Kuwait Investment Authority (KIA), the country's sovereign wealth fund, said it will launch a real estate portfolio worth 1 billion dinars ($3.6 billion) to invest in the local market.
"The real estate portfolio aims to achieve good returns on mid-term and long-term, and will benefit from the steep plunge in real estate," KIA said in a statement on Wednesday on the state news agency KUNA.
Kuwait Finance House, the country's biggest Islamic lender, will initially manage the portfolio KIA said, adding that the portfolio would not invest in residential properties.
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