Title: The Capital Markets Authority Signs Design Contract for the Permanent Building of the Authority

KUWAIT CITY, March 20, 2019. The Capital Markets Authority (CMA) has announced the signing of a contract for the implementation of the study and design work for the construction of the permanent building of the CMA at a cost of KD 1,888,970.

In this regard, Prof. Ahmad A. AlMelhem, Chairman of the Board of Commissioners - Managing Director, said that the CMA has contracted with KEO International Consultants in collaboration with the international office “KPF”, which specializes in international building projects. The contract includes obtaining the expertise of the local and international engineering office to provide services, engineering consultancy and design of the permanent building.

Prof. AlMelhem added that the permanent building will have a total area of 69,000 square meters and that the project design period will take 16 months. It will be located in the heart of the capital, next to KIA and the CBK building. 

The Chairman of the Steering Committee concerned with overseeing the design and construction of the Permanent CMA building, Mr. Wael Bahbahani, stated that a competition was among 4 engineering offices in April 2018 out of the 45 offices that participated in the design consultancy in July 2017. The CMA conducted an architectural competition between the qualified engineering offices and stipulated that they should participate in one of the six international offices specified in the competition. KEO International Consultants won the first place in the competition.

Bahbahani stressed that the CMA is keen to implement the project during the planned time period, taking into account the quality in the implementation according to specifications and approved engineering plans.

It is worth mentioning that KEO International Consultants was established in Kuwait 55 years ago and has been rated by ENR as one of the top 100 global design offices over the past 10 years.

Ends-
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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