Title: Press Release: Issuance of the Annual Report on the Performance of the Strategic Plan 2023/2024

Kuwait, July 2, 2024 – The Capital Markets Authority (CMA) is pleased to announce the issuance of the annual report of the performance of the strategic plan 2023/2024 which provides a comprehensive summary of the plan’s performance for the ended period of the first year of implementing CMA’s third strategy plan.

The annual report of the performance of CMA’s strategy is a commitment by the CMA to transparency standards and presents its achievements in a manner that reflects the performance of the strategic plan at both the institutional level and the level of the CMA’s sectors for the financial year that ended in 2023/2024. This financial year represents the first year of the CMA’s strategic plan 2023/2024 - 2026/2027, approved by the Board of Commissioners Resolution No. (B.C.A. 1-9) of 2023 dated March 29,2023.

The report included a summary of the CMA’s strategic directions according to its approved plan, encompassing long-term ambitious vision (To provide a secure and enabling regulatory environment for the development and growth of  capital markets in the State of Kuwait into advanced markets that contribute to the national economy). The directions also covered  the areas of focus of the plan based on its three pillars: the first pillar being (Capital Markets Development), the second pillar (Cooperation and Communication), and the third pillar (Institutional Enablement). These pillars branch out into a number of strategic objectives to be achieved during the plan period. The plan compromise 9 strategic objectives measured through 29 performance indicators, implemented through 26 major initiatives, which in turn has 118 sub-initiatives to be implemented during the strategic plan. Such sub-initiatives are distributed across various organizational units within the CMA.

The report also presented the status of the plan’s performance and the status of achieving the strategic objectives until March 31, 2024. The plan’s completion percentage reached 32.7% during the years of the plan (23/24-26/27), of which 26 sub-initiatives of 118 listed sub-initiatives were completed to date. The total deviation rate of implementation reached 4% of the planned, which is considered part of the accepted rates between actual achievement rates and planned rates.

Moreover, the report presented the results of the indicators of the strategic plan objectives. The performance indicators of the financial year 2023/2024 included (13) performance indicators listed within the measurement range of the first financial year of the approved strategic plan. These indicators contribute to measuring the achievement of 7 strategic objectives aimed for the period. The measurement results were positive, and all readings reflected an excellent performance and met the targeted indicators according to the plan.

The indicators aimed for measurement included the second strategic objective, which is (Develop legislative and regulatory frameworks in accordance with recent trends in the financial markets), as the CMA has monitored an indicator to measure the number of companies that issue sustainability reports in order to measure the local company’s awareness, compliance, and transparency in terms of sustainability within the voluntary application of these standards, which the CMA has launched based on the requisites of sustainable finance pursuant to Resolution No. (136) of 2022 issued on 25/08/2022. Additionally , within the same strategic objective, the CMA targeted  measuring some legislations to be reviewed or developed during the period of the CMA’s third strategic plan. The development processes are based on the practical reality of implementation or monitoring the financial developments and directions in the area of regulation in the financial markets sector. As for the third strategic objective, which is (Motivate qualitative listings in the financial market and encourage institutional investment), the CMA has set an indicator for measuring the percentage of foreign trades’ growth in comparison to the total trades to measure the attractiveness of the local market to foreign investors and evaluate the efforts of attracting foreign investments. Through the fourth strategic objective of (Enhancing local, regional, and international cooperation), the CMA aimed to enhance its local and international network of relations through signing joint memorandums of understanding, representing the CMA in the membership of committees and work teams launched by international organizations, participating in international conferences and events to enhance the reputation of the CMA and the State of Kuwait on the international level, and contributing to obtaining new knowledges and experiences through cooperating with international counterparts, expanding CMA’s network of relations with international organizations and institutions, and introducing the international society of the State of Kuwait and the local market. As for the fifth strategic objective of (Upgrade the level of awareness and knowledge in the investment, legal, and information security fields for all segment of society), the CMA has set a composite indicator for measurement of the awareness efforts made by the CMA on the awareness and education of all society segments. Through the sixth strategic objective, which is (Improve organizational and procedural efficiency and effectiveness), the CMA aimed to develop each of the internal regulatory frameworks and the administrative governance practices to increase CMA’s efficient and effective works according to the best practices. The eighth strategic objective, which is “Develop CMA’s human capabilities and resources and improve the work environment”, included measurement of the training quality through a composite indicator to measure the internal training efforts to improve the efficiency and abilities of the CMA’s employees, in addition to another indicator to measure the efficiency of exploiting CMA’s financial resources. Finally, the measurement indicators of the ninth strategic objective, which is “Employ and utilize the capabilities of digital transformation and modern technologies”, included indicators for the measurement of CMA’s efforts in digital transformation, information security, and business continuity.

