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Kuwait Times
12-07-2025
- Business
- Kuwait Times
Kuwait unveils pivotal capital market transformation program: Al-Kharafi
MD 3.2, a milestone in the continued advancement of Kuwait's capital market KUWAIT: Reaffirming its commitment to building a more efficient, attractive, and globally competitive market that meets investor ambitions and aligns with international best practices, the Kuwaiti capital market apparatus has launched part two of the third phase of its comprehensive market development program (MD 3.2). This phase included a series of core initiatives aimed at strengthening the operational and regulatory infrastructure as well as expanding the range of products and services in the Kuwaiti capital market. Led by the Capital Markets Authority (CMA) and in collaboration with the Central Bank of Kuwait, local banks, investment firms and brokerage companies, Boursa Kuwait and the Kuwait Clearing Company (KCC) delivered a variety of transformative products, services and infrastructure enhancements, including the introduction of the Central Counterparty (CCP) framework, which reduces risks and provides guarantees to advance clearing and settlement processes in line with international standards. Among the other enhancements are cash settlements through local banks and the Central Bank of Kuwait's KASSIP system; the upgrade of brokerage firms' operating models to 'Qualified Broker' status, marking a significant step forward in market structure; and the introduction of sub-account numbers under omnibus accounts, which will strengthen transparency and oversight. In addition, the technical environment and IT infrastructure have been fully prepared and upgraded, with comprehensive testing conducted with all relevant parties in preparation for the listing and trading of Exchange-Traded Funds (ETFs) and fixed-income instruments, including bonds and sukuk. Legislative updates for these products are expected to be introduced later. This milestone represents one of the most significant transformations in the market's history since the privatization of Kuwait's stock exchange. It aims to reshape the regulatory and operational infrastructure of the market, paving the way for the introduction of new instruments and investment products that will deepen market liquidity, enhance its breadth and reinforce its role as a strategic driver of national economic growth. Commenting on this achievement, Boursa Kuwait Chairman Bader Nasser Al-Kharafi affirmed that these developments represent a pivotal milestone in the continued advancement of Kuwait's capital market, reinforcing its position and competitiveness on both regional and international levels. He highlighted that this achievement also reflects Boursa Kuwait's steadfast commitment to supporting the State's ambitious vision of establishing Kuwait as a leading regional financial center that attracts investment, while working in close partnership with all stakeholders to implement a comprehensive strategic roadmap that accelerates market development and enhances its contribution to national economic growth. 'We greatly value the remarkable efforts that have driven the various phases of the Market Development Program for Kuwait's capital market, a reflection of the power of constructive cooperation between the public and private sectors, which stands as a national model for realizing economic objectives and development ambitions rooted in innovation and professionalism,' Al-Kharafi said. Boursa Kuwait Chairman Bader Nasser Al-Kharafi Boursa Kuwait CEO Mohammed Saud Al-Osaimi 'This collaboration has played a vital role in advancing market infrastructure and introducing sophisticated products and services that promote a more transparent and dynamic investment environment. These efforts are essential to attracting capital, generating added value for the national economy, and supporting the diversification of income sources,' he added. 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. The exchange was instrumental in implementing the technical framework in MD 3.2, as it continued upgrading the trading system, which will support the introduction of new products, strengthen market integration, and lay the foundation for future offerings such as derivatives. The upgrades also highlight the market's readiness to broaden its range of investment instruments and align its regulatory framework with world-class standards. 'The launch of this phase reflects our unwavering commitment to developing an advanced, efficient trading environment that meets the highest international standards,' stated Boursa Kuwait's Chief Executive Officer, Mohammed Saud Al-Osaimi. 'It is the product of close collaboration across the capital market apparatus and represents a key step in expanding the depth, transparency and resilience of Kuwait's capital market.' 'Alongside the enhanced capacity of our technical systems to introduce advanced financial instruments, MD 3.2 represents a major milestone in Boursa Kuwait's efforts to build a more diverse, robust and efficient financial market, underscoring our readiness to advance to the next stage once the relevant rules and regulations are in place, enabling both the public and private sectors to utilize flexible, effective financing solutions that drive sustainable economic growth,' he added. Al-Osaimi concluded his statement by saying, 'We take great pride in our ability to translate our strategic vision into tangible operational achievements that demonstrate the strong collaboration and alignment of roles across all components of our capital market. Boursa Kuwait remains committed to working closely with our partners at the Central Bank of Kuwait, the Capital Markets Authority, Kuwait Clearing Company and all stakeholders in the financial sector to further enhance market readiness, attract greater domestic and foreign capital and solidify Kuwait's position as a leading financial center in the region.' The launch of MD 3.2 marks a significant step in strengthening Kuwait's capital market and reinforcing its position as a leading financial hub regionally and internationally. It builds on a comprehensive reform journey aimed at broadening the range of investment products, improving the efficiency of the operational infrastructure and applying the highest standards of governance and transparency to meet investor expectations and enhance the appeal of the Kuwaiti capital market. 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.
