New education body established with wide-ranging authority

The Kuwaiti Al-Youm Gazette has reported that a new company has been established, with a capital of KD one million, to provide education-related services. The closed shareholding company, which will offer 10 million shares at 100 Fils, will establish schools and educational and training institutions, catering to all levels of education. The company will reportedly be licensed to act as an agent or franchise and allowed to represent companies operating in the same field. It will also have the authority to manage construction of buildings for such institutions and import all materials needed for such projects. Al-Youm Gazette further reported that the new company will be able to perform consulting, training and research services and will also be authorized to invest its profits in portfolios managed by specialized bodies. The company will also be able to partner with any organization-both within Kuwait and abroad-operating in the same field and may also found further bodies to stand alone or act as subsidiaries.