Status puts Kuwait on course for growth: Minister

Instrumental achievement to gain local investors' trust

KUWAIT: His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah meets with His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah. — KUNA

KUWAIT: His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah sent a congratulatory cable to His Highness the Prime Minister Sheikh Jaber Mubarak Al-Hamad Al-Sabah yesterday on promoting the national stock market 'Boursa Kuwait' to an emerging market by the Financial Times Stock Exchange (FTSE) Russel. In his cable, His Highness the Amir hailed the great efforts that led to such historic achievement, including those of the Ministry of Commerce and Industry, the Ministry of Finance, the Central Bank of Kuwait, the Capital Markets Authority, Boursa Kuwait and Kuwait Clearing Company. Meanwhile, His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah also sent a similar cable to His Highness the Prime Minister.

Stronger economy

Boursa Kuwait's recent promotion to an emerging market is a step towards a stronger economy that can lure foreign investment, a Kuwaiti minister said. In a press conference organized by Kuwait's Capital Market Authority (CMA), Minister of Commerce and Industry Khaled Al-Roudhan said that the country has reached a critical juncture, where new legislations need to be introduced to keep up with rapid change.

On FTSE Russel's classification of Kuwait's stock exchange as an emerging market, Roudhan, who is also Acting Minister of State for Youth Affairs, said that it was means to an end. Meanwhile, CMA Chairman Dr Nayef Al-Hajraf hailed the promotion as a historic achievement that would be instrumental in gaining the trust of local investors.

With this promotion, "we have moved from a local to an international level," Hajraf pointed out, thanking Boursa Kuwait's workforce for their efforts to make this long-awaited accomplishment a reality. He said that the capital market in on the cusp of an epoch-making transition, marked by advancements in research and studies, in a country with the fourth biggest emerging market in the Arab region.

Hajraf went on to dedicate this accomplishment to the Kuwaiti leadership. A reputable source for index data and a default reference for investors all around the world, FTSE Russel also provides information on the stock market's performance.

Hurricane victims

In other news, His Highness the Amir sent a cable yesterday to US President Donald Trump, expressing his condolences over the victims of Hurricane Maria. The hurricane continues to strike the US-administered territory of Puerto Rico, killing over a dozen people. His Highness the Amir also wished those injured a quick recovery. His Highness the Crown Prince and His Highness the Prime Minister both sent similar cables.

Earlier yesterday, His Highness the Amir received His Highness the Crown Prince at Bayan Palace. He also received Speaker of the National Assembly Marzouq Ali Al-Ghanem and Acting Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah. Meanwhile, His Highness the Crown Prince received Ghanem, Sheikh Sabah Al-Khaled, as well as Deputy Chief of Kuwait National Guard (KNG) Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah.

His Highness also received, Deputy Prime Minister and Defense Minister Sheikh Mohammad Al-Khaled Al-Hamad Al-Sabah, Deputy Prime Minister and Interior Minister Sheikh Khaled Al-Jarrah Al-Sabah, Deputy Prime Minister and Minister of Finance Anas Al-Saleh and Minister of State for Cabinet Affairs and Acting Minister of Information Sheikh Mohammad Al-Abdullah Al-Mubarak Al-Sabah. - KUNA