Kuwait opens to overseas investors

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Grayson and Al-Sumait: The agreement opens up the KSE to foreign investment.

The Kuwait Stock Exchange (KSE) could be opened up to a wider pool of investors, following an agreement between a major US stockbrokerage firm and Global Investment House (Global) of Kuwait.

Auerbach Grayson & Company, based in New York, will now be able to offer its clients trading in Kuwaiti shares on the KSE, using Global as its execution broker.

David Grayson, co-founder of Auerbach Grayson, signed an agreement with Bader Al-Sumait, executive vice president of Global, to add the investment house to its network of more than 100 brokerage partners worldwide.

Grayson said: "Global is a reputable firm with quality people, quality products and quality services.

"The core of Auerbach Grayson is our global-network concept. We have established partnerships with major foreign banks and brokers - one exclusive affiliation in each market. Our partners are leading brokers in their markets and members of their local stock exchange."

Al-Sumait added that he hoped the agreement would attract institutional investors to Kuwait and the region, at a time when the KSE offers good value.

"The agreement will also empower the strong communication between global markets to open up new opportunities for foreign investors to enter our local market," said Al-Sumait.

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