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Wednesday , December 11 2019

Transparency pledged in declaring ‘transactions’ – Kuwaitis keep eye on KIA

KUWAIT CITY, Feb 11: Kuwait Investment Authority (KIA) has decided to enhance the level of transparency in its disclosures in order to stay in par with the international and local standards. The information to be included in the disclosures are currently being decided on along with the timing of the disclosures, reports Al-Qabas daily quoting senior financial sources.

They explained that the timing of the disclosures will depend on the time required for obtaining approvals of different levels both inside and outside KIA, starting with the approval of the board of directors. The public debt law and the increase in the loan limit to KD 25 billion to be repaid within 30 years are among the most important criteria that will contribute to determining the timing of the disclosures.

The sources stressed that the approval of the law related to increasing the loan limits does not mean the limit will jump directly to the highest level, adding that it is one among the options available to the state to obtain sources of financing at the best cost, and these options will be compared.

They explained that Kuwait had received loans worth about $8 billion via international bonds. With the possibility of resorting to the international financial markets again, it has become the right for Kuwaiti bond holders to view certain information of KIA.

It is also the right of Kuwaiti citizens to keep track of their country’s sovereignty fund. The data and information to be revealed is expected to be relevant to the size of the assets owned by KIA, their geographic locations and the type of investment, either real estate, bonds or others. The sources indicated that submission of the disclosures will be followed by media activities for providing further explanations. Meanwhile, they said all investments of KIA are capable of being sold at the most suitable time based on the conditions of the markets especially those related to financial sector, and uphold the capability of private sector to compete. The sources stressed that privatization is one of the options, and not the only option, to avoid some investments, adding that KIA is working in restructuring some companies such as Kuwait Public Transport Company (KPTC) and Public Facilities Company in order to separate from them with the best benefits.

Zakat House opens the door of rehabilitation to companies specialized in management of real estate portfolios, reports Al-Rai daily. Zakat House has called on interested companies to submit copies of their commercial records, approved budgets for three years, bank letters showing their financial status, organizational structures, and statements of technical and executive systems whose residences are on the companies. In addition, Zakat House stipulated to submit a detailed description of experience in managing real estate portfolios and real estate evaluation to governmental and charitable bodies.

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