Mubasher, 21 December 2022: Kuwait’s Cabinet has approved a proposed law on the establishment of companies for constructing and economically developing residential cities on state-owned lands.
A Housing and Real Estate Affairs Parliamentary Committee report recommended establishing such companies.
Under the law, the corporation is obliged to establish public joint stock companies with varying share ownership percentages.
The corporation’s articles of association must be compatible with the provisions of Islamic Sharia for establishing an integrated residential city.
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