Kuwait plans to sell a stake in its stock exchange as part of its initial public offering plan. Kuwait Capital Market Authority Acting Chairman and Managing Director Mishaal Al-Usaimi weighs in on “Bloomberg Markets: Middle East.”
Saudi Tadawul is making aggressive changes to prepare for Aramco’s IPO and inclusion in MSCI emerging market index.
Where does that leave other rivals in the region?
For example, Kuwait is trying to sell 44% of its stock exchange to an international bourse operator.
“There is lots of progress on our end, as we already began the first phase of our marketing development last May, and are currently in the trial testing in relation to market segmentation and the upgrade to emerging market status that will put the Kuwait Bourse on the international map,” said Al-Usaimi.
“We are working on performing on an operational level in terms of launching new products, highlighting the importance of liquidity, also as preemptive talks towards launching international derivatives and other products important for market development.”
He said the bourse just announced its first yearly results showing KD3.5 million profit ($11.67 million).
“We have signed with our international operator and currently we are in the marketing exploration stage for 3 months, and so by end April we should have a clearer path towards an IPO by end 2018,” said Al-Usaimi.