Boursa chief: Great efforts required to lure foreign capitals

KUWAIT, Sept 30 (KUNA) -- Chairman of Boursa Kuwait Talal Al-Ghanim has affirmed significance of promoting the bourse to level of an emerging market however he cautions that luring foreign capitals will require enormous efforts.
In a statement released hours after The Financial Times Stock Exchange (FTSE) Russel promoted Boursa Kuwait to an emerging market, Al-Ghanim noted that this accomplishment came "within framework of implementing the Government approach outlined in the document stipulating back-up for financial and economic reforms." However, the bourse elevation must be followed with greater efforts to attract foreign investments and capitals to Kuwait, as an enterprise hub, he stressed, indicating that the national stock market would seek to attain this objective.
Al-Ghanim congratulated His Highness the Amir, His Highness the Crown Prince, the Kuwaiti people and all concerned parties for this substantial historic achievement.
The bourse company executive board and staff have worked diligently to make this much-awaited historic accomplishment a reality, he said, hinting that certain steps have been taken to meet promotion terms and secure necessary data required by the FTSE.
He lauded role of the Capital Market Authority, which contacted international agencies and helped in tackling some problems at the market.
Meeting the FTSE conditions for this qualification, personnel and workers had been busy revamping the stock market infrastructure, upgrading trade rules, boosting transparency and trimming red tape, Al-Ghanim elaborated on the efforts that had been exerted for paving the way for this international certification.
This accomplishment, he explains further, means that all companies enlisted by the bourse will be "under magnifier of global financial agencies, thus encouraging foreign entrepreneurs to increase their investments in the (Kuwaiti) bourse. This in turn will help in pumping new liquidity into the market in short and medium terms." On the company schemes to revamp the market, he indicated at plans to distribute the companies into three basic markets and creating a new one for the unlisted companies.
He urged licensed companies to create new products to meet desire of local and external investors who sees to boost their investments and savings by targeting new products.
The future "holds better things and the bourse promotion constitutes a certificate of confidence in the Kuwaiti stocks." (end) mke.rk