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Kuwait Wealth Fund Says No Change in Europe Strategy

May 27 (Bloomberg) -- Kuwait Investment Authority, the emirate’s sovereign wealth fund, said it hasn’t made any changes to its investment strategy in Europe, denying a report that it plans to scale back investment in the euro region.

“Kuwait Investment Authority denies reports in some local papers that it plans to reduce investments and its investment presence in European states as a reaction to the crisis which hit some European nations starting from Greece and which may spread to reach other European countries,” it said in an e-mailed statement today.

According to a report in Al-Anba newspaper, the fund plans to reduce investment in states in the euro region. The decision was taken because of the deterioration of the Greek fiscal crisis and concern about debt problems in Portugal and Spain, the Kuwaiti newspaper said, citing unidentified people familiar with the matter.

KIA has a 5.3 percent stake in Stuttgart-based Daimler AG, making it the second-biggest shareholder after Abu Dhabi-based Aabar Investments PJSC, which owns 9.1 percent. It also holds a 1.8 percent stake in BP Plc.

To contact the reporter on this story: Fiona MacDonald in Kuwait at fmacdonald4@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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