Business & Finance

Kuwait stock exchange privatization puts responsibility on private sector – KCCI chief

KUWAIT, Chairman of Kuwait Chamber of Commerce and Industry (KCCI) Ali Al-Ghanim said on Tuesday that the privatization of Kuwait stock exchange represents a great success for the private sector and carries a greater national responsibility in providing solid credibility with its efficiency and objectivity.

Al-Ghanim made his remarks at the 55th General Assembly meeting of KCCI, adding that moving from studies and preparation stage to the actual implementation of the privatization of the stock exchange is a great achievement.

He added that the Chamber is proud to recognize the high professionalism, clear transparency and sincere cooperation of all parties at the stock market, considering this step as the most important privatization process in the history of Kuwait.

He said that the privatization of the stock market recalls to memory the idea of privatization of Kuwaiti ports.

He added that the KCCI’s studies issued in 2014 confirmed that Kuwait’s economic future would be as good as its past, citing its location and ports as key factors for achieving a vision aiming at transforming Kuwait into a commercial and financial center.

He pointed out that in 2007, in cooperation with the then Deputy Prime Minister and Minister of State for Cabinet Affairs, a working group was formed from the Ports and KCCI and the Union of Navigation Companies to study the conditions of the Kuwaiti ports.

The team ended up proposing to establish a public joint stock company in cooperation with a specialized international company, as a strategic partner, to operate the Kuwaiti ports, he added.

Al-Ghanim stressed that this project should come after the privatization of Kuwait Stock Exchange, as a serious and new approach to attract foreign direct investment, and an effective way to achieve the development vision, which includes the future vision of the North area, the Islands, and trade facilitation strategy.

He appreciated the great effort made by both legislative and executive authorities to create the right climate for the desired economic reform.

“Over the last five years, more than 20 legislations have been issued,” he said. However, “the positive effects of this legislation were not as expected.” he added.

In this regard, Al-Ghanim said that the chamber suggested that Kuwait take the steps adopted by many countries to develop the process of issuing legislation, through the objective evaluation of the expected results of the proposed legislation on both economic and societal levels.

Source: Kuwait News Agency

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