The Kuwait Investment Authority (KIA) reported a net profit of $19 billion achieved from investing in twelve international firms since 2007 until the current time, Kuwait’s finance minister Nayef Al Hajraf revealed, according to Al Anba Newspaper.

For the past twelve years, the authority has been investing in Dow Chemical, Bank of America (BofA), Citibank, Bank ABC, BlackRock, Visa Inc., France’s Areva, AIA Group, CITIC Group, the Industrial and Commercial Bank of China (ICBC), AIG Bank, and IHH Healthcare, Al Hajraf told Al Anba.

In his reply to a question by the National Assembly’s member Bader Al Mulla, the finance minister clarified that the authority invested a total value of $12.8 billion in twelve international firms through the core-satellite portfolio, generating a profit accounting for 148.7% of the overall investments belonging to the mentioned portfolio since 2007.

Al Hajraf indicated that the current value of the above-mentioned investments, including the realised profits and after deducting Areva’s losses, reached $31.8 billion as registered on 30 April 2019.

The market share of all ownerships in the core-satellite portfolio, including the Future Generation Fund (FGF) and the General Reserve Fund (GRF), does not exceed 10% of the total value, for each ownership share.

Source: Mubasher

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