Title: Press Release: The Capital Markets Authority Signs a Contract for Construction, Completion and Maintenance of the Permanent Headquarters of the Capital Markets Authority

Kuwait City, January 15, 2023 - The Capital Markets Authority announced the awarding of the tender for the construction, completion and maintenance of the permanent CMA headquarters to Sayed Hamid Behbehani & Sons Company.

Prof. Ahmad A. AlMelhem, Chairman of the Board of Commissioners - Managing Director declared that (13) companies specializing in buildings and contracting in Kuwait have submitted their offers to implement the project, and the winning company got the first place in terms of the technical and financial evaluation of the tender. He noted that the tender was offered and awarded in accordance with the criteria approved by the CMA, adding that this project will contribute to reducing the expenditures and operational costs of the CMA to achieve optimal utilization of the CMA's financial resources in a sustainable manner.

Prof. AlMelhem added that KEO International Consultants, in cooperation with the international company (KPF), designed the new CMA’s building, and that the project has won global and regional fame for its distinctive design, and was praised internationally by many specialized magazines and famous sites, which enhances Kuwait's position in the field of construction and architecture and confirms its presence on the map of the modern cities that the entire region is witnessing. In this context, Construction Week magazine said that the building achieves a "delicate balance" between elegance and creativity. The design is compatible with the requirements of the LEED v 4.0 silver certification.

Prof. AlMelhem mentioned that the design reflects the CMA’s status as a regulatory body. The building will include all the various CMA’s sectors and departments in one location and will contribute to raising the sense of responsibility among the CMA’s employees. It will also reflect positively on the level of productivity and efficiency, and enhance communication channels, coordination and workflow, in addition to facilitating the completion of the tasks assigned to the CMA, and the services provided to the stakeholders. It constitutes a prominent cultural landmark added to Kuwait’s landmarks. The CMA’s permanent headquarters is in the heart of the capital, next to the Kuwait Investment Authority and the Central Bank of Kuwait.

It is worth noting that the new CMA building project is being supervised by KEO International Consultants. The land area is about 3,800 square meters, while the building area is about 74,300 square meters. The building consists of 45 floors in addition to basement floors that include automated parking spaces for about 800 cars. The building also includes the Capital Markets Academy, training halls, and a theater that can accommodate 250 people, in addition to green spaces that add color and beauty to the site. The design of the building’s façade, which is inspired by the CMA’s objectives of transparency, cooperation and sustainable development is manifested in the form of a creative design that enjoys a view of both the city and the sea. The design of the building’s façade, which is inspired by the CMA’s main objective of transparency, is evident in the form of perforated metal fins whose shape and size change according to the direction of the façade and its exposure to the sun. They were designed in a way that allows light to permeate the building to provide the greatest amount of natural lighting.

The building will also be compatible with the standards of eco-friendly buildings, and it will be equipped with the latest systems, devices, technologies and eco-friendly materials in accordance with the highest international standards.

It should be noted that the CMA is keen to implement the project within the planned time, taking into account the quality of implementation according to the approved engineering specifications and plans, and that Sayed Hamid Behbehani & Sons Company has experience in building world-class towers, hospital buildings, and resorts. The Company has a specialized logistical team estimated at 4,000 employees, as well as their own manufacturing equipment. The Company topped the ranking of contracting companies in 2022 with contracts worth $3.4 billion for projects in the implementation phase, according to MEED magazine.

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Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
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