KUWAIT CITY, April 24, (Agencies): Kuwait Stock Exchange (KSE) is now fully operated by Kuwait Bourse Company and will officially join the private sector starting Monday, KSE announced on Sunday.
In statements to the press, Minister of Commerce and Industry Dr Yousef Al-Ali described the move as a milestone and the start of a historic era of the privatization of the KSE, in line with Capital Markets Authority’s (CMA) Law No. 7/2010, which calls for complete privatization of KSE.
Chairman of the CMA Board of Commissioners Dr Nayef Al-Hajraf hailed the move as a monumental chapter in the history of the stock exchange, one the nation’s economy is in dire need of. Al-Hajraf chronicled the history of KSE, which dates back to 1983, saying that through diligent efforts, KSE stands as amongst the region’s biggest markets.
The CMA chairman also underscored collective conviction that this move would help elevate KSE to unprecedented heights. Al-Hajraf described KSE’s entry into the private sector as a historic moment which marks the privatization of the first public sector entity. Moreover, Chairman of Kuwait Bourse Company Khaled Al-Khaled said that all parties involved worked tirelessly to make this move a reality. “We hope to perform to the best of all expectations,” Al-Khaled noted, saying that the company seeks to transform KSE into a force to be reckoned with.
KSE’s privatization will help transform Kuwait into a financial and commercial hub, Al-Khaled added. Last December, Al-Hajraf announced that Kuwait Bourse Company would officially take over KSE on April 24, in an intricate four-stage process set to conclude in December 2016.
The company’s ownership shares are divided where 50 percent belongs to citizens, 6 percent is government owned, while 44 percent is allocated for the global workforce. KSE’s privatization comes as part of CMA plans to ramp up development and boost the country’s economy.