Majid Al Futtaim pulls out of Kuwait after five years
The UAE’s leading property developer, responsible for managing and developing lands and real estate, was removed from Direct Investment Promotion Authority’s investment register.
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Majid Al Futtaim Group, established in 1995, has become a leading brand in managing shopping malls, entertainment communities, and retail stores across the Middle East, Africa, and Asia.
Five years after obtaining a business license in Kuwait, Al-Qabas newspaper learned that the Direct Investment Promotion Authority recorded the withdrawal of an Emirati real estate company from the country. The company was scheduled to operate in Kuwait under the umbrella of Law 116 of 2013, which encourages direct investment in the State of Kuwait.
The authority’s decision, No. 146 of 2024, stated that the Kuwaiti Majid Al Futtaim real estate company, which was responsible for managing and developing lands and real estate, was removed from the authority’s investment register.
The group of the late Emirati businessman Majid Al Futtaim obtained approval from the Kuwait Direct Investment Authority in 2019 to operate in Kuwait. The group subsequently established a subsidiary focused on managing projects and developing land and real estate. The subsidiary was formed as a “single person” company with a capital of 250,000 dinars.
Informed sources explained to Al-Qabas that the decision to write off came based on the desire of the company’s owners. They submitted a request to the Investment Promotion Authority in October 2023 to cancel their license to practice business inside Kuwait.
It is noteworthy that Law No. 116 of 2013 and its executive regulations regarding the encouragement of direct investment allow the local, Gulf, or foreign investor to benefit from the right to usufruct lands and real estate allocated to the Investment Promotion Authority or that are subject to its supervision or management.
According to the website of the Ministry of Economy in the United Arab Emirates, the Majid Al Futtaim Group regards the Emirate of Dubai as its primary center for business operations. The group was established in 1995 and has since become a leading brand in managing shopping malls, entertainment communities, and retail stores across the Middle East, Africa, and Asia.
