50% of Boursa Kuwait to be placed for public by years end

KUWAIT: Fifty percent of shares of Boursa Kuwait would be placed for public subscription between the end of this year and early 2020, Minister of Commerce and Industry Khaled Al-Roudhan said.

Roudhan, also Minister of State for Services, briefed the Cabinet that the public subscription would take place between fourth quarter of 2019 and first quarter of 2020, a statement by the Cabinet said.

Roudhan talked about privatization of Boursa Kuwait and how an alliance led by Kuwait Investment Company (KIC) has won 44 percent of shares, while Kuwait’s Public Institution for Social Security (KPISS) owns the remaining six percent.

He said the privatization of Boursa Kuwait aimed at promoting role of private sector in national economy. The Cabinet commended the transactions and hoped it would encourage local and foreign investors to boost national economy.

On the other hand, the Cabinet approved bills over auditors profession and installations of surveillance cameras by the Ministry of Interior with the aim of restoring order, prevention of crimes and speedy arrest of criminals. The government approved allocation of KD 53 million (around $175 million) to address deficit in Ministry of Higher Education’s scholarships appropriations.

Arab-Europe summit
Meanwhile, the government revealed that His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah will head Kuwait’s delegation to the first EU-Arab summit, scheduled to take place next week in Sharm El-Sheikh, Egypt. During its weekly meeting chaired by His Highness the Prime Minister Sheikh Jaber Mubarak Hamad Al-Sabah, the Cabinet said that His Highness the Amir will be accompanied by First Deputy Prime Minister and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah, Finance Minister Nayef Al-Hajraf, and senior officials from the Amiri Diwan, foreign and finance ministries.

The Cabinet also expressed hope that such gathering will result in a positive outcome and would contribute to mutually benefits to all sides, including support to EU-Arab cooperation in all fields. European Union High Representative Federica Mogherini had expressed optimism that the EU-Arab League summit will be a success. “The EU Arab summit is a personal achievement. It always looked strange to me that the EU has held summits with Latin America, with Africa, with Asia and not with the Arab world that is our first neighbor,” she said.

National days
The Cabinet congratulated His Highness the Amir Sheikh Sabah Al-Ahmad Al-Sabah and His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Sabah on the occasion of the country’s 58th National Day and the 28th anniversary of liberation.

The Cabinet congratulated the Kuwaiti people and prayed that the nation enjoyed stability and security under the wise leadership of His Highness the Amir and His Highness the Crown Prince, Deputy Prime Minister and Minister of State for Cabinet Affairs, Anas Al-Saleh said after the meeting.

His Highness the Prime Minister Sheikh Jaber Mubarak Al-Hamad Al-Sabah, who chaired the Cabinet meeting, meanwhile talked about results of his recent fruitful visit to Jordan, and the talks he held with King Abdullah II and Prime Minister Dr Omar Al-Razzaz on ways to enhance the distinguished relations and cooperation between the two countries. During the visit, both sides discussed the recent regional developments and cases of common interests. His Highness the Prime Minister inaugurated the new Kuwait Embassy building in Amman and met with his Kuwaiti students in the Kingdom.

The Deputy Prime Minister and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah briefed the Cabinet about the results of his participation in the fourth session of the Kuwaiti-Jordanian Higher Joint Committee, which consisted of officials from government and the private sector. The Deputy Prime Minister noted the signing of 13 cooperation agreements, protocols, and memorandums of understanding and executive programs. He hailed the positive results of this visit, which will enhance the existing cooperation between the two countries for the common interest of their peoples.

Silk City

Meanwhile, the First Deputy Prime Minister and Minister of Defense Sheikh Nasser Sabah Al-Ahmad Al-Jaber Al-Sabah talked about the results of the visit of Vice-President of the Development and Reform Council of the People’s Republic of China to the country.

He noted that the visit aimed to enhance cooperation between the two countries in all fields and to develop a bilateral strategic partnership in order to activate the memorandum of understanding recently signed between both sides concerning the establishment of a cooperative development mechanism for the Silk City and the five Kuwaiti islands.

In the meantime, the Cabinet condemned an attack on an Egyptian army position in North Sinai that killed and injured several security forces. The Cabinet expressed condolences for families of the victims, and wished speedy recovery for the wounded.

The Cabinet also expressed its condemnation to the terrorist bombing that targeted a military convoy in the Indian side of Kashmir recently, which killed and wounded many people. It stressed utmost condemnation for the ever-unjustified terrorism in all its forms and wished all wounded a quick recovery. – KUNA