Boursa Kuwait
| بورصة الكويت | |
| File:Boursa Kuwait.jpg | |
| Agency overview | |
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| Jurisdiction | Kuwait |
| Headquarters | Kuwait City  29°22′40″N 47°58′33″E / 29.37778°N 47.97583°E |
| Agency executive |
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| Website | www |
Boursa Kuwait, formerly the Kuwait Stock Exchange (KSE), is the national stock market of Kuwait.
History
Boursa Kuwait was established in April 2014 by the Capital Markets Authority Commissioners’ Council Resolution No. 37/2013, dated November 20, 2013. On April 25, 2016, Boursa Kuwait was entrusted to operate Kuwait Stock Exchange, and on October 5, 2016, the Capital Markets Authority, in its capacity as the regulator of securities activities, granted Boursa Kuwait an official license to practice the activity of a securities exchange, paving the way for the privatization of the company.
The first phase of privatization kicked off two years later in February 2019, when a consortium comprised of an international exchange and a group of Kuwaiti investment companies was awarded the bid for a 44% equity stake in the company. In December 2019, the privatization process was finalized after the initial public offering of the Capital Markets Authority’s 50% stake in the company was offered to Kuwaiti citizens, with an oversubscription rate of 850%.
As a testament to the company’s efforts, Boursa Kuwait became the only stock exchange in the Middle East owned by the private sector, also becoming the first government entity to undergo privatization. This step is expected to solidify Kuwait’s role as a leading financial hub in the region, in line with the “New Kuwait 2035” state development plan, giving the private sector a larger role in developing the national economy and its diversification.
Since its inception, and through the scope of its strategy, Boursa Kuwait has played a pivotal role in the development of Kuwait’s capital market, adopting the best-in-class international standards.
The company has strived valiantly to meet the needs of the market, offering competitive investment products and services and restructuring the market and its infrastructure to increase its efficiency and effectiveness through increasing liquidity, raising investor confidence and attracting investments on both the local and international level.
As a result of this strategy, and the myriad progressive market reforms the company has undertaken, the Kuwaiti capital market is a pioneer in the region and was recently reclassified as an Emerging Market by MSCI in December 2019. This comes after reclassifications as an Emerging Market by FTSE Russell in September 2017, and S&P DJI in December 2018.
These achievements are a strong indicator of investors’ confidence in the market and their willingness to invest in Kuwait. This is in response to the reforms implemented by Boursa Kuwait through diligent planning in collaboration with its partners – the Capital Markets Authority and the Kuwait Clearing Company – and is a testament to the success of the company’s strategy to reach and attract foreign institutional investors.
Boursa Kuwait’s ongoing market reforms have paved the way towards the implementation of operational and regulatory reforms in the stock market. These aim to increase liquidity and capital, establish wealth, and facilitate the exchange of knowledge in order for the Kuwaiti private sector to grow and play a substantial part in the national economy.
See also
References
External links
- Boursa Kuwait Official Website
- Kuwait Stock Exchange previous website
- Kuwait Stock Exchange website's List of Listed Companies
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