MoCI forms committee to develop Kuwaiti capital market

The Minister of Commerce and Industry Muhammad Othman Al-Aiban issued ministerial resolution No. 75/2023 for the formation of a committee to study the proposals to remove obstacles to the development of the Kuwaiti capital market and to develop the necessary proposals, mechanisms and solutions in this regard.

According to governmental sources, this decision would, in the event of implementation of its axes and special solutions, raise the Kuwaiti financial markets and stock exchange to the ranks of developed countries, as a continuation of the achievements made and a qualitative shift in the work of the Capital Markets and Stock Exchange Authority during the past few years. The sources explained that the Minister of Commerce and Industry hired a group of prominent specialists in governmental and private agencies of an economic nature to work in the committee. They include the CEO of the Kuwait Stock Exchange Company Muhammad Al-Osaimi who will chair the committee, and representatives of the Central Bank of Kuwait, the Capital Markets Authority, the Public Institution for Social Security, the Kuwait Authority for Investment, and the Economic Association.

The decision specified a period not exceeding one month for the committee to prepare its recommendations. It will be headed by the CEO of the Kuwait Stock Exchange Company Muhammad Saud Al-Osaimi. Muhammad Al-Khamis, the representative of the Central Bank of Kuwait will be the Vice-Chairman.

The representative of the Kuwait Investment Authority Yousef Al- Mulla, the representative of the oil sector Shaima Al-Ghunaim, the representative of the Public Institution for Social Security Hamad Al-Sanea, the representative of the Kuwait Economic Society Muhammad Al-Joaan, and the representative of the Ministry of Commerce and Industry Dr. Abdullah Muhammad Al-Awadhi will serve as members of the committee.