KUWAIT: Kuwait's
Capital Market Authority (CMA) has requested citizens to update their personal
details ahead of the local stock market's initial public offering (IPO), which
allows nationals to own 50 percent of shares. The names of Kuwaiti citizens
registered with the Public Authority For Civil Information will be released on
September 8th, while the stock market's shares will be offered on an equal
basis to all nationals, the capital market regulator said in a statement
yesterday.

The privatization
of Kuwait's stock exchange is an integral step towards national development,
helping transform the country into a financial hub, added the statement. Kuwait
has taken measures in recent years to privatize its stock exchange, which was
officially established in 1983 and is one of the oldest markets in the Middle
East. As per a law passed in 2010, the CMA is supposed to offer 50 percent of
the shares to Kuwaiti citizens and another 50 percent to ten companies already
listed on the stock exchange. - KUNA