Kuwait Cabinet lauds stock exchange growth: Positive step to lure investments
Finance minister briefs Cabinet about contracts’ hurdles
KUWAIT: Kuwait stock exchange’s indices have recorded collective gains before the national bourse is set to shift to “emerging market” status on investment research firm Morgan Stanley’s rankings next year, Commerce Minister Khaled Al-Roudhan told the Cabinet yesterday. The Cabinet hailed the progress as a “positive step” towards luring more foreign investment into Kuwait, which in turn, would help transform the country into a regional “financial hub.”
Meanwhile, Minister of Finance Mariam Al-Aqeel briefed the Cabinet about a final report prepared by the commission for examining contracting measures for government departments, shedding light on main obstacles at this level. Aqeel, who doubles as Acting Minister of State for Economic Affairs, addressed the ministers during the weekly session, held at Seif Palace, about key recommendations aimed at tackling shortcomings and hindrances that delay projects’ execution. She also presented the executives, during the session chaired by His Highness the Prime Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah, with proposals by competent authorities to deal with these issues. Among the proposals is conducting studies on legislations that regulate contracts, applicable ideas to shorten red tape and minimize bureaucracy, in addition to suggestions on transactions at government departments and coordination among authorities to ensure ventures’ speedy execution.
Reading the Cabinet statement after the session, Anas Al-Saleh, the Deputy Prime Minister, Minister of Interior and Minister of State for Cabinet Affairs, said the ministers expressed deep gratitude for the commission members’ efforts and decided to refer the report to the joint commission for economic affairs and public services. At start of the session, Deputy Prime Minister and Minister of Defense Sheikh Ahmad Mansour Al-Ahmad Al-Sabah informed the ministers about outcome of Thursday’s visit to the country by the Canadian minister of defense. Moreover, the ministers discussed parliamentary affairs and examined queries and proposals by some MPs. In light of a Decree issued on December 17 with respect of forming the government, the ministers examined draft decrees and resolutions on setting up higher councils and ministerial committees.
In the meantime, the Cabinet congratulated the United Kingdom’s Prime Minister Boris Johnson over his re-election and praised the bilateral and historic ties between Kuwait and the UK. The Cabinet also congratulated Algerian President Abdelmadjid Tebboune on taking the oath of office, expressing best wishes for the new leadership in Algeria, and prosperity for the Algerian people. Furthermore, the Cabinet expressed sincere congratulations to Ashraf Ghani on his victory in the Afghan presidential elections, wishing him success in achieving the aspirations and hopes for the good of the friendly Afghan people. In addition, the Cabinet denounced a recent shooting incident in Moscow, which resulted in the killing of a number of people, as well as an attack on a number of mosques in Amhara in Ethiopia, stressing the position of Kuwait in rejecting all acts of violence and terrorism.