| 03 Jul 2009 |
|
Kuwait reserves total $350 bln; foreign investments see losses
- Text size
KUWAIT CITY - The total reserves of Kuwait amounts to KD 103 billion which equals 350 billion US dollars, reports Al-Qabas daily quoting government sources. Of this reserve, KD 55 billion has been allotted to state general reserve which is 6 percent less compared to last year, and KD 48 billion has been allotted to the future generations reserve, showing a dip of 16 percent from last year. Investments in Arab countries amount to KD 21 billion that makes up around 20 percent of the total reserves. The total assets have reduced from KD 81 billion to KD 72 billion, while the commitments have increased from KD 16 billion in 2008 to KD 17 billion. It is also seen that although the value of foreign assets have increased, around KD 9 billion was lost in Kuwaiti investments abroad in March 2009.
Meanwhile, Finance Minister Mustafa Al-Shamali has affirmed that the sale of Kuwait Investment AuthorityKuwait Investment Authority
's shares in Boubyan BankBoubyan Bank will go ahead as planned and in accordance with the conditions specified earlier, reports Al-Anba daily. Al-Shamali also refuted reports about the cancellation or postponement of the sale, which will be conducted with full transparency. He revealed the authority owns 231 million shares in the bank, while submission of applications for participation in the public sale ended Thursday. Al-Shamali also unveiled the authority's plan to sell its shares in local companies upon completion of the sale of its shares in the bank. In another development, sources disclosed the Central Bank of Kuwait (CBK)Central Bank of Kuwait (CBK) has given the National Bank of Kuwait (NBK)National Bank of Kuwait (NBK) the green light to own over 40 percent of shares in Boubyan BankBoubyan Bank for three months, which will end on Sept 28.
x
DISCLAIMER
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Access to this article is subject to specific terms and condition.
Loading ...Free Newsletter
Get the latest news from Money and other Free newsletters.
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.