Kuwait’s market regulator the Capital Markets Authority (CMA) has invited local and international exchange operators to express interest by 21 May and 29 June, respectively, for the acquisition of an equity stake of between 26 per cent and 44 per cent in Boursa Kuwait, the private entity that manages Kuwait’s stock exchange.

Only local firms  listed in Boursa Kuwait and international firms that are domiciled in a market classified as secondary emerging market or higher by FTSE Russell or emerging market or higher by MSCI are qualified to express an interest and eventually participate in the bidding process.

In February, CMA appointed local firm Tri International Consulting Group to advise on selling a minimum of 26 per cent and a maximum of 44 per cent of Boursa Kuwait to an international exchange operator or a joint venture of Kuwait-listed companies and a foreign bourse operator.

Local investment company Kamco and consultancy Oliver Wyman are also working on the privatisation deal.

It is understood the deal aims to see not less than 6 per cent and not more than 24 per cent of the shareholding allocated to public entities and 3.5 per cent of the shares offered to Kuwaiti citizens.

Boursa Kuwait has 176 listed companies across all industries with a market capitalisation estimated at KD28.7bn ($95.4bn). It joins a growing list of GCC states looking to privatise their equity markets.