Economic experts on Wednesday affirmed necessity of integration and harmony among influential quarters at the capital markets in the Gulf region to face various challenges and overcome snags.
Talal AlGhanem, former chairman of the Boursa Kuwait Company, said the aspired close coordination is designed to withstand a global economic crisis, reminiscent to the one that flared up in 2008.
AlGhanem, speaking at the second session of the First Kuwait Economic Forum that kicked off on Tuesday, singled out the Public Investment Authority and Kuwait Capital Markets Authority as the entities that could play a pivotal role at this level.
The PIA should employ experienced personnel, organize products put out by the Capital Markets Authority, guide government liquidity, market banks’ deposits, whereas, the markets authority should update the bylaws in tandem with the realities that have emerged due to the bourse joining of the FTSE index.
Meanwhile, Abdulaziz AlMarzouq, the CEO of Baitak Capital, said in a statement at the forum that the Gulf markets were on top with respect of global assets, posting an annual growth by 7.6 percent. As to hazards facing the markets, he mentioned the U.S. Federal Reserve hike of the interest rate, escalating trade disputes on the international stage, revival of the debts’ problems in Europe, particularly in Italy.
Meanwhile, Muhannad AlSanea, the CEO of the financing company, AlRiyada, said empowering capitals aims at assessing past reforms and tackling flaws according to international standards. Dwindling liquidity and necessity of restoring confidence are some of the issues that must be discussed, instantly, he advised, also opining that the state authorities could play a role in restoring the confidence through participation in investment funds.
The forum, patronized by His Highness the Prime Minister Sheikh Jaber AlMubarak AlHamad AlSabah, involves a large number of researchers and experts. It addressed topics such as challenges and snags facing the capital markets in the Gulf, namely the Kuwaiti market.