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Tue 2 Dec 2008 01:17 PM

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Kuwait 'approves $7.2bn fund to boost bourse'

Gov't portfolio to invest in stock market approved by cabinet, according to reports.

Kuwait approved a $7.26 billion fund to invest in the local bourse, which has been hit by the global financial crisis, several newspapers said on Tuesday.

Kuwaiti papers al-Watan, al-Seyassah, al-Rai, al-Jarida, and al-Anbaa said in unsourced reports the cabinet approved on Monday a 2 billion dinar government portfolio to invest in the stock market.

Last month the cabinet asked its investment arm the Kuwait Investment Authority (KIA) to set up a fund to invest in the bourse to shore up confidence.

Kuwait did not officially reveal the size of the fund, but some local newspapers said it would be in billions of dinars.

The KIA is a major shareholder in many Kuwaiti companies including heavyweight Mobile Telecommunications Co. (Reuters)

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