ASAR – Al Ruwayeh & Partners (ASAR), Kuwait’s leading and most prominent corporate law firm and one of the region’s top tier firms, recently participated at the yearly Euromoney conference that took place at the JW Marriott hotel in Kuwait. The platform included the participation of senior government officials, market experts and businessmen, discussing this year’s subject on Innovation in uncertain times with particular focus on the recent developments in the Kuwaiti financial sector.
Mr. Ahmed Barakat, Managing Partner at ASAR, took part as a panelist and addressed the global and regional economic and investment outlook topic.
Mr. Barakat commended the amendment of the Public Private Partnership (PPP) law which reflected a welcome improvement in the Kuwaiti legal regime. Together with the streamlining of the Direct Foreign Investment Law, the cancellation of the offset program and the latest amendments to the capital market and the company law, Kuwait has seen some encouraging initiatives to achieve more involvement from the private sector through different projects, while diversifying sources of national revenues.
Commenting on this occasion, Mr. Barakat said: “As experienced corporate lawyers, we constantly look forward to more transparency which will help us work towards the success of Kuwait’s development plan. The recent legislative changes in Kuwait’s PPP law should play a role in supporting the country’s economic environment, and we value the government and parliament’s proactive and positive measures to fill in the legislative gaps and implement these rules in such a challenging market like Kuwait.”
Mr. Barakat stressed on taking full transparency measures in respect of mega projects and major contracts, particularly of the recent closure of the Wafra oil field located in the divided zone, to alleviate the concerns expressed by the local and international contractors involved.
“We are very pleased to have participated in this year’s Euromoney conference, and look forward to a continued partnership for active brainstorming and practical approaches in dealing with the opportunities and challenges of doing business in Kuwait.” concluded Mr. Barakat.
With dedicated offices in Kuwait and Bahrain coupled with its associated offices and relationships, ASAR provides clients across an extensive range of industry sectors with comprehensive legal advice and support for their business activities in Kuwait, across the GCC and beyond.
The firm has been consistently rated as the leading corporate and commercial law firm in Kuwait by reputable legal guides such as the Chambers Global Guide, International Financial Law Review (IFLR) and the Legal 500. In October 2014 ASAR won the “IFLR National Law Firm of the Year Award” and the “Project Finance Deal of the Year Award”. In addition, ASAR also won the prestigious “2014 Commercial Litigation Law Firm of the Year” and the “2014 Best Banking and Finance Legal Team –Kuwait” awards from Acquisition International Magazine in 2014. ASAR lawyers also received multiple awards under different categories in the Fourth Edition of “Best Lawyers” in Kuwait.