Amir praises Boursa Kuwait’s emerging market upgrade

Promotion supports investment efficiency, national growth

KUWAIT: His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al- Sabah (center) meets with Minister of Commerce and Industry Khaled Al- Roudhan (right), as well as Capital Markets Authority Chairman of the Board of Commissioners and Managing Director Nayef Al-Hajraf. — KUNA

KUWAIT: His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah yesterday hailed local officials’ “enormous and ongoing” efforts which led to FTSE Russel’s recent promotion of the Kuwait stock exchange to an emerging market for the first time.

He made the remarks as he received the Minister of Commerce and Industry and Acting State Minister for Youth Affairs Khaled Al-Roudhan, Capital Markets Authority (CMA) Chairman of the Board of Commissioners and Managing Director Nayef Al-Hajraf, Board of Commissioner members, Boursa Kuwait’s Board Chairman Talal Al-Ghanem and Board Members. During the encounter, held at Seif Palace, His Highness the Amir described the achievement as “important and historic,” saying it would bolster confidence in the Kuwaiti market. Also attending was Deputy Minister for Amiri Diwan Affairs Sheikh Ali Jarrah Al-Sabah. In his own remarks at the meeting, CMA Chairman and Managing Director Al-Hajraf said the improved listing was a “global testament” for numerous decisions made by CMA over the past two years. He also dedicated the accomplishment to His Highness the Amir and the Kuwaiti people, expressing the authority’s pride in the new status.

Comprehensive planning
The same officials met later with His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, who hailed the efforts exerted by CMA and Boursa Kuwait employees in meeting the requirements necessary for the classification after “comprehensive strategic planning,” which he described as an “historic achievement.” “This will reflect positively on the Kuwaiti financial market, will increase its investment efficiency and attractiveness and regional and international position and will support national growth,” he said.

The officials later met with Acting Prime Minister and Minister of Foreign Affairs Sheikh Sabah Khaled Al-Hamad Al-Sabah as well, before having a discussion with National Assembly Speaker Marzouq Al-Ghanem on the expected outcomes of Boursa’s recent promotion.

Social security
In other news, His Highness the Amir also received Deputy Prime Minister and Minister of Finance Anas Al-Saleh and Director General of the Public Institution for Social Security (PIFSS) Hamad Al-Homeidhi. They presented His Highness with a special publication celebrating 40 years of enforcing social security in Kuwait from 1977 to 2017. The two later presented copies of the special publication to His Highness the Crown Prince and the Acting Premier.

Separately, His Highness the Amir received a verbal message from China’s President Xi Jinping over means to cement bilateral relations between the two countries in various realms. The message was conveyed to Sheikh Ali Jarrah Al-Sabah by the Chinese Ambassador to the State of Kuwait, Wang Di. In the meantime, His Highness the Crown Prince received Minister of Oil and Minister of Electricity and Water Essam Abdul Mohsen Al-Marzouq, Minister of Awqaf and Islamic Affairs and Minister of State for the Municipality Mohammad Nasser Al-Jabri, as well as Chief of the National Security Bureau Sheikh Thamer Ali Sabah Al-Salem Al-Sabah. – KUNA

This article was published on 02/10/2017