Kuwait seeks help for Boursa stake sale | ZAWYA MENA Edition:
"The Capitals Market Authority (CMA) Sunday, December 17 floated a tender in demand for consultative services to help it sell a stake in the Boursa Kuwait. According to a report published in The National, the deadline for financial consultative firms to present their bids is Jan 7, as per the official announcement made by CMA, which did not specify how much of the share capital of Boursa Kuwait could come up for sale or when the transaction is expected to take place.
The State of Kuwait, through this move, will be joining an increasing number of Arabian Gulf countries that are seeking the privatization of their equity markets. Governments in the Arabian Gulf region are looking to partially privatize state-owned assets including stock exchanges in order to raise capital due to the lower oil revenues.
Earlier, Saudi Arabia declared its plan to sell a stake in Tadawul – the biggest bourse in the GCC based on market capitalization — to become the region’s second publicly-traded equities platform after Dubai Financial Market. According to Director General of Oman’s Bourse Ahmed Saleh Al-Marhoon, Oman’s market regulator also plans to privatize the country’s Muscat Securities Market (MSM) via a share sale.
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