Kuwait Court of Cassation principle number 221

Prohibition on a non-Kuwaiti engaging with merchants individually. Excepted therefrom are funds deposited by a non-Kuwaiti with banks and companies and agreements concluded with them to invest his funds and deal in foreign currency and precious metals: where this falls within the objects of these companies. Article 1/Law 45/1998. Its application to transactions preceding its entry into force. Reason therefor. - Prohibition on limited liability companies investing funds for the account of others where this activity does not fall within their objects. Prohibition on their undertaking insurance operations and banking business.