Kuwait Times
04-06-2025
- Business
- Kuwait Times
Bang & Olufsen Kuwait transferred from Marafie Group to BNK Holding
KUWAIT: Following mutual agreement, Bang & Olufsen Kuwait has been transferred from Marafie Group of Companies to Bader Nasser Al-Kharafi Group (BNK Holding). The announcement was made in an event attended by BNK Holding's owner Bader Nasser Al-Kharafi and Vice Chairman and CEO of Marafie Group Abdul Hakim Abdul Fattah Marafie. B&O is a Danish high-end consumer electronics company founded in 1925 that designs and manufactures high-quality audio and video products. It collaborates with star designers, including Jacob Jensen and David Lewis, who have helped create a unique design identity for the brand that combines modernity with simplicity.
Broadcast Pro
09-05-2025
- Business
- Broadcast Pro
Zain KSA appoints new Chairman and Vice Chairman
Mohammed Alkhudair has also been named Secretary of the Board of Directors. Zain KSA, a telecommunications and digital services provider in Saudi Arabia, has announced the appointment of new leadership for its Board of Directors following elections held at the Ordinary General Assembly on April 24, 2025. The newly elected Board, serving a four-year term, has named Eng. Abdullah bin Fahad Al-Fares as Chairman and Bader Nasser Al-Kharafi as Vice Chairman. Eng. Abdullah Al-Fares brings a wealth of experience in economic leadership and strategic transformation, with a strong background in both public and private sectors. Currently serving as Undersecretary for Strategy and Development at the Ministry of Industry and Mineral Resources, Al-Fares has previously held senior roles, including Chief Strategy Officer at a company under the Public Investment Fund and Deputy Governor for Strategy at the Small and Medium Enterprises General Authority. His academic background includes a Master's degree in Business Administration from Prince Sultan University and a Bachelor's degree in Electrical Engineering from King Saud University. Bader Nasser Al-Kharafi, the newly appointed Vice Chairman, is a well-established figure in the ICT industry across the Middle East and Africa. He currently serves as Vice-Chairman and Group CEO of Zain Group and holds positions on the boards of several regional and international companies across the financial and industrial sectors. Notably, he is also the Chairman of the Board at Boursa Kuwait. Al-Kharafi earned his MBA from the London Business School and holds a Bachelor's degree in Mechanical Engineering from Kuwait University.
