Kuwait's Capital Markets Authority (CMA) has appointed HSBC to help the privatization of the country's stock exchange.
The agreement, between HSBC Bank Middle East and CMA, will lead to the privatization of the Kuwait Stock Exchange and the establishment of a new company that will own and operate the stock market.
As per the agreement, which lasts for a period of six months, HSBC bank would begin the privatization process.
The government is planning to sell 50% of the exchange to listed companies and the remainder to Kuwaitis in an initial public offering.
Capital Markets Authority head of the exchange privatization committee Abdullah Al-Gabandi said that the privatization of the Stock Exchange will put Kuwait among the very few countries in the region to privatize their Stock Market.
"We are confident that the privatization of the Stock Exchange will be of great benefit to Kuwait’s Economy, investors and the listed companies," added Al-Gabandi.