Saad Al-Mutawa elected as chairman, Sulaiman Al-Marzouq as VC

Saad Faisal Al-Mutawa and Sulaiman Barrak Al-Marzouq

KUWAIT: Boursa Kuwait held its Annual General Meeting with an attendance rate of 100 percent. The Assembly approved the financial statements for the financial year ending 31 December 2017 while also electing the board of directors for the next three years.

The elected board is composed of Yacoub Yousef bin Ali, Dr Salah Abdullah Al-Othman, Saad Faisal Al-Mutawa, Basel Abdulwahab Al-Zaid, Sulaiman Al-Shaheen Al-Rabea, Hussam Abdulrahman Al-Bassam, Sulaiman Nabeel bin Salama, and Sulaiman Barrak Al-Marzouq.

Boursa Kuwait also confirmed that the Board has chosen Saad Faisal Al-Mutawa as the new company Chairman, with Sulaiman Barrak Al-Marzouq acting as Vice Chairman.

The company also disclosed that it has generated net profits of KD 4,078,062 for the financial year ending December 31, 2017, and a total revenue of KD 10,398, 996, while adding that gross profits, before discounting interest, taxes, and consumptions, added up to KD 4,253,359.

New Chairman Saad Faisal Al-Mutawa commented at the meeting that "Boursa Kuwait will continue implementing its strategic development plan to improve the Kuwaiti capital market, adding on the tremendous progress that we have accomplished since taking over the day-to-day dealings of the Kuwait Stock Exchange. I would like to thank the previous board for their dedication and implementation of the many strategic projects and initiatives, as well as their impressive leadership of the company."

Al-Mutawa also stressed the importance of cooperation between all parties under the stewardship of the Capital Markets Authority, which helped Boursa Kuwait overcome many obstacles and challenges and assisted in many successes, chief among them the launch of phase two of Boursa Kuwait's Market Development Plan and the listing of the Kuwaiti Stock Exchange in FTSE Russell's index for emerging markets.