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Tuesday , November 20 2018

KIA profits hit KD 24.68m – Saving public funds

KUWAIT CITY, March 12: Minister of Finance Dr Nayef Al-Hajraf revealed the net profit of Kuwait Investment Authority (KIA) for the past three years has reached KD 24.68 million. The sum represents the total value of net profits in fiscal reserves from April 1, 2014 to March 31, 2017, reports Al-Rai daily.

In a memo to the National Assembly, Al-Hajraf assured that KIA is committed to protecting public funds in its major activities and practices. The authority is in charge of managing reserve funds, incoming generations fund and other funds the minister keeps with it.

It also performs other complementary activities to support major activities in order to attain national economic development, while activating the role of private sector.

He explained that methods used by Kuwait Investment Authority to execute plans depend on the spread of investments geographically, which is determined by the average market growth — coupled with essential and sectional distribution, with the purpose of accomplishing goals that should be achieved in line with public strategy and general Kuwaiti economy.

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