Markaz short-term debt totaled KD12.54m and total debt reached KD42.m which represents 14.25% and 47.84% of total shareholders' equity, respectively. Markaz assets under management reached KD960m.
Markaz Chairman and MD, Mr. Diraar Y. Alghanim, said "Although Markaz had a limited exposure to politically troubled markets, it was nevertheless negatively affected by the indirect impact of the political crises on regional and international markets, and therefore we witnessed high volatility in the first quarter. We truly believe that all crises revolve around economic issues, and that a genuine and transparent Public Private Partnership policy is the ultimate approach to overcome the consequences of political and social crises."
Alghanim added "On the local level, the financial sector, regardless of the challenges it faces, remains fundamental to a healthy solid economy. It's a main funding source for large-scale projects and institutions, through its ability to develop and manage various sophisticated financial instruments such as equities, bonds, sukuk, and mezzanine financing. For a strong beginning, we believe the Kuwait Development Plan will only come to fruition when a clear policy for financial sector involvement has been articulated, and is underscored by clear, unwavering support, especially after the noticeable sorting procedures by the State's regulatory bodies. The implementation of the new Capital Market Authority (CMA) rules is a step in the right direction, and we look forward to an effective dialogue among CMA and independent industry figures to support asset management and investment banking activities."
No comments:
Post a Comment