Kuwait Plans $100 Billion Sovereign Fund, Al-Anba Reports - Bloomberg Business

Kuwait Plans $100 Billion Sovereign Fund, Al-Anba Reports - Bloomberg Business:

"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.
A slump in oil is prompting energy producers across the Middle East to consider savings and project delays as they grapple with crude’s descent to near a 12 year low. Saudi Arabia’s net foreign assets dropped to $640 billion in October, the lowest level in three years, while Kuwaiti Finance Minister Anas Al-Saleh has raised the prospect of introducing income, corporate and sales taxes to compensate for lost oil revenue."



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