BREMER
5 Experts
4 Contributions by BREMER
PRACTICE NOTES
1. What is the applicable legislation?
The main legislation applicable to foreign investment comprises Kuwait Direct Investment Promotion Authority Law 116/2013 (FDI Law 2013) together with Ministerial Decision 502/2014 issuing the Executive Regulations to implement Law 116/2013 on promoting direct investment in the State of Kuwait. Beyond these core FDI instruments, several other enactments may apply depending on how the investment is structured. Chief among these are the Companies Law 1/2016, the Capital Markets Authority Law 7/2010, and the Commercial Agencies Law 13/2016, alongside their respective executive regulations. In broad terms, Kuwait’s FDI framework is still relatively undeveloped. The system largely follows a traditional model for supervising foreign investment, concentrating on prohibiting non-nationals from conducting or funding certain activities, or on imposing heightened regulatory obligations on overseas investors. A comprehensive FDI screening mechanism, of the type found in many EU
Competition
PRACTICE NOTES
1. What is the applicable legislation?
There is no single, stand‑alone foreign investment statute that creates an all-encompassing foreign direct investment (FDI) framework in Nigeria. Rather, the rules that apply to FDI sit across multiple enactments. The core provisions appear in: the Nigeria Investment Promotion Commission Act 1995 (NIPCA 1995); the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 1995, Chapter F34; the Companies and Allies Matters Act 2020 (CAMA 2020); the Immigration Act 2015; the National Office for Technology Acquisition and Promotion Act 1979; and the Investment and Securities Act 2025 (ISA 2025). In addition, subject to the state from which capital is deployed, multinational and bilateral investment treaties can be relevant. The latest adjustments to Nigeria’s FDI landscape concerned revisions to the procedures of the Nigerian Investment Promotion Commission (Investment Commission) rolled out in 2023. Those changes are aimed at
Competition
PRACTICE NOTES
1. What is the applicable legislation?
On 11 August 2025, Saudi lawmakers promulgated the Saudi Investment Law 2024. It took effect on 7 February 2025, superseding Royal Decree M1/1421H on Foreign Investment in the Kingdom of Saudi Arabia (the Foreign Investment Law 2000). Unlike the 2000 law, which applied solely to foreign investment, the 2024 statute governs investment by both foreign and domestic investors across the Kingdom. The Executive Regulations to the 2024 law have not yet been issued, so uncertainties remain over how the FDI framework it creates will operate in practice. Under the Foreign Investment Law, Saudi Arabia followed a traditional FDI model, largely using sector-specific incentives while restricting or barring foreign participation in other areas to guide inflows. The 2024 law contains wording that could support an FDI screening mechanism comparable to those used in the US or Europe and
Competition
PRACTICE NOTES
1. What is the applicable legislation?
Federal Law 32/2021 on Commercial Companies (Companies Law 2021) is the primary statute regulating the United Arab Emirates (UAE) foreign direct investment framework. Issued at the close of 2021, it formed part of wider federal reforms designed to modernise the UAE’s legal landscape across multiple fields and to attract overseas capital. The Companies Law 2021 superseded both Federal Law 2/2015 on Commercial Companies (the Old Companies Law 2015) and Federal Law 19/2018 on Foreign Direct Investment. Traditionally, UAE legislation mandated that UAE nationals hold a majority interest in all onshore UAE companies, with foreign ownership limited to 49%. From 27 September 2020, Federal Decree 26/2020 amended the Old Companies Law 2015, permitting up to 100% foreign ownership of onshore entities in defined circumstances. Taking effect on 2 January 2022, the Companies Law 2021, which replaced the Old
Competition
10 Contributions by BREMER Experts
PRACTICE NOTES
Note—to check whether notification thresholds in Egypt and worldwide apply, consult Where to Notify. Egypt is also part of COMESA, which runs a supranational merger control regime.
1. Have there been any recent developments regarding the Egyptian merger control regime and are any updates/developments expected in the coming year? Are there any other ‘hot’ merger control issues in Egypt?
