KACST pavilion in spotlight at global economic forum

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Saudi participants in the St. Petersburg International Economic Forum 2019 (SPIEF). (Supplied photo)
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The King Abdul Aziz City for Science and Technology (KACST) delegation to the St. Petersburg International Economic Forum 2019 (SPIEF). (Supplied photo)
Updated 09 June 2019
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KACST pavilion in spotlight at global economic forum

RIYADH: The King Abdul Aziz City for Science and Technology (KACST) finished its participation at the St. Petersburg International Economic Forum 2019 (SPIEF), held with the participation of 40 states at the city’s Expoforum Convention and Exhibition Center, under the title “Creating a Sustainable Development Agenda.”

Through its pavilion, KACST exhibited its capabilities in fields such as reverse engineering and 3D scanners. It also highlighted the capacities of KACST in the field of digital fabrication, office support in protecting intellectual property through documentation, licensing and patenting, and the city’s Bader program, which works on supporting and developing startup businesses focusing on technology in the Kingdom.

Dr. Anas Al-Fares, KACST vice president, spoke about how the city has sought to collaborate with international academic entities to establish centers of excellence that support technology and establish partnerships with the private and public sectors to develop and promote innovation.

SPIEF, held in Russia since 1997, is an annual event on economics and business that brings together leaders from the world’s economic powers to discuss political, social and monetary issues. SPA Riyadh


Kuwaiti equities to be in main MSCI emerging markets index

Updated 7 min 39 sec ago
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Kuwaiti equities to be in main MSCI emerging markets index

  • The index compiler will include the MSCI Kuwait index in the emerging market index in the May 2020 semi-annual index review
  • The Kuwaiti market has outperformed markets in the Middle East this year in anticipation of the MSCI move

DUBAI: MSCI plans to upgrade Kuwaiti equities to its main emerging markets index in 2020, a move that could trigger billions of dollars of inflows from passive funds.
The index compiler will include the MSCI Kuwait index in the emerging market index in the May 2020 semi-annual index review.
MSCI, the world’s largest index provider, whose emerging-market group of indexes has about $1.8 trillion of assets tied to it, also said it would start a consultation on reclassifying the MSCI Iceland Index to Frontier Markets status. It said it would announce the results of this by Nov. 29.
Kuwait’s Market Development Project was implementing several regulatory and operational enhancements in the Kuwaiti equity market, said Sebastien Lieblich, global head of equity solutions and chairman of the MSCI Equity Index Committee.

 

MSCI expects Kuwait to introduce more reforms before the end of 2019, such as introducing omnibus accounts that would allow foreign investors to trade while remaining anonymous, offering the same privileges that local investors now have.
The Kuwaiti capital market regulator has announced plans for such facilities to be available to the wider market by November, Arqaam Capital said. “These enhancements have significantly increased the accessibility level of the Kuwaiti equity market for international institutional investors,” Lieblich said.
The Kuwaiti market has outperformed markets in the Middle East this year in anticipation of the MSCI move.
The benchmark premier index is up about 20 percent so far this year. It was down 0.5% in early trade on Wednesday.
“MSCI EM inclusion could represent the biggest ever liquidity event for Kuwait’s stock market,” said Salah Shamma, head of investment MENA at Franklin Templeton Emerging Markets Equity, adding that a 0.5 percent representation in the MSCI EM index could attract investor flows of about $10 billion.

FACTOID

MSCI is the world’s largest index provider, whose emerging-market group of indexes has about $1.8 trillion of assets tied to it.