Kuwait City: Boursa Kuwait and Kuwait Clearing Company signed a joint agreement of understanding with Abu Dhabi Securities Exchange to standardize and define operational, administrative and technical procedures as well as achieve effective cooperation and coordination with regards to listing, trading and joint central depository operations to enhancing liquidity and expanding investment opportunities in both markets. Under the terms of the agreement, the parties agreed to take necessary measures to encourage and facilitate cooperation in the areas of data exchange, the standardization of legislative regulations, and enhancing the financial acumen of investors in both countries.
Commenting on the signing, His Excellency Dr. Matar Hamed Al Neyadi, the Ambassador of the United Arab Emirates to the State of Kuwait, pointed out the importance of the signing between the two markets to enhance the existing strategic partnership to achieve mutual benefits and contribute to the facilitation of trading procedures and the registration of investors from both the United Arab Emirates and the State of Kuwait as well as regulating business procedures for double-listed companies and regulating the process of profit distribution. The Ambassador also emphasized on the increased economic cooperation between the two countries.
Commenting on the agreement, ADX Chairman H.E. Hisham Khalid Malak, said: “The alliance between ADX, Boursa Kuwait and Kuwait Clearing Company will help strengthen the relationship between the UAE and the State of Kuwait by highlighting the unique investment opportunities that are available to investors in our markets. The agreement will also create new revenue streams for both exchanges, contributing to the sustainable growth of both our economies.”
Both Boursa Kuwait and Kuwait Clearing Company hailed the tremendous efforts undertaken by the Embassy of the United Arab Emirates in Kuwait and His Excellency Dr. Matar Hamed Al-Neyadi in the coordination of all parties and encouraging this alliance, which aims to increase cooperation between the countries, specifically in the field of capital markets.
Boursa Kuwait Chairman Mr. Hamad Meshari Al-Humaidhi also commented on this occasion, saying, “Boursa Kuwait has been committed to the development and enhancement of the Kuwaiti capital market since its inception, in an effort to highlight the investment opportunities and solutions it has to offer. Through this agreement, we hope to broaden the cooperation between Kuwait and the United Arab Emirates, and attract more investors – whether on the local, regional or international levels – to both capital markets, and contribute to the wider national economies of both countries.
From his end, the Chairman of Kuwait Clearing Company, Mr. Fahad Abdulrahman Al-Mukhaizeem, had this to say: “We are ecstatic about this partnership between Kuwait and the UAE, which we definitely consider to be the beginning of a fruitful relationship to exchange knowledge, experiences and business outlooks for the development of both capital markets in Kuwait and Abu Dhabi, in spite of the circumstances brought on by the COVID-19 pandemic. The KCC has long sought to broaden commercial cooperation and establish long-term partnerships with its peers, both regionally and internationally.
Mr. Saeed Hamad Al Dhaheri, CEO of ADX, added: “We are excited to begin working with our counterparts at Boursa Kuwait and Kuwait Clearing Company. Our cooperation and the transfer of knowledge will strengthen the dynamism of both of our trading platforms as we work towards greater market integration. Partnerships with international exchanges are central to our ‘ADX One’ strategy and will help us to further improve market efficiency, bringing about mutually beneficial results.”
Since its inception, Boursa Kuwait has worked diligently to create a credible exchange built on efficiency and transparency, creating a liquid capital market, a progressive exchange platform and developing a comprehensive set of reforms and enhancements that allow it to compete on an international level. Over the past several years, the company has rolled out numerous market reforms and new initiatives as part of its comprehensive multi-phase market development (MD) plans.
ABOUT BOURSA KUWAIT
Since it was established by the Capital Markets Authority to take over the responsibilities of the Kuwait Stock Exchange in 2014, Boursa Kuwait has worked diligently to build a progressive exchange platform based on efficiency and transparency, with a view to creating long-term value for the company’s stakeholders in the economic, social and environmental dimensions.
Guided by a mission-driven strategy that focuses on developing the market in line with international standards, Boursa Kuwait has successfully introduced innovative investment tools, reinforced transparency, and restructured the market to increase its competitiveness and liquidity. The company’s market developments and enhancements have contributed to the reclassification of the Kuwaiti capital market to “Emerging Market” status in the world’s top three indices, strengthening Kuwait’s position as a leading financial center in the region. A self-listed exchange, Boursa Kuwait is the first government entity in the country to successfully undergo privatization.
For more information about Boursa Kuwait’s initiatives and its latest developments, please visit www.boursakuwait.com
© Press Release 2022
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