31.10.2014 - Kuwait fiscal reserves at 548 bln: report
After first deducting 10 percent of revenues for its sovereign wealth fund that percentage was increased to 25 percent in the last two fiscal years. The tiny emirate has a native population of 1.25 million and is also home to about 2.8 million foreigners. The Kuwait Investment Authority (KIA) has decided to resume selling stakes in major local companies to the public planning to offer its stake in Kuwait Investment Co in the first half of 2015 state news agency KUNA reported last week. The KIA one of the world's largest sovereign funds with assets estimated at over 400 billion began offering stakes in listed Kuwaiti firms to the public in the 1990s as part of efforts to transfer more of the country's corporate wealth into private hands. But the programme has been interrupted by bouts of stock market weakness including a 2009-2012 slump in the wake of the global financial crisis...............................................Full Article: Source
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