Kuwait fund eyes $1 bln firm to buy Egyptian stocks-paper

Reuters, Thursday 7 Apr 2011

Kuwait sovereign fund has decided in a meeting in Cairo to set up a one billion capital company to invest in Egypt's Bourse

Kuwait Investment Authority (KIA), the Gulf state's sovereign fund, will set up a company with $1 billion capital to invest in Egypt's stock market, a local newspaper said citing the head of the chamber of commerce.

"The head of the Kuwaiti delegation visiting Cairo revealed a decision by Kuwait Investment Authority to establish a company with a capital of $1 billion to invest in the Egyptian stock market," Kuwaiti daily al-Rai cited Ali al-Ghanim as saying.

"We affirm of Kuwait's positive position towards Egypt, and we are confident about investing in Egypt," he said.

Egypt's benchmark index .EGX30 plunged for two days when the stock exchange reopened on March 23 after a suspension of almost eight weeks, due to the political turmoil, but rebounded by more than 10 percent the following week.

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