‘KIA has no intention to establish new cos and put them up for public subscription’

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KUWAIT CITY, Jan 10: Kuwait Investment Authority (KIA) has no intention to establish new companies and put these companies up for public subscription due to the current economic conditions; which necessitate rationalization of spending, reports Al-Anba daily quoting sources. Sources explained the authority took this decision to avoid burdening the State’s general reserve with unjustified expenses. Sources pointed out that the general orientation of the State focuses on enhancing the role of the private sector by gradually reducing government’s control over the companies in which the State owns part of the capital. Sources affirmed that the strategy has been approved by its Board of Directors, indicating Boston Group prepared the strategy and recommended exiting from the authority’s contributions under the ‘general reserve’ item. Meanwhile, the Ministry of Commerce and Industry is investigating 15 citizens to determine if they own or are partners in companies or not, reports Al-Anba daily quoting reliable sources.

Sources said the Ministry of Social Affairs and Societal Development contacted the undersecretary of the Ministry of Commerce and Industry in order to instruct those in charge of commercial licenses to investigate 15 citizens, whose ages range from 15 to 68 years old, and then inform the Ministry of Social Affairs and Societal Development if these citizens have commercial licenses or not. The Ministry of Social Affairs and Societal Development confirmed that it will look into these citizens’ request for financial assistance based on the response of the Ministry of Commerce and Industry.

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