Kuwait’s business boom: 2,620 specialized companies established in just four months

• 694 specialized companies were established in January, up from 479 in December 2023, marking a significant rise of 215 firms in just one month.

• In January of this year, the number of specialized companies established in Kuwait surged by 45% compared to December 2023.

In January of this year, the number of specialized companies established surged by 45% compared to the previous month (December 2023).

The Single Window Department at the Ministry of Commerce and Industry reported that 694 specialized companies were established in January, up from 479 in December 2023, marking a significant increase of 215 companies in just one month.

Companies of a private nature are those that conduct activities managed solely by their owners, without the need for employees, commercial premises, or approval from another regulatory body. This framework aims to facilitate and support projects, providing an exception to the requirements outlined in the executive regulations of the Commercial Shop Licensing Law.

According to official data issued by the Ministry of Commerce and obtained by Al-Anbaa newspaper, the total number of specialized companies established in Kuwait since the former Minister of Commerce’s decision in May 2023 has reached approximately 2,620 companies. Specifically, 839 companies were established in October, 608 in November, 479 in December, and 694 in January 2024.

In the same context, the number of micro companies increased from 153 in December 2023 to 208 in January 2024, representing a growth of 55 companies and a growth rate of 36%.

Similarly, the number of private companies experienced significant growth in January 2024, reaching 993 companies compared to 851 in December 2023, marking a growth rate of 17%.

The data also indicated that mobile vehicle licenses have not seen any new establishments since they were temporarily suspended in March 2021. This suspension will continue until the sector is organized and new sites are identified for these vehicles, in cooperation with Kuwait Municipality.

The Ministry of Commerce has already identified 400 sites for vehicle owners. The mobile phone sector, in accordance with regulations from Kuwait Municipality, the General Traffic Administration, and other relevant authorities, includes various locations such as parking lots for public parks under the Public Authority for Agriculture and Livestock, waterfront areas managed by the Tourism Projects Company, parking lots for clubs affiliated with the Public Sports Authority, and external parking lots in some public benefit associations.