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Why has Kuwait s startup ecosystem fallen behind?

Floward: the Kuwaiti flower start-up looking to bloom in the UK

SHARE Picking the UK as the first country outside the Gulf to expand his online flower delivery business was a natural step for Kuwaiti entrepreneur Abdulaziz Al Loughani. First set up in 2017, Floward has grown into a $30 million (£21.64m) business with its annualised revenue soaring 1,400 per cent between January 2020 and 2021 - when the rest of the world was grappling with the economic fallout from the Covid-19 pandemic - and its transactions surging 1,200 per cent. Mr Al Loughani, who spent a year of his high school education in London and completed his MBA in the city, expanded his venture to the UK in November last year after spotting the potential the market offered his business.

Panel okays bill to set up fund to compensate estate fraud victims - ARAB TIMES

Messenger KUWAIT CITY, April 13: The parliamentary Legal and Legislative Affairs Committee has approved the bill on establishing a fund for compensating the victims of real estate fraud. According to the bill, the fund will pay 80 percent of the compensation and the remaining 20 percent will be paid once those behind the real estate fraud are convicted and are then obligated to compensate the victims. The bill was referred to the Financial and Economic Affairs Committee prior to its submission to the Parliament. The Legal and Legislative Affairs Committee also approved the bill submitted by MP Fayez Al-Jomhour to amend Law No. 46/2006 regarding Zakat and contributions of companies to the economy of the State. The bill mandates the Ministry of Finance to collect 2.5 percent of the gains of shareholding companies. The collected money will be handed over to Zakat House to be used for the implementation of humanitarian projects. Al-Jumhour submitted another bill to amend Law No. 16/19

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