KUWAIT: In the spirit of enabling Chinese investors to do ‘business better’ in Kuwait, KPMG in Kuwait announced the launch of the China Business Desk in a hybrid seminar. The China Business Desk in Kuwait came as a welcoming addition after the already-operational China Business Desk in the UAE, strategically positioning KPMG to best advise Chinese investors who are either running a business or are planning to expand it in the Middle East and South Asia (MESA) region but may not be aware of the nuances around its accounting and regulatory policies.
Dr Rasheed Al-Qenae, Managing Partner, KPMG in Kuwait and MESA Head of Tax, said, “The business desk will not be limited to Tax and will extend services across various functions such as Audit and Deal Advisory, among others, to any investor from China in pursuit of establishing business in Kuwait as well as the Gulf region.” He further added that the China Business Desk is aligned with the considerations of China’s One Belt One Road (OBOR) initiative and is hopeful that it will help drive positive economic activity in the foreseeable future.
While Kuwait’s recent emergence as a key target market for Chinese investors, driven by surging collaboration between businesses from both the countries in mega projects across sectors, is highly likely to help the Gulf nation navigate toward a diverse economic landscape, overcoming the challenges in terms of the tax and regulatory requirements might be a tall order for Chinese investors who may not be adequately educated about the same. However, given the experience and understanding of the regional policies vested in the China Business Desk, it will look to support those investors and, hopefully, serve as an effective tailwind for Kuwait’s Vision 2035.
“The China Business Desk will definitely allow us to better deliver our expertise in the local legislation and practices to our Chinese clients, helping them get a clearer picture with regards to local business and regulatory landscape and equip them to make better business decisions when operating in the country,” said Zubair Patel, Partner and Head of Tax & Corporate Services, KPMG in Kuwait.
The event stressed on the fact that KPMG in Kuwait’s China Business Desk comprises a team of seasoned Chinese nationals that has been working in Kuwait and, considering its in-depth knowledge of how the Chinese and Kuwaiti markets work, is best suited to advise Chinese investors and facilitate increased ease of doing business, brushing aside any cultural, language or communication barriers that may otherwise arise when investing in a Middle Eastern country such as Kuwait.
Hanan Tariq, Director, Tax & Corporate Services, KPMG in Kuwait, said, “The goal of the seminar was to provide an all-inclusive platform for Chinese and Kuwaiti businesses to promote fruitful business conversations and boost further economic growth and prosperity in both the nations.” In the face of changing times, the event was conducted using a hybrid model, wherein about 100 delegates from both China and Kuwait participated either online or in person at the Al-Bidaa Ballroom in Four Seasons Hotel, Kuwait.