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Title: Resolution No. (30) of 2024 Regarding Granting Preliminary Approval for the Incorporation of a Company to Practice Securities Activities
Date Publish
12 March 2024
Having Perused:
- Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, its Executive Bylaws, and amendments thereto; and
- The application for licensing securities activities submitted through the CMA's electronic portal No. LSN20230030; and
- Based on Resolution No. (24) of 2023 regarding amending the approval authorizations of the Supervision Sector’s procedures issued on 12/02/2023.
The Following Was Resolved
Article (1)
The CMA hereby grants preliminary approval for incorporating a closed shareholding company to practice securities activities. Its details are as follows:
• Securities Activities:
- Investment Advisor.
- Subscription Agent.
• Capital: KWD 1,000,000 (one million Kuwaiti Dinars)
This is for the Company founders mentioned in the following table:
|
No. |
Name |
Ownership |
Nationality |
|
1 |
The Family Office Company BSC (closed) |
99% |
Bahraini |
|
2 |
The Family Office International Investment Company |
0.25% |
Saudi |
|
3 |
Omran Bin Abdulmohsin Omran Al-Omran |
0.25% |
Saudi |
|
4 |
Abdulmohsin Omran Al-Omran |
0.25% |
Saudi |
|
5 |
Eman Rashed Abdul Rahman Al-Rashed |
0.25% |
Saudi |
This approval shall be valid for six renewable months as of 12/03/2024 and ends on 11/09/2024, in order to meet the criteria specified by the CMA.
Article (2)
The Company under incorporation is hereby licensed according to this Resolution, in its final approved name and after completing the requirements mentioned in the preliminary approval letter issued by the CMA. The License is for three renewable years as of the date of issuance of the CMA license certificate, and after paying the prescribed fee.
Article (3)
The concerned bodies shall execute this Resolution, each within its jurisdiction. This Resolution shall come into force from the date of its issuance and it shall be published in the Official Gazette.
Zeyad Al-Fulaij
Head of Supervision Sector
Issued on: 12/03/2024.
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