Tuesday, May 08, 2012
BEIRUT (Zawya Dow Jones)--Kuwait's National Investments Co. (NINV.KW), or NIC, which is managing portfolios and funds worth more than $7 billion, plans to restructure its investments in light of recent developments in the local and global markets, Kuwait-based An Nahar daily reports Tuesday citing executives.
According to the paper, NIC's chairman, Sulaiman Al Sahli, said that he is optimistic about his company's performance in the first quarter of 2012 and beyond, especially after the implementation of the new policies, which would be set up in cooperation with NIC's affiliates and will take into consideration the size of its assets and portfolios.
The investment firm, which is a unit of Kuwait-based conglomerate Kharafi Group, said in March that it swung to a full-year loss of 27.32 million Kuwaiti dinars ($98.21 million) in 2011 from a net profit of KWD4.43 million in 2010.
The daily cites Hamad Al Ameeri, NIC's general manager, as saying that his company's portfolios and funds are mainly in Kuwait with the remainder in other Gulf Cooperation Council states and in other Arab countries, Egypt in particular.
Newspaper website: http://www.annaharkw.com/annahar/Article.aspx?id=328979&date=08052012
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
08-05-12 0705GMT
