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Saturday , January 16 2021

KIA through sovereign fund aims to expand ‘investment’ activities

Bid to maximize revenues for current year

KUWAIT CITY, Jan 26: The Kuwait Investment Authority (KIA), through its sovereign fund, aims to expand its investment activities by selecting new areas in Europe and Asia, with economic feasibility, in addition to its current investments in the United States, Britain and China, reports Annahar daily.

This is in order to maximize revenues for the current year 2019 in light of a long-term plan to expand investment around the world, with minimal potential risks.

The daily quoting sources revealed the average annual return on funds invested during the last period has achieved positive growth rates with returns on investment ranging from 7.5%, which is positive in light of the huge investment volume which exceeds half a trillion dollars.

Kuwait’s sovereign fund follows a prudent policy of selecting planned investments and is expected to boost investment in the European region through its investment arm in Britain, Ren House, as well as investment in China through the Kuwait Investment Authority’s office in Shanghai, which is the cornerstone and starting point for Kuwait’s investments in China.

The sources added that the investment policy of the Kuwaiti sovereign fund in America has not changed.

The American market has many opportunities, especially in the real estate sector and infrastructure that carries good returns. All sovereign investments of the Fund may be exposed to any risks due to the current political and economic events in the world through hedge contracts, which is normal and there is no fear of investing in America.

According to reports, Kuwait has invested over the last three years in infrastructure in different investment destinations, such as Britain, Spain and Australia, where the volume of investment there was about $3 billion in various projects and sectors related to infrastructure such as ports and airports.

Meanwhile, the Kuwait Oil Company (KOC) has postponed tender No. 2045041 for the installation of a new main manifold for low-pressure gas in addition to other related works in the Shuaiba Industrial Zone, reports Al-Jarida daily quoting KOC sources.

The company has also postponed tender No. 2038910, for the provision of material handling services, customs clearance, freight management and other logistical services associated with it, until Feb 12, 2018.

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