KUWAIT CITY: Director General of the Public Institution for Social Security (PIFSS) Mishaal Al- Othman says investments valued at about $15 billion were made during the COVID-19 crisis, and some of them have started showing profit indicators, reports Al-Qabas daily.
In a telephonic interview on Kuwait Radio, he explained that the total value of the low-performing assets that were discharged amounted to about 20 billion dollars.
They were re-invested in new investments, without affecting the investment plan’s money, as the institution, in light of the returns of these exits, was able to reduce the volume of cash to ten percent now, and is targeting below four percent by the end of the fiscal year.
Al-Othman affirmed that the strenuous efforts exerted during the past four years were successful during the first half of the current fiscal year, and resulted in record profits amounting to $12 billion, with a growth rate of 362 percent, which is the best investment results for the institution throughout its history.
He said the results reflect fruits of the success of the institution’s strategy in restructuring the investment sector, the use of global advisors and asset managers, and the selection of the best assets for investment, with the cooperation of the investment committee in the institution “until we have a diversified portfolio of assets and a distinct geographical distribution”.
© 2020 Arab Times Kuwait English Daily. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).