Kuwait Times, Sunday, Jan 09, 2022 | Jamada Al-Aakhirah 6, 1443
New Nasser Al-Kharafi/Jassim Al-Bahar Trading Hall opens at Boursa Kuwait
Kuwait:
In a ceremony attended by Minister of Commerce and Industry Fahad Mutlaq
Al-Shuraian, the company’s board of directors, executive management and
employees, as well as several distinguished personalities from the Kuwaiti
financial scene, Boursa Kuwait reopened several of its renovated facilities,
including its trading hall. The renovated trading hall is now equipped with the
latest, state-of-the-art technologies, as well as an opening/closing bell podium
and a media center. Trading screens across the building have also been replaced
with updated, more advanced ones, as well as the auditorium, training hall and
many of the building’s facilities, as part of the company’s efforts to maintain
and upgrade facilities and utilities.
Previously, the company’s board of directors approved the request submitted by
board members Bader Nasser Al-Kharafi and Talal Jassim Al-Bahar to donate the
building’s renovation costs. The board also approved renaming the hall after the
late Nasser Al-Kharafi/Jassim Al-Bahar, as two of the most prominent and
distinguished economic figures, who have left a clear imprint in business, and
whose financial expertise and savvy led their expansion from a local and
regional levels to an international level.
Commenting during the reopening ceremony of the Nasser Al-Kharafi/Jassim
Al-Bahar Trading Hall, Minister of Commerce and Industry Fahd Mutlaq Al-Shuraian
said: “Today, we stand in this historic trading hall, marking yet another
milestone in the journey of this stock exchange. We take pride in the decision
made to name this hall after the late Nasser Al-Kharafi and Jassim Al-Bahar, two
titans of the financial scene in the country whose legacy continues to live on
in their sons who are both Boursa Kuwait board members. I would like to extend
my deepest thanks and gratitude to Mr Bader Nasser Al-Kharafi and Mr Talal
Jassim Al-Bahar for their generous donation to the trading hall and contribution
to the Kuwaiti capital market.” The minister added that the new trading hall,
which is equipped with the latest, state-of-the-art technologies that meet
international accreditations and standards, will undoubtedly reflect positively
on the performance of the capital market and further attract investors to it.
Board member Bader Nasser Al-Kharafi expressed his pride on the reopening of the
trading hall and its new name, saying: “Boursa Kuwait has witnessed many
developments and enhancements since the start of its privatization process,
becoming an outstanding example of the competence of the Kuwaiti youth and their
ability to develop a strong and efficient financial market with liquidity and
transparency. This has undoubtedly made the Kuwaiti capital market an attractive
destination for investors worldwide and has led to the inclusion of Kuwaiti
listed companies in internationally renowned index providers.”
Al-Kharafi added, “Boursa Kuwait’s iconic trading hall distinguishes it from its
counterparts across the region as well as worldwide. Accordingly, the board of
directors has approved plans to develop the building’s facilities according to
internationally accredited specifications to reflect the unique identity of our
stock exchange, the oldest stock exchange in the Gulf Cooperation Council (GCC).
I would like to thank the board of directors and executive management for
choosing this name for the trading hall.”
Board member Talal Jassim Al-Bahar expressed his excitement on the occasion and
said: “I would like to extend my sincere thanks to my fellow board members for
choosing to name the hall after the late Nasser Al-Kharafi and Jassim Al-Bahar.
The reopening of the trading hall comes as part of Boursa Kuwait’s efforts to
upgrade and improve its facilities, exploring innovative solutions that meet
market needs and expectations, in an effort to attract investors. The company
continues its successes as a booming market moving at an accelerated pace
towards the sustainability of the company, the Kuwaiti capital market and the
national economy. We look forward to providing a qualitative experience for all
Boursa participants, as well as local and foreign companies that wish to list.”
Boursa Kuwait Chairman Hamad Meshari Al-Humaidhi also expressed his thanks and
appreciation to Bader Al-Kharafi and Talal Al-Bahar, saying: “We are pleased to
reopen the trading hall thanks to the generous donation of my fellow board
members Mr Bader Al-Kharafi and Mr Talal Al-Bahar to renovate and update the
facilities. We will continue to develop the rest of the premises to contribute
to the company’s sustainable operations, as well as taking confident steps
towards achieving the company’s vision and strategic goals to develop a credible
and liquid financial market in accordance with international standards that
creates opportunities for issuers and investors to create diversified
opportunities.”
The old trading screens and tickers have been removed from the trading floor and
other locations inside the building and on its facades, replaced with new
energy-efficient full color LED video walls and ticker displays with the latest
technologies, providing greater possibilities for broadcasting content and
reducing energy consumption by more than 50 percent. Boursa Kuwait has also
began working with a specialized organization to manage the recycling of old
equipment of over one thousand devices. The project also includes an upgrade to
various utilities across the premises, such as the elevators, the escalators,
and the heating ventilation and air condition systems (HVAC) and air diffusers.
This upgrade will reduce energy consumption by more than 20 percent, reinforcing
the company’s position as a socially responsible institution.
The Boursa Kuwait revamp also features a designated “Ring the Bell” platform,
with a mechanical brass bell that has been manufactured specifically for the
exchange and engraved with patterns inspired by the Kuwaiti Sadu traditional
weaving. The platform is dedicated to corporate social responsibility (CSR)
events to raise awareness on environmental and social causes in addition to
listing events and other corporate proceedings. Overlooking the bell-ringing
platform is a fully equipped media hall to cover CSR and media related events
such as press conferences and televised interviews.
The auditorium and training hall are also undergoing renovations and will be
equipped with the latest audio and video technology to host myriad training
seminars and financial literacy programs, in collaboration with specialized
local and international companies. This is in line with Boursa Kuwait’s
commitment to raising financial literacy and increasing capital market awareness
in Kuwait as part of the education pillar of its corporate sustainability
strategy and corresponds with goal 4 of the UN’s Sustainable Development Goals
of achieving inclusive and quality education for all.
Boursa Kuwait’s corporate sustainability strategy stipulates ensuring
initiatives apply and fall in line with the company’s corporate social
responsibility (CSR), industry best practice standards and investor
expectations, creating strong and sustainable partnerships that ultimately
achieve success and allow Boursa Kuwait to leverage the capabilities and
strengths of other companies or organizations that have experience in different
fields, and integrating sustainability efforts with the company culture, in
order to achieve longevity and an ongoing impact that is carried on and
instilled in the day-to-day operations of the stock exchange. As part of the
strategy, Boursa Kuwait has launched many initiatives in partnership with local
and international organizations, focusing on support for nongovernmental
organizations and charity programs, financial literacy and capital market
awareness, the empowerment of women, as well as environmental protection.