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Mon 12 Apr 2010 07:30 AM

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Kuwaiti Islamic bank eyes green energy move

Kuwait Finance House denies move will hurt oil dependant national economy.

Kuwaiti Islamic bank eyes green energy move
ALTERNATIVE ENERGY: Kuwait Finance House is looking to invest in green energy. (Getty Images)

Kuwait Finance House plans to invest in the alternative energy sector, an executive of the Islamic bank has said, adding that the move would not negatively affect Kuwait's oil dependant national income.

Abdul Nasser Al-Subeih, the acting assistant general manager for investment sector of the KFH (Baitak), said the bank was studying projects with a view to invest in the industry.

In comments published by KUNA News Agency, Al-Subeih denied that taking such an approach would contradict with the nature of Kuwait and the other Gulf states as oil producing countries.

Al-Subeih said that such an approach would not negatively affect Kuwait's national income, adding that such new sources for energy would not substitute fossil fuels, oil, gas and coal.

Last month, former British Prime Minister Tony Blair said Kuwait needed to change if it was to fulfil its potential and avoid an "uncertain future".

He said the GUlf state needs to make a fundamental decision about its future to ultimately be a regional powerhouse of the future.

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