Zawya
05-05-2025
- Business
- Zawya
Abdullah Al-Fares appointed Chairman of KSA, Bader Al-Kharafi as Vice Chairman
Zain KSA, a leading telecommunications and digital services provider, announced that its Board of Directors, elected by the Ordinary General Assembly held on April 24, 2025, for a new four-year term, has appointed Eng. Abdullah bin Fahad Al-Fares as Chairman of the Board of Directors and Mr. Bader Nasser Al-Kharafi as Vice Chairman of the Board. The Chairman, Eng. Abdullah bin Fahad Al-Fares, is a national economic leader with extensive experience in both the public and private sectors, having worked in several fields, most notably strategic management, transformation, and governance. He currently serves as Undersecretary for Strategy and Development at the Ministry of Industry and Mineral Resources. He has also held several leadership positions throughout his career, including Chief Strategy Officer at a Public Investment Fund company and Deputy Governor for Strategy at the Small and Medium Enterprises General Authority. Al-Fares holds a Master's degree in Business Administration from Prince Sultan University and a Bachelor's degree in Electrical Engineering from King Saud University. Mr. Bader Nasser Al-Kharafi is a prominent leader in the ICT sector in the Middle East and Africa, currently serving as Vice-Chairman and Group CEO of Zain Group as well as a member of the Board of Directors at several regional and international companies operating in the financial and industrial sectors, including the Chairmanship of the Board of Directors at Boursa Kuwait. Al-Kharafi holds an MBA degree from the London Business School and a Bachelor's degree in Mechanical Engineering from Kuwait University.
Arabian Business
05-05-2025
- Business
- Arabian Business
Boursa Kuwait net profit soars 69.5% as trade increases significantly
Boursa Kuwait, the operator of the Kuwait Stock Exchange, said its net profit increased 69.48 per cent in the first quarter of 2025, reaching KD7.94 million (US$25.9 million). For the quarter ended 31 March, total operating revenues reached KD12.17 million (US$39.7 million) – a 45.34 per cent increase from KD8.37 million (US$27.3 million) in the same period in 2024. Operating profit was up 69.38 per cent from KD5.58 million (US$18.2 million) to KD9.45 million (US$30.8 million), while earnings per share increased 69.48 per cent from 23.33 fils to 39.54 fils. The group's total assets rose to KD139.47 million (US$454.8 million), an increase of 12.86 per cent compared to the corresponding quarter last year. Bader Nasser Al-Kharafi, Chairman, Boursa Kuwait, praised his team for the result and commented: 'Despite the prevailing global uncertainty and geopolitical tensions, Boursa Kuwait achieved notable growth across all performance indicators. Net profit increased by 69.48%, demonstrating the resilience of our strategy and the adaptability of our operating model. 'The strong performance in the first quarter represents a key milestone for Boursa Kuwait, fueling our commitment to accelerate market development and solidify our position as a vital engine for national economic growth and a pivotal contributor to Kuwait's vision of transforming into a leading regional financial and investment hub.' Value traded at the Kuwaiti capital market jumped significantly by 89.6 per cent in Q1 2025, to KD6.72 billion (US$21.9 billion) from KD3.54 billion (US$11.54 billion) in Q1 2024. Volume of shares traded rose by 69.07 per cent to 24.29 billion and the average daily traded value increased by 106.53 per cent to KD119.91 million (US$391 million). Market capitalisation reached KD47.79 billion (US$155.84 billion), a 10.85 per cent increase from Q1 2024. The 'Premier' Market was a key driver of market activity, with approximately 9.28 billion shares traded in the first quarter of 2025, an increase of 20.91 per cent. The 'Main' Market played a significant role in enhancing overall market liquidity, with its market capitalisation rising 17.69 per cent from KD7.10 billion (US$23.15 billion) to KD8.35 billion (US$27.23 billion). Mohammad Saud Al-Osaimi, Chief Executive Officer of Boursa Kuwait, commented: 'The Kuwaiti capital market continued to enhance its attractiveness as an investment environment during the first quarter of 2025, propelled by significant increases in trading activity and liquidity. 'This performance signals growing confidence in Kuwait's investment landscape and reflects Boursa Kuwait's ongoing commitment to boosting market efficiency and expanding the investor pool. 'We are committed to building on these achievements to drive sustainable growth and positively contribute to Kuwait's national economy.'
