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Title: Protection of Investors in Gulf Cooperation Council Stock Markets: A Case Study of Kuwait, Bahrain and United Arab Emirates
Author: Al-Zumai, Fahad
ISNI:       0000 0001 3409 6010
Awarding Body: School of Oriental and African Studies (University of London)
Current Institution: SOAS, University of London
Date of Award: 2006
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Stock Markets in the Gulf Cooperation Council (GCC) countries are an important and timely topic as they and are going through a major evolutionary process as well as expanding economically. This thesis aims at providing a regulatory analysis to the existing legal framework in the GCC stock markets with a particular focus being given to the Kuwaiti, Bahraini and UAE markets. The existing regulations are analyzed and studied from an investor protection perspective. The second chapter looks at the historical development and the legal status of stock markets in the above mentioned countries and the response of these countries to the financial crisis that have occurred in these regimes. The existing and historical development of existing legal systems in the region is examined in chapter three. The fourth chapter explores the existing listing rules in the three markets under scrutiny as they present the first tier of regulation in secondary markets that can offer protection to investors. Chapter five describes the settlements and clearance mechanisms and processes for securities transactions in each market, as these mechanisms are essential for the stability of the markets and at the same time are a crucial element in order to avoid systematic risk. Chapter six focuses on insider-dealing regulations and the need to promote more rigid and advanced regimes as it is a very wide spread phenomenon. Market manipulation regulatory framework in GCC stock markets is analyzed and covered in chapter seven. Chapter eight gives an overview of existing disclosure regulations and identifies the main shortcomings and considers the needed reforms to make the markets more transparent to facilitate efficient decision making process for investors. Market manipulation practices and the role of brokers is analyzed in chapter six. Finally, the reforms needed to enhance the markets are identified in chapter nine along with an analysis of the future of these markets.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available