Merger control in Egypt is chiefly regulated by Law 3/2005 on the Protection of Competition and the Prohibition of Monopolistic Practices (Competition Law 2005) and Prime Ministerial Decree 1316/2005 issuing the executive regulations to Law 3/2005 (Executive Regulations 2005). Both instruments were recently overhauled to introduce a pre-closing notification merger control system with a standstill obligation in Egypt.
The Competition Law 2005 was amended by Law No. 175 of 2022 Amending Some Provisions of the Law on the Protection of Competition and Prevention of
Competition
PRACTICE NOTES
1. What is the applicable legislation?
The main legislation applicable to foreign investment comprises Kuwait Direct Investment Promotion Authority Law 116/2013 (FDI Law 2013) together with Ministerial Decision 502/2014 issuing the Executive Regulations to implement Law 116/2013 on promoting direct investment in the State of Kuwait. Beyond these core FDI instruments, several other enactments may apply depending on how the investment is structured. Chief among these are the Companies Law 1/2016, the Capital Markets Authority Law 7/2010, and the Commercial Agencies Law 13/2016, alongside their respective executive regulations. In broad terms, Kuwait’s FDI framework is still relatively undeveloped. The system largely follows a traditional model for supervising foreign investment, concentrating on prohibiting non-nationals from conducting or funding certain activities, or on imposing heightened regulatory obligations on overseas investors. A comprehensive FDI screening mechanism, of the type found in many EU
Competition
PRACTICE NOTES
Note—To check whether notification thresholds in Kuwait and worldwide are triggered, refer to Where to Notify.
1. Have there been any recent developments regarding the Kuwaiti merger control regime and are any updates/developments expected in the coming year? Are there any other ‘hot’ merger control issues in Kuwait?
From late 2020, Kuwait began a major overhaul of its merger control framework, which came into effect in the latter half of 2021. In November 2020, the legislator enacted Law 72/2020 on the Protection of Competition (Competition Law 2020). Among other amendments, it replaced market share criteria with turnover- and asset value-based filing thresholds. Additional clarification on the new regime was set out in Decree 14/2021 on the Executive Regulation to the Competition Law (Executive Regulations 2021). However, neither the Competition Law 2020 nor the Executive Regulations 2021 specified the notification thresholds. Those figures were
Competition
PRACTICE NOTES
NOTE-to check whether notification thresholds in Lebanon and worldwide are satisfied, consult Where to Notify.
1. Have there been any recent developments regarding the Lebanese merger control regime and are any updates/developments expected in the coming year? Are there any other ‘hot’ merger control issues in Lebanon?
In early 2022, Lebanon passed its first all-embracing competition statute, Law 281/2022 on the Competition Law (Competition Law 2022), which took effect on 17 March 2022. This instrument constitutes the country’s inaugural, fully fledged competition framework and brought in a modern antitrust and merger control system. Before the Competition Law 2022 became operative, Lebanon lacked a standalone or specific competition statute. Instead, competition issues were addressed only by a handful of basic provisions scattered across different enactments, including Law 34-67/1967 on Commercial Agencies, Law 73-83/1983 on Acquisition of Goods and Agricultural Crops, and Resolution 2385/1924
Competition
PRACTICE NOTES
1. What is the applicable legislation?
Lebanon has no standalone law on foreign direct investment (FDI). Rather, rules relevant to foreign investment are set out in the Investment Law 360/2001 (Investment Law 2001), which applies equally to overseas and local investors. The Investment Law 2001 functions as an investment promotion framework offering incentives to invest in Lebanon. It does not create supervisory bodies or impose limits on foreign investment. Any such limitations arise under other statutes, notably the Law on the Lebanese Code of Commerce 304/1942 (Code of Commerce 1942), the Law on Publications 1962, the Gun Laws of Lebanon 137/1959 (as amended), and the Law on Foreign Acquisition of Real Property 296/2001.
2. Which government or other body (or bodies) reviews foreign investments?
Foreign investment in Lebanon is in general handled by the Investment Development Authority of Lebanon (IDAL), created pursuant to the
Competition
PRACTICE NOTES
1. What is the applicable legislation?
Morocco has no standalone foreign direct investment (FDI) statute. Instead, the framework for both domestic and foreign investment is found in the Investment Charter. In December 2022, the previous charter was replaced by a new Investment Charter enacted through Framework Law 03-22 (Investment Charter 2022). Neither the former nor the current Investment Charter creates a comprehensive FDI review mechanism comparable to those seen, for example, in European countries. Rather, the Investment Charter 2022 concentrates on incentivising investment in specified sectors and regions.
