Kuwait looks to raise stake in China’s ICBC

Reuters reports that, “OPEC oil exporter Kuwait is looking to raise its stake in the Industrial and Commercial Bank of China(ICBC) and invest in Chinese energy and industrial sectors, its finance minister said on Friday. Speaking to Reuters on the sidelines of the World Economic Forum at the Dead Sea in Jordan, Mustapha al-Shamali also said the world’s fourth-largest oil exporter would not reduce its dollar-denominated assets. Kuwait is home to one of the world’s largest sovereign wealth funds, the Kuwait Investment Authority (KIA).

‘We have an investment in ICBC. We have a portion of it and we are going to enlarge it,’ Shamali said in an interview, without disclosing the size of the stake.

‘We could get our share from the market,’ he said.”

read more: Reuters

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