Tuesday, Oct 06, 2009
DUBAI (Zawya Dow Jones)--Kuwait Investment Authority or KIA, the country's sovereign wealth fund, will hold a 24%stake in a new warehousing company to be set up during the next three months, Kuwait News Agency reported late Monday, citing the deputy premier for economic affairs.
The company will sell a 26% stake to private sector companies and the remainder will be offered to Kuwaiti citizens, Sheikh Ahmad Fahd al-Sabah told the news agency after a Cabinet meeting.
The government also plans to launch a company that will build low-cost residential units during the next three months, the premier added.
Last month, the government said it will set up an Islamic lender, Warba Bank, with a capital of 100 million Kuwaiti dinars ($349 million), in which the Kuwait Investment Authority will have a 24% stake and the remainder offered to Kuwaiti citizens.
-By Dubai Bureau, Dow Jones Newswires; +9714 364 4965; djnews.dubai@dowjones.com
Copyright (c) 2009 Dow Jones & Co.
(END) Dow Jones Newswires
06-10-09 0650GMT
