Boursa Kuwait Securities Company (BKSC) said Monday it has taken over leadership of the Kuwait Stock Exchange’s daily functions in Kuwait City in accordance with strategic planning for the long-term health of the market developed by the Capital Markets Authority (CMA).
"Today we have taken the first step on the road to privatizing the Kuwait Stock Exchange and we are looking forward to working closely with Boursa Kuwait's management on making further progress,” CMA Chairman Nayef Falah Al-Hajra said, indicating that BKSC would incorporate investment tools and market restructuring, adopt ways to increase liquidity and attract investments and team up with fellow government agencies including Kuwait Clearing Company.
Al-Hajra expressed strong optimism for “a vibrant financial market” structurally sound enough to attain status as a global entity.
"Starting today, Kuwait's stock exchange is managed by the Kuwaiti private sector, which has always been a leading and creative economic force,” Al-Hajra said. “We are very confident in the capabilities of Boursa Kuwait management in translating its development plans and strategies into an efficient, transparent and accessible stock market that both meets the aspirations of Kuwaitis and contributes to the amir's vision of transforming Kuwait to a financial and commercial center."
The transition in leadership is expected to end Sept. 30 as Boursa Kuwait obtains proper licensing and organizes in preparation for an initial public offering.
Boursa Kuwait was founded in 2014 by the CMA Commissioners' Council, paving the way for today’s conversion to privatization.