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Tue 19 Feb 2008 01:01 PM

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Kuwait fund hungry for European, US investments

Kuwait Investment Authority looks to deploy cash in financial and real estate sectors.

Sovereign wealth fund Kuwait Investment Authority said it may be interested in investing in US and European financial services and real estate firms now the subprime mortgage crisis has cut asset prices.

"We're interested in financial and real estate," KIA Managing Director Bader Al-Saad told newswire Reuters on the sidelines of a seminar in Kuwait on Tuesday.

"In Europe, there are a lot of opportunities with the prices falling down," Saad said. "In the US, prices are falling and the market has penalised some of the sectors which were involved heavily in the sub prime."

The KIA was among investors that agreed last month to buy into in Merrill Lynch and Citigroup. It said it would invest $3 billion in Citigroup and $2 billion in Merrill Lynch.

"At one point, we were looking into Societe Generale but the rights issue is for existing shareholders," Saad said. "We are happy with Daimler .... at the moment, there is no intention to increase or decrease." (Reuters)

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