Kuwait bourse fund targets long-term investments -KIA

Reuters reports that, “a Kuwait government fund launched to stabilise the Gulf state’s bourse was seeking long-term investments in stocks, the managing director of the Kuwait Investment Authority (KIA) said on Sunday.

In November, Kuwait asked its sovereign wealth fund KIA to set up the fund to shore up the second largest Arab bourse , which fell 38 percent last year during a regional stock market rout triggered by the global financial crisis.

The fund, which started operations on Dec. 24, was seeking long-term investments, Bader al-Saad said at a news conference on Sunday.

Kuwaiti Minister of Finance Mustapha al-Shamali said last month the fund would invest least 1.5 billion dinars ($5.42 billion).”

read more: Reuters

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