Kuwaiti cabinet approves amendments to Capital Markets Authority law

GMT 00:02 2015 Tuesday ,20 January

Arab Today, arab today Kuwaiti cabinet approves amendments to Capital Markets Authority law

Sheikh Jaber al-Mubarak al-Hamad
Kuwait - KUNA

The cabinet on Monday approved and referred to His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah amendments of Law 7/2010 on establishing the Capital Markets Authority of Kuwait (CMAK), said Minister of State for Cabinet Affairs Sheikh Mohammad Abdullah Al-Mubarak Al-Sabah.
The amendments will be later referred to the National Assembly, Sheikh Mohammad Abdullah said in news statements following a weekly cabinet meeting held at Seif Palace and chaired by His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah.
Deputy Prime Minister and Minister of Commerce and Industry Abdulmohsen Al-Madaj briefed the cabinet on the amendments.
The cabinet also reviewed recommendations by its Economic Affairs Committee on a demand by the General Administration of Customs seeking the presence of representatives of certain authorities at customs outlets for speeding up procedures of imports and exports.
Many ministries and institutions were instructed to coordinate with the Administration to secure their presence at outlets, the minister said.
These include the Ministry of the Interior, the Health Ministry, the Ministry of Communications, the Environment Public Authority (EPA), the Ministry of Commerce and Industry, the Information Ministry, the State Ministry of Municipal Affairs, the Public Authority for Industry and the Public Authority of Agriculture Affairs and Fish Resources (PAAF), the Minister of State for Cabinet Affairs said.
Then the cabinet issued a decision defining the activities that are not subject to law 116/2013 on encouraging direct investments in Kuwait, responding to a proposal by the Kuwait Foreign Investment Bureau.
The decision aims to streamline procedures for investors and also comes in line with Kuwait's policy adopting the relevant international economic criteria and categories, Sheikh Mohammad Abdullah stressed.
Meanwhile, First Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah briefed the cabinet meeting on the outcomes of his recent visit to Lebanon where he held talks with senior officials.
The Foreign Minister also provided the meeting with an account of the recent Arab League extraordinary ministerial meeting held in Cairo.
Arab Foreign Ministers reviewed developments on the Palestinian scene, a proposal for a new draft resolution to be put forward at the UNSC seeking an end to the Israeli occupation.
The Cairo meeting also addressed the situation in Libya amid the escalation of terrorist attacks and armed operations by militants, Sheikh Sabah Al-Khaled said. It confirmed support to the UN efforts to sponsor a dialogue between the Libyan parties.
In addition, Sheikh Sabah Al-Khaled briefed the meeting on the current visit by his Turkish counterpart Mevlut Cavusoglu and an accompanying delegation to Kuwait. Kuwaiti-Turkish talks reviewed bilateral ties in all fields as well as regional and international developments.
Based on a briefing by Deputy Prime Minister and Defense Minister Lt. Gen. Sheikh Khaled Al-Jarrah Al-Sabah, the cabinet endorsed two draft decrees promoting 515 officers from the rank of Captain to Major, and 145 Major to Lieutenant Colonel.
It also approved a third decree to grant 13 university graduate officers from batch 18, the rank of Lieutenant.
At the start of the meeting, the cabinet was informed of the message His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah received from Yemeni President Abd Rabbuh Mansur Hadi, on the occasion of the new year.
Hadi congratulated His Highness the Amir on the UN honoring naming him a "Humanitarian Leader" and Kuwait a "Humanitarian Center." The massage also addressed means of enhancing bilateral ties in all fields.
The meeting was also notified of a message from Turkish President Recep Tayyip Erdogan inviting His Highness the Amir to attend celebrations of the 100th anniversary of the Gallipoli War slated for April.
The cabinet was informed of a message by UN Secretary General Ban Ki-moon to His Highness the Amir on Kuwait's hosting of the third International Humanitarian Pledging Conference for Syria, amid the tragic situation of the Syrian people.
Following a briefing by Minister of Justice and Awqaf and Islamic Affairs Yaacoub Al-Sanaa, the cabinet approved the formation of a new board for the General Authority to Take Care of the Printing and Publication of Holy Quran in Kuwait and Sunnah and Their Sciences.

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