue organising collaborative knowledge-sharing initiatives to keep its members and the wider business community informed and better equipped to navigate Kuwait’s evolving business and regulatory environment.
