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Wednesday , November 20 2019

Boursa Kuwait stresses commitment to national economy’s development

CEO Al-Khaled delivers keynote speech at the opening of forum

A photo from the forum

KUWAIT CITY, Nov 27: Boursa Kuwait has participated in the first Economic Forum in Kuwait, highlighting the company’s sustained commitment to contribute to the growth and development of the national economy. Khaled Abdulrazzaq Al- Khaled, Chief Executive Officer, Boursa Kuwait, was invited as the keynote speaker at the opening session of the forum, held from 27-29 November at the Salwa Sabah Al Ahmad Hall in Kuwait, under the patronage of His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Sabah.

In his speech at the forum hosted under the theme, ‘Securities Markets Empowerment’, Al-Khaled highlighted the importance of stock markets in shaping the economies of countries around the world. He also explored why capital markets are a central part of the banking system and regarded as a platform for the public and private sectors to participate in the economic development process and create employment opportunities for youth.

“Our participation in the Economic Forum enables us to gain deeper insights into the impact of new capital markets regulatory reform in Kuwait. The forum discussed the effects of the latest legislation on local and regional companies and explored how the new laws will help create an attractive environment for local and foreign investors,”said Khaled Abdulrazzaq Al-Khaled, Chief Executive Officer, Boursa Kuwait. “In addition, the forum shed light on the role of local stock exchanges in the GCC countries and the wider region under the visions of decision makers in transforming capital cities into financial centers, strengthening the private sector, and increasing its contribution to GDP. The event also provided us with an excellent opportunity to tackle challenges facing us as we strive to take our stock market to the global level, which in turn will promote the economic growth of Kuwait.”

Al-Khaled said that Boursa Kuwait has been playing a vital role in supporting the ambitious ‘Kuwait 2035’ strategy to establish the country as a regional fi- nancial center. He also stressed that the stock exchange has come a long way to strengthen its position as an attractive platform for issuers at the regional level by expanding the investor base, increasing and diversifying products, and improving the business environment to match the highest international standards.

Furthermore, in his speech, Al-Khaled highlightedthe outstanding achievements of Boursa Kuwait over the past years that contributed in restoring investor confidence following the global financial crisis of 2008, which negatively impacted capital markets in the region.

In addition, he shed light on the company’s third phase of the market development plans, in which Boursa Kuwait seeks to introduce a number of new products, such as short selling, margin trading, REITs, and over-thecounter (OTC) market, among many others.

The agenda of the Economic Forum included discussions on several topics, including the impact of Basel III standards on regional banks, as well as the importance of listing on stock exchanges and how companies benefit from this to achieve profits and increase growth.

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