Saturday, May 10, 2008

KIA plans new investment in China

Kuwait Investment Authority (KIA), the management institution of Kuwait's oil-generated assets, is planning more new investments in China, sources cited local papers as saying.

Baderal Saad, KIA's General Manager, will discuss with Chinese officials on investment opportunities in the booming major economy during his visit to China next week, the paper said. The focus of KIA's investment will be in sectors like banking, industry and agriculture.

However, no comment from KIA is available at the moment.

KIA invested US$720 million last year to buy shares of the Industrial and Commercial Bank of China (ICBC), the nation's largest lender, which redounded upon KIA luxuriantly.

As of Mar. 31, 2008, at least US$ 213 billion of assets were under its management, according to sources.

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