Minister of Commerce and Industry (MoCI) Khaled Al-Roudhan said on Thursday upgrading Boursa Kuwait by Morgan Stanley Capital International (MSCI) Index would help in creating a KD one billion (USD three billion) inflow into the national stock market. Speaking at a news conference held by the Capital Market Authority (CMA) marking the promotion, minister Al-Roudhan congratulated Their Highnesses the Amir Sheikh Sabah AlAhmad Al-Jaber Al-Sabah, the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah and Prime Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah on enlisting Kuwait among emerging markets by the most renowned international capital index.
Serious efforts by all concerned authorities and overhaul of the business environment “have begun to bear fruits,” he said alluding to placing Kuwait in the world’s top three indices, the Financial Times Stock Exchange (FTSE), Standard and Poor’s and MSCI. “Ceiling of the ambitions remains high and the work continues for further development,” he said, affirming determination to attain His Highness the Amir aspiration to transform Kuwait into an economic-financial hub.
Dubbing the achievement “the making of hope,” minister Al-Roudhan praised the CMA for the success although the body was established recently. “The Kuwaiti market has been placed on the regional-international investment map,” he said, noting that he was proud that Kuwaiti personnel were behind the record stride.
The CMA has made the achievement in cooperation with other national authorities, namely the Central Bank of Kuwait (CBK), the Ministry of Commerce and Industry, Kuwait Clearing Company and the Kuwaiti stock market. Al-Roudhan also indicated that the global ranking would contribute to boosting role of the private sector and shed light globally on Kuwaiti companies enlisted in the bourse.
This accomplishment is in line with a broad government vision to elevate the business environment and make Kuwait a financial and economic center after it was placed among 20 states with a record of business-related reforms, Al-Roudhan said. He also noted in this respect issuance of legislations aimed at overhauling the business environment.
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