Capital: Kuwait City
Form of Government: Constitutional Monarchy
Official Language: Arabic
Currency: Kuwaiti Dinar
Time Zone: UTC +3
Santaniello & Partners in Kuwait
Kuwait is an Arabic Emirate, sovereign and independent, which overlooks the Arabian Gulf. Rich in oil fields, Kuwait has been a British protectorate until 1961. On August 2, 1990 it was invaded by Iraqi forces of Saddam Hussein, thus starting the First Gulf War, which ended the year after with the liberation of Kuwait by the UN coalition led by U.S.
The country's economy is based mainly on the oil industry, which generates the 80% of national wealth. It is estimated that Kuwait owns 10% of world oil reserves, representing thus one of the richest countries in the world. However, even if the Emirate's economy depends mainly on oil, it is very diversified. The tertiary sector is among the most prosperous in the region, the capital Kuwait City hosts the major international corporations and favorable tax regimes attract many international traders. The Free Trade Zone of Shuwaikh is one of the largest tax-free zone located on the Persian Gulf, with easy access to the Indian Ocean. The insurance industry is among the most developed in the world, mainly due to big capital from the oil industry, on which the national insurance companies can rely. Tourism and real estate are booming, thanks mainly to the creation of new resorts and residential areas. Arabic is the official language but English is very popular, thanks to the high standards of education in the country.
The Legal System of Kuwait is a mixture of Islamic law, British common law, French civil law and Egyptian law (the Egyptians represent the largest expatriate community in Kuwait). Trade relations are governed by rules similar to those of modern European laws, while both the civil and criminal law have their main source into Shari'a.
Santaniello & Partners has collaborative relationships with leading Kuwaiti law firms, through which we are able to offer a full legal advice in commercial, civil and criminal law.
Our areas of practice in Kuwait:
Navigation and Trasport
Trademarks, Patents and Intellectual Property
Real Estate and Construction Law
Immigrations, Residence Permits