It is worth noting that the CMA, through developing its strategic plan, is keen to be in line with “Kuwait Vision 2035” and its pillars. Through the implementation of its strategic plan, the CMA contributes to achieving a number of pillars included in the Country’s development plan directly or indirectly, which includes the contribution in the diversified sustainable economy, governmental effective management, human creative capital, and the distinguished international position.

Such contributions come through the alignment of the initiatives launched by the CMA to achieve its strategic objectives in accordance with its roles and competences as well as achieving the pillars and vision of the State of Kuwait. The alignment with the development plan pillars is summarized as follows:

• The pillar of governmental effective management: The CMA, through its initiatives in the area of digital transformation and adopting digital technologies, contributes to raise the efficiency of operational work, integrate with the auxiliaries to provide high quality services centered on beneficiaries, and focus on promoting institutional governance, developing work procedures, and improving the operational efficiency.

• The pillar of diversified sustainable economy: The CMA, through its initiatives, contributes to developing the regulatory and legislative infrastructure and developing capital markets continuously to keep pace with the developments and leading practices within the CMA’s competence and work to enhance the position of the State of Kuwait in the relative international indicators in accordance with its competences.

• The pillar of human creative capital: CMA’s initiatives contribute to achieving the financial inclusion objectives and raise the financial literacy level at the audience by launching permanent awareness programs through various means (visual materials, brochures, audio materials, specialized magazine, social communication platforms, workshops, conferences, etc.) that aim to raise awareness and educate current investors and those intending to invest to help them take sound financial and investment decisions to ensure their rights and protection from any manipulation. Moreover, the CMA continues to complete the establishment of an academy that is specialized in capital markets to offer various knowledge and development solutions and provide the financial sector’s practitioners with the necessary knowledge and skills, whether they were about to enter the workforce, beginners, or advanced experts.

• The pillar of distinguished international position: The CMA, through implementing the initiatives of developing the capital market, aimed to enhance the image of the State of Kuwait and ensure its position in the international investment map through the CMA’s continuous efforts to upgrade the State of Kuwait according to the prominent international capital markets indicators and target higher upgrades. The CMA maintains communication and promotion of the Kuwaiti market through informative and promotional tours (Roadshows), attending and representing the State of Kuwait in the international forums, and joining international organizations and having an effective role therein. The CMA obtained the position of Member of the Board of Directors of International Organization of Securities Commissions (IOSCO) by acclamation, Board Representative of the Growth and Emerging Markets Committee – “GEMC” for two years for the period from 2024 to 2026, which is considered the second consecutive time for the CMA to win this position.

On the other hand, the CMA pays great attention to strategic planning and management. The final section of the report included the most prominent media and awareness activities and participations within the strategic plan, which is considered important activities to strengthen the strategic planning culture between the CMA’s employees and to strengthen the cooperation efforts with the government entities and the relative entities.

Moreover, the CMA will include the annual report of the strategic plan performance within its annual report 2023/2024, that will be issued before the end of this month for further disclosure and transparency of the work of the Capital Markets Authority.

Ends-

Notes to Editors:
The Capital Markets Authority (CMA) of Kuwait was established pursuant to Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its amendments, approved by the Kuwaiti Parliament in February 2010. Under this Law, the CMA regulates and supervises securities activities, ensures transparency, fairness, efficiency, and observes listed companies’ implementation of Corporate Governance regulations. The CMA also protects investors from unfair practices and violations of the CMA's Law.
Furthermore, the Law stipulates the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs pertaining to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw