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Thursday , August 6 2020

Stock markets play a ‘major role’ in supporting pvt sector: experts

Forum to review current state of Kuwait Bourse

KUWAIT CITY, Nov 27, (Agencies): Stock markets and Kuwait Bourse have played a major role in supporting the private sector and raising its contribution in gross domestic product (GDP) and stimulated its new role to implement the “Vision of Kuwait 2035”.

This came during a speech delivered by senior advisor Bilqassim Al- Abbasi at the opening of the economic forum “Enabling Stock Markets”, held for two days, on behalf of Director of the Arab Planning Institute Bader Al-Othman. The forum will discuss the role of Gulf, region stock exchanges in light of regional leaders’ visions to turn their capitals into financial centers, Al-Abbasi said.

The forum highlights the importance of enabling the private sector to contribute more in the national GDP, and the role of stock exchanges in strengthening the state’s economy, he explained. “By promoting the growth of local and regional financial markets and enhancing their competitiveness at the regional level, companies will be able to enhance their profitability and sustainability and to review successful global experiences”, Al-Abbasi added.

On her side, head of the forum’s organizing committee Dr Amani Bouresly said that the development of local markets, the increase of its volume, the diversification of its sectors and efficiencies are “a national project”. It is one of the most important pillars of achieving the vision of His Highness the Amir to transform Kuwait into a commercial financial center.

The forum will review the current state of Kuwait Bourse in light of the new regulations and challenges and also discuss Basel 3 and the modern accounting requirements (IFRIS 9) and their impact on banks and the private sector, Bouresly noted. She stressed the importance of economy to raise the competitiveness of Kuwait and other regional countries to strengthen the legislative infrastructure necessary to support and develop financial markets.

The forum is being held under the patronage of His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Sabah from November 27 to 28, 2019, and will review the challenges and constraints facing capital markets in the region and the Kuwait market in particular. Bader Al-Subaiee, Chairman of the Kuwaiti Investment Companies, affirmed on Tuesday the role of the financial markets for boosting economic and social prosperity.

Al-Subaiee, speaking at the second session of the economic forum, themed “Enabling Stock Markets,” stressed on necessity of enabling the private sector contribute to the economic and social development, effectively. Meanwhile, Faisal Sarkho, Chief Executive Officer at the investment company KAMCO, dubbed, in his statement at the session, the private sector as a main stimulant for domestic economy’s growth and supporting the public sector for creating job and investment opportunities.

The private sector must not be eyed as a contender to the public sector; it is rather a key stimulant for increasing productivity, he added. For his part, Saleh Al-Salmi, Chairman of the Investment Companies Union, said promotion of the bourses in the Arabian Gulf region has led to boosting foreign investors’ confidence in the regional countries’ economies. He drew a promising picture for a greater private sector’s role, largely due to existence of lucrative capital markets in these countries, in addition to the local, family and government companies.

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