KUWAIT CITY, Oct 2: The Ministry of Commerce and Industry has recently announced the addition of two new commercial activities focused on establishing and operating companies, as well as retail sales. This initiative enables individuals and entities to obtain licenses for forming companies or participating in joint ventures within the financial activities sector, specifically for insurance activities and related services.

Moreover, a new retail activity for selling vehicle batteries has been introduced under the general trade activities and services sector. This decision follows a thorough review of the Commercial Law and its amendments, as well as the Companies Law. It aligns with a ministerial directive aimed at standardizing the classification of statistical data for economic activities across government agencies, adhering to the United Nations International Classification of Economic Activities. This classification has undergone four revisions and is endorsed by the United Nations Statistics Division. The decision also reflects agreements made among Gulf Cooperation Council (GCC) countries.