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Editorial

Legal market overview

Kuwait’s government is in the process of ongoing regulatory reform aimed at increasing foreign investment and decreasing the economy’s dependence on the hydrocarbons sector, which currently accounts for over 90% of the country’s total export income. This strategy has created a steady pipeline of work for local law firms assisting companies with adapting to new legislation.

Project finance and infrastructure development continue to be key areas. The Partnerships Technical Bureau, the Kuwaiti government body responsible for the implementation of public-private partnerships (PPP), is currently overseeing 20 projects at various stages across the country. The $1.8bn Az Zour North IWPP – the country’s first ever PPP – reached financial close in January 2014 after a number of abortive efforts; a number of local firms advised on aspects of the mandate, which is one of the Middle East’s largest ever power projects. Other large-scale undertakings include the Kuwait Schools Development Programme and the Umm Al Hayman Waste Water Project.

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