ASAR - Al Ruwayeh & Partners highlights the key amendments to the new PPP Law.
The law firm talks about at the MEED conference the key lessons gained from past PPP tasks and the changes to the PPP Law which ought to speed up future investment chances Kuwait- 26th November, 2015: ASAR - Al Ruwayeh & Partners (ASAR), Kuwait's leading and most prominent corporate law practice, and among the region's top tier firms took part in the just recently concluded' MEED Kuwait Projects 2015' conference which was promoting worldwide involvement in Kuwait's USD 230+ billion possible job market. The conference, which happened at the Regency Hotel in Kuwait, provided an update on the status of the mega projects in the pipeline in Kuwait in the numerous sectors, including Kuwait's oil, gas, electrical power, water, housing, transportation and infrastructure sectors, and focused on providing in depth options to challenges faced by stated jobs. The conference also dealt with the enhanced self-confidence in Kuwait's mega tasks which is validated by the various brand-new private collaboration (PPP) tasks tendered and the variety of foreign financiers shortlisted to bid to these projects.
ASAR's participation in the ground breaking Az Zour North Phase 1 independent water and power producer (IWPP) project supplied the back drop of the company's contribution to the conference with regard to the lessons that had been gained from this PPP task and the various other PPP projects that the company is presently involved in, in various capabilities.
Mr. Ibrahim Sattout-- a Partner at ASAR participated in the panel which discussed the brand-new developments in the procurement, award and execution of the PPP tasks because of the modifications made to the PPP tasks' legal structure in Kuwait.
Mr. Sattout noted: "The new PPP law belongs to a variety of recent, favorable legislative developments in Kuwait's investment sector developed to motivate international financiers along with align it with global best practices. With the implementation of the new PPP Law, Kuwait must witness considerable progress in the effective execution of its projects, drawing in new investors into the market and achieving its advancement goals.
Throughout the panel discussion, Mr. Sattout highlighted on the key lessons discovered from the Az Zour North 1 task and which were taken into factor to consider in the drafting of the new PPP law which while not sector particular, plans to transfer these lessons to all the other sectors. In addition, the PPP Law holds a great deal of promise with regard to helping with the acceleration of procurement and application of PPP tasks.
With committed offices in Kuwait and Bahrain combined with its associated offices and relationships, ASAR offers clients across a substantial variety of industry sectors with thorough legal guidance and support for their company activities in Kuwait, across the GCC and beyond. The company has been regularly rated as the prominent business and business law firm in Kuwait by reliable legal guides such as the Chambers Global Guide, International Financial Law Review (IFLR) and the Legal 500. Even more, the company won the respected "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.
