Kuwait Times, 3 August 2026: Minister of Commerce and Industry Osama Boodai announced the issuance of a new decree‑law targeting commercial concealment, aimed at promoting transparency, protecting the national economy and ensuring fair competition.
The legislation introduces the principle of disclosing the beneficial owner of commercial activities, addressing practices where incentives and benefits intended for SMEs and other businesses were exploited by concealing ownership or using the names of others. Boodai explained that such practices deprived eligible entrepreneurs of opportunities, discouraged new entrants and undermined economic diversification.
The decree‑law clearly defines prohibited practices, outlines responsibilities of all parties involved, and grants regulatory authorities powers to enforce compliance through inspections, licensing checks and legal safeguards. Executive regulations will be issued to provide clear procedures and enforcement mechanisms.
The minister emphasised that the law benefits compliant entrepreneurs by ensuring incentives reach their intended recipients, while consumers gain stronger protections through transparency in business ownership. He urged businesses to regularise their legal status during the transition period, noting that advisory services are available for clarification.
Boodai stressed that the legislation is not intended to restrict economic activity but to foster a fairer marketplace where success is determined by competence, transparency and compliance, thereby strengthening investor confidence and supporting legitimate commercial activity.
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