MCI asked to waive 30-day deadline for founding assembly of Al-Zour project
Officials from the Public-Private Partnership Projects Authority have requested the Ministry of Commerce and Industry to exempt the Gulf Alliance for Energy and Water Company from the standard 30-day deadline for issuing invitations to attend the founding assembly meeting of a public shareholding company for the North Al-Zour Project – Phases Two and Three.
The request aims to hold the first meeting of the founding committee as soon as possible in the public interest, ensuring the smooth progression of the company’s establishment procedures and accelerating the implementation of the Al-Zour North Power Plant, a key project to meet Kuwait’s energy needs according to approved timelines.
Sources close to Al-Rai suggested that the Ministry of Commerce is likely to approve the request due to the sensitivity of the company’s ownership and the nature of its activity.
The Al-Zour North public shareholding company is structured with 50% of capital for citizen subscriptions, 40% for a Gulf investor, and 10% each for the General Investment Authority and the Public Institution for Social Security.
The project, implemented in cooperation with the Ministry of Electricity, Water and Renewable Energy, is being executed by a consortium of ACWA Power and Gulf Investment Corporation. It is considered one of the largest projects undertaken by the Authority, with financial backing from local and international banks, and an estimated cost exceeding one billion dinars.
According to the Ministry of Justice, the Companies Law No. 1 of 2016 and its amendments require that invitations to the founding assembly include two announcements or a modern equivalent, with the second announcement issued at least seven days after the first and seven days before the meeting.
The Ministry of Commerce must be notified in writing of the agenda, date, and place of the meeting, though its absence does not invalidate the assembly. The Constituent Assembly meeting will be chaired by a person elected for this purpose.
The accelerated timeline is expected to facilitate faster operational and financial planning for one of Kuwait’s most significant power projects in recent years.
