Move to make Kuwait 'attractive financial center'
KUWAIT CITY, Jan 22 - Kuwait's Capital Markets Authority on Sunday signed a letter of engagement with HSBC Bank Middle East Limited under which the Bank will start all operations leading to the privatization of the Kuwait Stock Exchange and establishment of a new company that will own and operate the Stock Market.
The agreement, which comes in line with article 33 of Capital Markets law number 7/2010 on the privatization of the Stock Exchange, was signed by Abdullah AlGabandi, head of the Incorporating Committee for Kuwait Stock Exchange Company at the Capital Markets Authority, and Simon Vaughan Johnson, Chief Executive Officer of HSBC Bank Middle East Limited in Kuwait.
On this occasion, AlGabandi, said the agreement was signed in implementation of the CMA law and executive bylaw.
He praised the Members of the Incorporating Committee and the Chairman of the CMA Commissioners for the all-out support given to the Committee, and said:
"We are pleased to see the Committee making steady progress and moving forward according to article 33 of Capital Markets law number 7/2010.
The privatization of the Stock Exchange will put Kuwait among the very few countries in the region to privatize their Stock Market and we are proud of the CMA support given to ensure full success of the project. We are confident that the privatization of the Stock Exchange will be of great benefit to Kuwait's Economy, investors and the listed companies".
Al-Gabandia dded: "We are also pleased that this project comes in line with HH the Amir's wish to make Kuwait an attractive financial center in the region."
He emphasized that this agreement and the privatization of the Stock Exchange are part of the overall State's Development Plan launched by the government recently.
He added: "The Stock Exchange Privatization project is one of the key factors that would serve as a tool to develop the local economy."
AlGabandi expressed confidence in HSBC Bank Middle East Limited, one of the world's leading financial institutions, and its vast experience in this area will bring total success to this project. He added that the Incorporating Committee has chosen HSBC Bank Middle East Limited following a thorough evaluation of competing institutions. In MENA, HSBC has a leading Equity Capital Markets franchise with a strong track record of advising on over 35 equity offerings in the region since 2005.
He also added: "First I would like to express my appreciation to the Chairman and the CMA Commissioners, the Incorporating Committee Members and all others who are contributing to this project. Secondly I would like to stress that today's milestone is another successful stride in the State's Development Plan."
© Arab Times 2012
