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Sunday , October 25 2020

Kuwait eyed as trade hub

CMA operates on ‘strategic’ planning based on 3 pillars

KUWAIT CITY, Aug 24: The Capital Markets Authority (CMA) works on strategic planning in its areas of work and is keen on the consistency of its strategic directions with the government development directions on the one hand, and the international standards on the other hand, reports Al-Anba daily.

The daily quoting CMA sources said this is what prompted it to build its current strategic plan based on 3 pillars that it is actively seeking to achieve its objectives.

This is summarized as the strategic vision of Kuwait to transform into a leading financial center, within specific objectives drawn through the law of its establishment and finally compatibility with the main principles of the International Organization of Securities Commissions (IOSCO). Despite the great challenges that Kuwait faced with the outbreak of the Corona pandemic, it can be said that ‘Markets Money’ has made important inroads in the paths of these pillars, and this is actually embodied in the authority’s projects included in the government’s development plans and in line with international standards, the successive promotions of the Kuwait Stock Exchange, the remarkable improvement in the country’s ranking according to several global indicators, and the effective participation of the Commission in the relevant international organizations. Behind these accomplishments and ambitions is a huge team led by the Chairman of the Board of Commissioners and the Executive Director of the Capital Markets Authority, Dr. Ahmad Abdel Rahman Al-Melhem, as the “capital markets” that have adopted a strategic approach that enables them to perform the role assigned to them to achieve the governmental strategic development visions and financial reform policies at the same time.

There are several projects that came as a result of that, perhaps the most prominent of which is the market privatization project, which is an embodiment of private sector help in leading the economic activity, as well as the participation of citizens in owning projects, and the qualitative listing recently initiated by the authority through preparation for listing the shares of North Al-Zour Energy and Water Company which falls within the framework of the directions of offering government companies for public subscription and listing them in the capital markets authority as one of the tools for privatizing public projects according to the aforementioned reform document, after the authority completed the file of listing the incorporated companies as public joint stock companies, as well as the companies under the umbrella of the Public Private Partnership Authority laws.

In a special report the daily said it is clear that this role is part of Kuwait’s steps to achieve its strategic visions (Kuwait 2035), represented by “Kuwait as a financial and commercial center that attracts investment, in which the private sector leads economic activity, fuels competition, and raises production efficiency in light of a supportive institutional state apparatus that provides adequate infrastructure, advanced legislation and an encouraging business environment.

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