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Thursday , December 3 2020

Kuwait Bourse Co vows to elevate local market to int’l levels

KUWAIT CITY, March 19, (KUNA): Kuwait Bourse Company Chairman Mohammad Al-Saqqaf has stressed the company’s keenness to make the national stock market match international standards. He has also affirmed the approach to develop the national bourse and make it a modernized model with highest levels of practices and competence in the Gulf region. In an interview with the local newspaper “Al-Jarida,” published on Sunday, Al-Saqqaf said the company aims at improving the Boursa Kuwait’s capabilities to compete in the Gulf and Arab regions. Boursa Kuwait, formerly named Kuwait Stock Exchange (KSE), was founded 30 years ago – one of the oldest stocks markets in the Gulf region.

Moreover, Al-Saqqaf called on government authorities to join efforts aimed at marketing Kuwait as a lucrative hub for foreign investments and encourage local enterprise. The bourse company is attentive to companies’ withdrawal from the stock market, he said, noting various reasons for prompting them to get out of the arena; such as trading decline. The bourse cannot force any company to stay in, as each one of them has a reason to leave, but when “we put the new trading tools into action, by then I think that the image will be different,” he affirmed.

The role of the company in the bourse is to offer a “clean and transparent arena, who wins, who loses is not of our specialties,” he said. Kuwait Bourse Company is working to list financial instruments, sukuks and bonds, in line with the approach to activate the market, he said. Meanwhile, he indicated that the aspiration to privatize the stock market will materialize one day, as the relevant law stated and explained the mechanism, he said.

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