Kuwait lender seeks $600mn for Asia investments

KUWAIT MOVE: Finance House eyes investments in Asia. (Getty Images)

Kuwait Finance House, the Gulf's third-largest lender, said on Tuesday it is aiming to raise $600 million in funds from Middle East investors in 2009 to buy ships, stakes in private firms and properties in Asia.

"Of course raising funds is not going to be easy, but this is the best time because if you have the money, then things are very cheap," said the Islamic bank's Singapore chief executive Lim Boh Soon at the Reuters Wealth Management Summit in Singapore, referring to current market turmoil.

Lim, who previously headed Vietcombank Fund Management, said his office's first $100 million Asia Growth Fund will be launched in the first quarter of 2009, followed by a $300 million property fund, and a $200 million ships fund.

Kuwait Finance House will seed 10 percent of each of the three Asia-focused funds with its own cash, and seek out investments from institutions, private banks, and ultra-rich individuals in the Gulf region, he said.

He added he saw opportunities across the region, noting particularly China and Southeast Asia. (Reuters)

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