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Saturday , August 15 2020

Kuwait bourse achievements in ’19 push country closer to Vision 2035

Stock exchange is well on its way to international prominence

KUWAIT CITY, Dec 26, (KUNA): Kuwait’s stock exchange has made a number of notable accomplishments this year, pushing the country ever closer to ultimately becoming a regional financial hub, as envisaged in national development plans Vision 2035. Chief among these achievements is the Kuwaiti bourse’s shift to “emerging market” status on investment research firm Morgan Stanley’s (MSCI) rankings starting in May of next year, a move likely to create a positive ripple effect on the economy.

According to analysts, all signs indicate that Kuwait’s stock exchange will lure foreign investment worth $3.3 billion in the coming year, the bulk of which will come from some of the world’s most reputable companies. The improvement on MSCI rankings, the third promotion in as many years, is the result of two factors, one being the modification of account structures and making them available to foreign investors. To make sure that progress remains on an upward trajectory, Kuwait’s capital market regulator has sent a team of specialists on a visit to asset management firms in some of the world’s most renowned cities, including New York, London and Dubai.

The initiative is a measure aiming to familiarize these companies with the bountiful investment opportunities available in Kuwait, part of a strategy on the bourse’s part to introduce effective financial practices. As a platform for knowledge exnessee its North American base for electric vehicle production by expanding its plant in Chattanooga. Where the manufacturing is centered will be determined by a number of factors, Smith said, including logistics, labor contracts, political infl uences, workforce training and how quickly car buyers embrace electric vehicles.

Fully electric vehicles currently make up only 1.5% of US new vehicle sales, and LMC Automotive forecasts that will rise to only 7.5% by the end of the next decade. “We’re still in the early days of this,” Smith said. Uncertainty also surrounds what will happen with the former GM assembly plant. It was bought by Lordstown Motors Corp., a new company that wants to begin making electric trucks by late 2020 but also needs more investors before manufacturing can begin.

While the new owner plans to start out with just 400 workers, CEO Steve Burns said he has a much bigger vision that includes bringing in other likeminded companies and becoming a center for electric vehicle production. There’s also talk of potentially building a new generation of mail trucks for the US Postal Service. “It’s a pretty lofty goal,” Burns said. “But we didn’t buy this plant not to fill it up and get to full production. We really want to put the area on the map.”

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