Dow office to close in June

dowKUWAIT: Dow Chemical’s office in Kuwait will be closed permanently in June following the completion of the company’s final exit from its projects in Kuwait, sources said. Dow began executing its exit plan following an announcement on Nov 12, 2014, and began the first steps through its agreement to lower its share in MI Global and selling it to EQUATE. Sources said the Dow office in Kuwait is without a budget from the mother company since many months in preparation for the office’s closure, moving or firing employees.

They said that following the Dow’s sale of its share in MI Global for $1.5 billion, the next stage is reducing its share and quitting EQUATE as well as other partnerships by June. Dow so far has not announced the percentage it will put up for underwriting in EQUATE, but informed sources expected it to be around 15 percent, because the American company will keep a minimum of 26 percent in EQUATE.

The website says that Dow is considered the largest foreign investor in Kuwait through its joint projects in which citizens have shares. Sources said the company has stopped all its social contributions in Kuwait, such as sponsoring Bayt Lothan and street cleaning. —Al-Anbaa

This article was published on 29/02/2016