Dubai: Sheikh Mohammed issues new law to regulate contracting sector
The legislation aims to unify standards and practices within the contracting sector, laying down a clear framework for classifying contractors based on their expertise, qualifications, and capabilities.
The move is designed to enhance transparency, streamline coordination between relevant authorities, and better align the sector with Dubai's rapid urban and economic development.
This update follows after Dubai Municipality recently announced a major update to its 'Contractors and Engineering Offices Evaluation System'. The authority introduced a new set of performance standards and indicators aimed at improving quality, transparency, and accountability in the construction sector.
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Al-Kharafi concluded by extending his sincere thanks to all parties who contributed to this achievement, saying: 'I would like to express my deep appreciation to the Central Bank of Kuwait, the Capital Markets Authority, and Kuwait Clearing Company for their continued support, which has played a vital role in strengthening market stability and enhancing its standards of transparency and governance. I also commend the cooperation of our partners in the financial sector, who remain a cornerstone in the ongoing development of Kuwait's capital market. Boursa Kuwait remains committed to providing an exceptional investment experience for all market participants and continuing the joint efforts to reinforce Kuwait's position as a leading financial hub in the region.' Boursa Kuwait led the efforts to prepare the market's infrastructure for the launch of this latest phase, which represents a significant operational milestone for the bourse and the capital market apparatus. 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This milestone reflects the successful realization of a strategic vision to build a resilient, secure and transparent capital market that enables issuers to access diverse financing tools and provides investors with more stable and varied opportunities. The capital market apparatus remains committed to advancing infrastructure development and enhancing the investment environment, contributing to the national economy, advancing the UN's sustainable development goals and solidifying Kuwait's position as a pioneering financial center in the region and a destination of choice for capital from across the globe. About Boursa Kuwait: The establishment of Boursa Kuwait in 2014 marked the first step in the privatization project of the Kuwait Stock Exchange, which was founded in 1977 as the first exchange in the Gulf Cooperation Council region and was reorganized in 1983 as an independent financial institution. The transitional phase began in 2016, with Boursa Kuwait officially assuming the responsibilities and operations of the Kuwait Stock Exchange, replacing it with an official license in the same year after the successful completion of the transitional phase. This ensured that Boursa Kuwait developed the infrastructure and operated according to best practices and international standards. It commenced the creation of an advanced, reliable trading platform built on efficiency, credibility, and transparency to serve all asset classes with a focus on the interests of traders and the national economy. Boursa Kuwait has undertaken various market reforms as part of its comprehensive plans to enhance it in several stages. It succeeded in introducing innovative investment tools, enhancing transparency, and restructuring the market to increase its liquidity and competitiveness, based on its mission-focused strategy, which emphasizes developing the market to meet international standards. The company's developmental and improvement efforts have also contributed to the reclassification of the Kuwait market as an «emerging market» among key global index providers, enhancing Kuwait's position as a leading regional financial center. In a pioneering step in Kuwait's privatization field, the privatization of Boursa Kuwait was successful, conducted in two stages. The first stage was in February 2019 when a consortium of Kuwaiti investment companies and a global exchange operator won the privatization bid, acquiring a 44% stake in the company. In December 2019, the privatization process was completed through the public offering of a 50% stake owned by the Capital Markets Authority to Kuwaiti citizens, with the offering oversubscribed by more than 850%. Boursa Kuwait is listed on the «Premier Market» under the name «Boursa». For further information, please contact: Ahmad Rashed Alowaish PR and Media Manager - Boursa Kuwait Email: aalowaish@
