Kuwait fund invests $1.1bn in local bourse
Kuwait City, September 28, 2008
The Kuwait Investment Authority, the Gulf state's sovereign wealth fund, has invested up to 300 million dinars ($1.12 billion) in local stock market funds after the recent slide, newspapers said.
Daily Al-Qabas said in an unsourced report KIA, which manages Kuwait's oil-generated assets, poured between 280 million dinars and 300 million dinars in several stock market funds managed by seven investment firms at the end of last week.
The funds, managed by Global Investment House and investment firms, would start buying shares from Sunday.
Daily Al-Rai put the KIA investments at 250 million dinars to 300 million dinars, while Al-Watan said around 200 million dinars had been transferred to investment funds so far.
Al-Rai said investments by KIA and funds might reach around 500 million dinars in the next few days.
KIA officials could not be immediately reached for comment.
Last week, KIA managing director Bader Al-Saad said there was no limit to the amount the wealth fund might spend on the local bourse after the Arab world's second-largest stock market took a hit like other Gulf bourses. - Reuters