Kuwait and global equities sign off 2019 with a strong rally

Executive Summary

Kuwait ended the year as the best performing GCC market in 2019, posting its best yearly returns since 2014. The strong rally in Kuwait equities during the year stemmed from MSCI's decision to include Kuwait in its emerging market indices from next year. Saudi Aramco's record IPO concluded successfully during the month, with the stock touching the coveted USD 2 trillion valuation in the first few days of trading before investors locked in some profits.

We see the following issues as key developments during the month of December:

- MSCI confirms Kuwait's Emerging Market status
- GCC Capital Market roundup of 2019
- Shamal Azzour Al-Oula: First Kuwait PPP project to get listed