The amendments introduced with the new charter seek to streamline administrative procedures for investors, lower barriers to establishing and operating businesses in the country, enhance the transparency and predictability of administrative processes, and attract investment by offering a range of incentives. These incentives include tax advantages, subsidies, and other supportive measures aimed at promoting
Competition
PRACTICE NOTES
1. What is the applicable legislation?
There is no single, stand‑alone foreign investment statute that creates an all-encompassing foreign direct investment (FDI) framework in Nigeria. Rather, the rules that apply to FDI sit across multiple enactments. The core provisions appear in: the Nigeria Investment Promotion Commission Act 1995 (NIPCA 1995); the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 1995, Chapter F34; the Companies and Allies Matters Act 2020 (CAMA 2020); the Immigration Act 2015; the National Office for Technology Acquisition and Promotion Act 1979; and the Investment and Securities Act 2025 (ISA 2025). In addition, subject to the state from which capital is deployed, multinational and bilateral investment treaties can be relevant. The latest adjustments to Nigeria’s FDI landscape concerned revisions to the procedures of the Nigerian Investment Promotion Commission (Investment Commission) rolled out in 2023. Those changes are aimed at
Competition
PRACTICE NOTES
1. What is the applicable legislation?
Qatar’s foreign direct investment (FDI) framework shifted in 2019/2020, aligning with the nation’s wider economic goals. For years it was highly restrictive. Under Foreign Investment Law 13/2000, non-Qataris were required to channel all investments via a Qatari entity, partnering with local nationals who had to own at least 51% of the vehicle. Although foreigners could petition the Minister of Commerce and Industry to raise their stake to 100%, approvals were seldom issued. The new Foreign Investment Law 1/2019 (FDI Law 2019) and its Executive Regulations, Resolution 44/2020 (Executive Regulations 2020), eased these ownership limits. From the FDI Law’s introduction, foreign investors may hold up to 100% of a Qatari private company operating in specified sectors, such as agriculture, selected industrial activities, health care, education, tourism, certain activities in the energy sector, mining, business
Competition
PRACTICE NOTES
1. What is the applicable legislation?
On 11 August 2025, Saudi lawmakers promulgated the Saudi Investment Law 2024. It took effect on 7 February 2025, superseding Royal Decree M1/1421H on Foreign Investment in the Kingdom of Saudi Arabia (the Foreign Investment Law 2000). Unlike the 2000 law, which applied solely to foreign investment, the 2024 statute governs investment by both foreign and domestic investors across the Kingdom. The Executive Regulations to the 2024 law have not yet been issued, so uncertainties remain over how the FDI framework it creates will operate in practice. Under the Foreign Investment Law, Saudi Arabia followed a traditional FDI model, largely using sector-specific incentives while restricting or barring foreign participation in other areas to guide inflows. The 2024 law contains wording that could support an FDI screening mechanism comparable to those used in the US or Europe and
Competition
PRACTICE NOTES
1. What is the applicable legislation?
Federal Law 32/2021 on Commercial Companies (Companies Law 2021) is the primary statute regulating the United Arab Emirates (UAE) foreign direct investment framework. Issued at the close of 2021, it formed part of wider federal reforms designed to modernise the UAE’s legal landscape across multiple fields and to attract overseas capital. The Companies Law 2021 superseded both Federal Law 2/2015 on Commercial Companies (the Old Companies Law 2015) and Federal Law 19/2018 on Foreign Direct Investment. Traditionally, UAE legislation mandated that UAE nationals hold a majority interest in all onshore UAE companies, with foreign ownership limited to 49%. From 27 September 2020, Federal Decree 26/2020 amended the Old Companies Law 2015, permitting up to 100% foreign ownership of onshore entities in defined circumstances. Taking effect on 2 January 2022, the Companies Law 2021, which replaced the Old
Competition
If you expected to see yourself on this page, click here.
