Finance Minister Expresses Confidence In Uk Investments

Kuwaiti Finance Minister Anas al-Saleh said on Monday that the Gulf Arab kingdom's investments in Britain were "high-quality and long-term", state news agency KUNA reported.

His message was delivered to a cabinet meeting which discussed the impact on Kuwait of the British vote on Thursday to leave the European Union which has rattled markets and pushed the value of the British pound to a 31-year low.

"Kuwaiti investments in Britain are considered tangible assets in real estate, infrastructure and government stocks and bonds. They are high-quality and long-term investments," Saleh was quoted as saying.

"Direct effects can not be excluded during the current period represented in the pound sterling, the euro and interest rates pricing," he said, adding that Kuwait's central bank was ready to ensure financial stability.

The Kuwait Investment Authority (KIA), has $592 billion in assets under management, according to the Sovereign Wealth Fund Institute (SWFI), and is also a major investor though its London-based Kuwait Investment Office.

In 2013 it said the fund had more than doubled its investment in Britain over the previous 10 years to more than $24 billion.

Kuwait owns London landmarks such as the More One riverside development which houses the headquarters of the mayor, as well as buildings in Canary Wharf. It has focused on infrastructure investments through its Wren House Infrastructure Management arm, set up in 2013.

 

SOURCE : ARABIANBUSINESS

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