Sunday, Oct 08, 2006
KUWAIT CITY (Zawya Dow Jones): Kuwait's cabinet named Saleh al Falah as the new director general of the Kuwait Stock Exchange (KSE), after officially accepting the resignation of Safaq al Ruqaibi Sunday.
Minister of Commerce and Industry Falah Al-Hajri told the state news agency KUNA the Council of Ministers approved on Sunday the resignation of al Ruqaibi, which had been pending since August, and named his successor following a cabinet session.
Al Falah was formerly the managing director of Kuwait Investment Authority.
Al Ruqaibi officially resigned in August, as protest to the government's interference in the bourse administration that resulted in the re-appointment of his two former deputies. The resignation was not immediately accepted.
The stock exchange rallied strongly the day the news of al Ruqaibi's resignation came out, gaining over 130 points after almost two weeks of losses. Investors viewed the removal of the controversial al Ruqaibi as the first step to putting the business at the bourse back in order.
-By Sara Ismail, Dow Jones Newswires,+965 9349692; djnews.dubai@dowjones.com
(END) Dow Jones Newswires
10-08-06 1143ET
Copyright Zawya Dow Jones Newswires 2006
