Kuwait Investment Authority wants to ramp up investments in Europe's largest economy
The Kuwait Investment Authority (KIA), one of the world's largest sovereign wealth funds and a long-term investor in German auto maker Daimler AG, wants to ramp up investments in Europe's largest economy.
Speaking on Thursday at a ceremony in Stuttgart to celebrate the 40-year anniversary of Kuwait's investment in Daimler, His Excellency Anas K Al-Saleh, minister of finance of the State of Kuwait and chairman of the board of the Kuwait Investment Authority, said the KIA would continue to increase its investments in Germany.
Kuwait has invested almost $18 billion in Germany.
The KIA was founded in 1953 and is one of the world's largest institutional investors. It is the largest shareholder in Daimler, owning a 6.8 percent stake.
In November 1974, it paid $329 million for a stake equivalent to 14 percent of the company's equity at the time, from the Quandt Group, who control BMW. The Daimler stake has grown in value to almost $6 billion.
Guenther Oettinger, vice president of the European Commission for Energy, said at the ceremony the partnership between Daimler and the KIA could be a model for other investments, such as in energy.
"The successful strategic partnership ... could ... be an example regarding the future development of the partnership between Kuwait and the EU in terms of energy," Oettinger said. "We are interested to work together regarding a more efficient future of oil drilling and the use of more renewable energy sources."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Wouldn't that be a fine day for the people of Kuwait, if this man pictured with his finger pointed in the air, smiling, was raising his hand in support of investing in local development, like a new airport perhaps, or an overhaul of a shattered and worn down national carrier, or how about a new national museum, zoo, cultural centers, schools, or a new transport system to alleviate the massive grid-lock throughout the country. Need I go on...there is a pattern here and historically speaking, Kuwait invests abroad with great haste, but when it comes to developing their own country, they are hesitant and this is shameful and will only hurt this nation in the long run. Can anyone step forward to save this GCC nation?