Kuwait Plans $100 Billion Sovereign Fund, Al-Anba Reports
- New fund to include stakes in local companies, utilities
- Kuwait's larger fund to focus on international portfolio
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Kuwait plans a new state-owned fund to manage as much as $100 billion in local assets with the goal of selling them to private investors in five to seven years, Al-Anba newspaper reported.
The new sovereign wealth fund will include local assets managed by Kuwait Investment Authority, which has been burdened by its domestic mandate and will focus more on its international portfolio, Al-Anba reported, citing unidentified officials. Stakes in local companies, as well as power and water projects, will be included in the new fund, it said.