HH Amir congratulates HH PM on Kuwait bourse promotion to an emerging market

EM status puts Kuwait on course for growth: minister

KUWAIT CITY, Oct 1, (KUNA): His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah sent a congratulatory cable to His Highness the Prime Minister Sheikh Jaber Mubarak Al-Hamad Al-Sabah Sunday on promoting the national stock market “Boursa Kuwait” to an emerging market by the Financial Times Stock Exchange (FTSE) Russel.

In his cable, His Highness the Amir hailed the great efforts that led to such historic achievement, including those of the Ministry of Commerce and Industry, the Ministry of Finance, the Central Bank of Kuwait, the Capital Markets Authority, Boursa Kuwait and Kuwait Clearing Company.

Meanwhile, His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah also sent a similar cable to His Highness the Prime Minister.

Boursa Kuwait’s recent promotion to an emerging market is a step towards a stronger economy that can lure foreign investment, a Kuwaiti minister said on Sunday.

In a press conference organized by Kuwait’s Capital Market Authority (CMA), Minister of Commerce and Industry Khaled Al-Roudhan said that the country has reached a critical juncture, where new legislations need to be introduced to keep up with rapid change.

On the Financial Times Stock Exchange (FTSE) Russel’s classification of Kuwait’s stock exchange, known as Boursa Kuwait, as an emerging market, Al-Roudhan, who is also Acting Minister of State for Youth Affairs, said that it was means to an end.

Meanwhile, CMA Chairman Dr Nayef Al-Hajraf hailed the promotion as a historic achievement that would be instrumental in gaining the trust of local investors.

With this promotion, “we have moved from a local to an international level,” Al-Hajraf pointed out, thanking Boursa Kuwait’s workforce for their efforts to make this long-awaited accomplishment a reality.

He said that the capital market in on the cusp of an epoch-making transition, marked by advancements in research and studies, in a country with the fourth biggest emerging market in the Arab region. Al-Hajraf went on to dedicate this accomplishment to the Kuwaiti leadership.