ABSTRACT
Kuwait witnessed in the 1950s the formation of the first public shareholding companies and the appearance of corporate equity issues as tradable securities. The process started with the public subscription in 1952 to the shares of the National Bank of Kuwait, the first public shareholding company to be established in the Gulf. The small volume of issued shares and the narrow base of shareholders did not, however, allow any significant stock trading during the 1950s. Speculative activities were mainly concentrated in the real estate market which offered opportunities for quick profits.
