CMA introduces new measures to develop national stock exchange
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KUWAIT CITY, Oct 24, (KUNA): Kuwait’s Capital Market Authority (CMA) has introduced new measures to develop the core infrastructure of the national stock exchange, its chairman Ahmad Al-Melhem said on Wednesday.
The process to improve the stock market is a work in progress, Al-Melhem told the press on the sidelines of a meeting that brings together the chiefs of capital market regulators in the Gulf Cooperation Council (GCC). He said that the endeavor involves Kuwait’s stock exchange, known as Boursa Kuwait, along with CMA and Kuwait Clearing Company, which provides services to the bourse.
Executive Director and Chief Commissioner at CMA Dr Ahmed Abdulrahman Al-Melhem presided over the meeting with Assistant Secretary General for Economic and Development Affairs at the GCC Secretariat General Khalifa bin Saeed Al-Ebri and representatives of the GCC Secretariat General in attendance.
Al-Melhem welcomed the guests while stressing the importance of the agenda. He also praised the commitment of the participants to ensure success of the meeting. In addition, Al-Ebri delivered a speech during which he expressed gratitude to HH the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, HH the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah and the Kuwaiti people. “The challenges facing stock markets in the region are the result of the existing political conditions,” the Kuwaiti official added, citing a deal signed between financial markets in the Gulf region that aims to develop a closer rapport among inspection bodies. The progress made in the region’s financial markets proves that stock exchanges in the Gulf continue to grow, said the GCC’s assistant secretary general for economic affairs Khalifa Al- Abri.
The main objective for the meeting is to bring financial markets in the GCC closer together, he underlined. In another development The Council of Arab Ministers of Transport approved a proposal for creating a joint Arab maritime transport corporation. They gave thumbs up for a proposed mechanism for setting up two Arab- Latin American maritime transport and logistic services companies, Assistant Undersecretary of Kuwait’s Ministry of Communication for Transport Affairs Adel Dashti told KUNA following his participation in and the conclusion of the Arab ministerial council meeting on Tuesday.
The conferees also agreed on doubling efforts to put in place the transport- related goals of the UN sustainable development agenda. They endorsed a proposal for an Arab center for training cadres in investigation of maritime accidents, he said.
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