Kuwait ministry keen to develop KSE to attract investors, raise markets position

KUWAIT CITY - Kuwaiti Minister of Commerce and Industry Fahad Al-Shariaan affirmed on Thursday keenness to develop the Kuwait Stock Exchange in a way that will reflect positively on the market’s performance, attract investors and raise its status locally and globally. Al-Shariaan said in a press statement after the opening of the Nasser Al-Kharafiand Jassim Al-Bahar trading hall in the Kuwait Stock Exchange that the new trading hall is characterized by the latest technologies that keep pace with international standards and specifications, which will positively reflect on the market’s performance and attract investors.

He added, “The hall witnessed a long financial history full of many events, which I have the honor to name after the late Nasser Al-Kharafiand Jassim Al-Bahar, who are considered among “the pioneers of financial work in Kuwait.”

For his part, the Chairman of the Board of Directors of Boursa Kuwait Company, Hamad Al-Humaidhi, said in a similar statement that Boursa Kuwait continues to modernize the rest of the building’s facilities in a way that contributes to the company’s institutional sustainability operations, in addition to continuing to support the company’s strategy, infrastructure development plans and work environment in accordance with international standards and work to develop the market

Pointed
He pointed out that the old trading screens were removed from the hall and other locations inside and outside the building and replaced with new ones that feature the latest technologies and greater capabilities for managing and broadcasting content, which are highly efficient and consume less energy up to more than 50 percent compared to the old screens. He stated that Boursa Kuwait has contracted with a specialized company to recycle a large group of electronic devices, which numbered more than a thousand devices.

For his part, Boursa Kuwait Board Member Bader Al-Kharafiexpressed in a similar statement his pride in reopening the trading floor and renaming it new, explaining that Boursa Kuwait has witnessed many developments and reforms since the beginning of its privatization project. Al-Kharafiadded that these developments have become the best evidence of the efficiency of Kuwaiti youth and their ability to develop a strong capital market characterized by credibility and transparency, which made the Kuwaiti capital market an investment target for international financial institutions, which resulted in the inclusion of a group of Kuwaiti companies in leading global indices.

Stated
He stated that Boursa Kuwait is distinguished between the region’s markets and the financial markets globally with its trading floor, pointing out that the Board of Directors approved plans to develop the building’s facilities with “world-leading” specifications to reflect the identity of the market, which is considered the oldest stock market in the Arab Gulf region.

For his part, Boursa Kuwait Board Member Talal Al-Bahar said in a similar statement that the reopening of the trading floor comes within the framework of Boursa Kuwait’s continuous efforts to develop and modernize its facilities and innovate solutions that keep pace with market aspirations to attract investors and continue its successes as a booming market that is moving at an accelerated pace of growth to achieve sustainability for the company, Kuwait capital market and the national economy.

Al-Bahar added that Boursa Kuwait is looking forward to providing a qualitative experience that addresses the aspirations of all parties involved in the market, in addition to companies that wish to list, whether from inside or outside Kuwait. The Board of Directors of Boursa Kuwait had approved the request submitted by the members of the Board of Directors, Bader Al-Kharafiand Talal Al-Bahar, to donate the cost of developing a number of building facilities commercial work.