Annual performance audit assessed by Kuwaiti Government; commends supervision initiatives
The recent meeting of the Council of Ministers, held at Bayan Palace and chaired by Sheikh Ahmed Al-Abdullah Al-Sabah, focused on strategic national initiatives that aim to drive economic growth and cultural development in Kuwait. Two key projects discussed were the Capital Market System Development Program and the Cultural Path Project.
## Capital Market System Development Program
The Capital Market System Development Program is a significant component of Kuwait's Vision 2035, a national plan to diversify the economy and strengthen the private sector. Boursa Kuwait, the country's stock exchange, recently marked a significant milestone by launching the second part of the third phase of this program.
This phase includes a comprehensive upgrade of operational and technical infrastructure, enhancing the clearing and settlement framework, and upgrading trading systems. Key reforms implemented as part of this program include the Central Counterparty Framework, designed to reduce settlement risks and align with global standards; the introduction of a Qualified Broker Model to enhance market structure; the implementation of the KASSIP System for streamlined cash settlements; and IT upgrades prepared for the introduction of Exchange-Traded Funds (ETFs) and fixed-income trading, pending legislative changes.
## Cultural Path Project
The Cultural Path Project is a flagship initiative under Kuwait's development plan, aiming to establish a culturally rich and tourist-friendly urban corridor in Kuwait City. The project emphasises heritage preservation, sustainability, and urban aesthetics, incorporating elements of Kuwaiti architecture and modern transportation.
Minister Abdulrahman Al-Mutairi presented the project to the Council of Ministers, highlighting its potential to become a major hub for cultural events and tourism investment. The project was subsequently referred to the Joint Ministerial Committee for Economic Affairs and Public Services for further study and recommendations.
The Cabinet expressed gratitude to all institutions involved in these projects, including the Capital Markets Authority, Central Bank of Kuwait, Boursa Kuwait, and Kuwait Clearing Company. They also praised the Government Performance Follow-up Agency for its diligent efforts and directed all ministries and government bodies to address observations and implement the agency's recommendations.
These initiatives underscore Kuwait's commitment to economic diversification and cultural preservation under Vision 2035. The aim of the Capital Market System Development Program is to strengthen the market's infrastructure, promote investor confidence, and support Kuwait's promotion to advanced emerging market status. The Cultural Path Project, on the other hand, aims to create a vibrant cultural and tourism hub in Kuwait City, reflecting the nation's national identity and preserving historical heritage through an integrated urban development plan.
The Capital Market System Development Program, a significant component of Kuwait's Vision 2035, has recently entered its second phase, with focus on policy-and-legislation adjustments to enable the introduction of Exchange-Traded Funds (ETFs) and fixed-income trading, as well as alignment with global standards in settlement risks management.
The Cultural Path Project, a flagship initiative under Kuwait's development plan, is progressing through the legislative process following its presentation to the Council of Ministers, signifying a fusion of politics and general-news in the nation's drive towards urban development and cultural preservation.
