Boursa Kuwait Signs Agreement With Ooredoo to Manage Their Disaster Recovery Datacenter

Press release

Published December 19th, 2018 - 10:02 GMT

During the signing

As part of its ongoing commitment to provide a secure, robust and cost-effective market place infrastructure, which ensures the continuity of the operations key services in the case of disasters, Boursa Kuwait has signed an agreement with Ooredoo Kuwait, to host the stock exchange’s disaster recovery (DR) datacenter.

The signing ceremony was held at the Boursa Kuwait headquarters, in the presence of Khaled Abdulrazzaq AlKhaled,Chief Executive Officer, Boursa Kuwait andSheikh Mohammed bin Abdullah Al Thani, Chief Executive Officer at Ooredoo Kuwait,and other senior representatives from both companies.

Boursa Kuwait’s Datacenter provides a highly available hosting space that enables Boursa to remotely run and manage enterprise applications from a controlled and secure environment. This will help Boursa in safeguarding mission critical data with the highest level of security and operational reliability by offering services in-line with the highest industry standards.

The scope of services for the new system also includes secured colocation area, high-speed connectivity between main and DR site, high available Internet connectivity, and high available market participant connections. Boursa Kuwait will also have multi-redundant links that will ensure an uninterrupted connectivity between main and DR site in case of a main circuit’s failure.

Khaled Abdulrazzaq AlKhaled, Chief Executive Officer, Boursa Kuwait, said: “In line with our vision of creating and sustaining a robust and resilient stock market where companies and investors can thrive, we have been investing our time and efforts to adopt the best practices across all aspects of our operations. The new DR datacenter will further strengthen our IT DR Infrastructure and improve business continuity within the organization at a lower cost with higher service standards. We are optimistic that our partnership with Ooredoo will bring further value to all our participants.”

From his end, Sheikh Mohammed bin Abdullah Al Thani, Chief Executive Officer at Ooredoo Kuwait, expressed his gratitude and appreciation to the trust and confidence Boursa Kuwait had given Ooredoo in Kuwait to fulfill this mutual agreement. He said: “Ooredoo is pleased to host Boursa Kuwait DR solution in its world-class hosting Data Center located in Kuwait. Ooredoo Data Center meets Boursa mission critical application requirements and provides premium quality hosting and managed services. Ooredoo Data Center network platform and facilities meet the security requirements and provides high availability and reliability that address the needs of Boursa.

Ooredoo is committed to ensuring synergy in delivery and support, and is looking forward to a successful and long-term business relationship with Boursa that will bring real benefit to both companies.

“This partnership comes in tandem with the Ooredoo’s strategy of being a leader in the market in terms of Digital Transformation and managed services”. Al Thani concluded.

Background Information

Boursa Kuwait

Boursa Kuwait was founded on April 21st, 2014 by the Capital Markets Authority Commissioners’ Council Resolution No. 37/2013 dated 20th November, 2013 and the Capital Markets Authority Law No. 7/2010. In addition to being primarily responsible for regulating all aspects of the Kuwaiti capital market, the Capital Markets Authority also has full ownership of Boursa Kuwait, which manages the exchange operations. Boursa Kuwait is responsible for introducing new trading rules, risk management practices, price discovery mechanisms and new technology to ensure that Boursa Kuwait is as robust and secure as possible. The establishment of Boursa Kuwait marked the first step in privatizing the Kuwaiti Stock Exchange, which was founded in 1983.