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Selling Kuwait assets in USA, Portugal
Kuwait-International, Business, 8/6/1999
The Kuwait International Investment Company has decided to sell its assets in the USA and Portugal, valued at $60 million.
The chairman of board of directors for the Kuwait International Investment Company, Gassem Hamed El-Bahr, told Kuwaiti reporters that the company has succeeded in modifying its strategy to fulfill its commitments by replacing the short-term investments with long-term investments.
Kuwait International Investment Company is the governmental company responsible for all Kuwaiti investments in Europe, the USA and Japan.
The company has been affected by a financial crisis for three years, which pushed Kuwaiti Emir Sheikh Jabir al-Ahmad al-Jabir al-Sabah to appoint a new board of directors under the chairmanship of El-Bahr to carry out a new plan to save the company from bankruptcy.
Previous Stories:
Kuwaiti Nation's Council approves 1999 budget
(8/4/1999)
Kuwaiti petroleum minister: OPEC should abide by reductions in petroleum production
(7/29/1999)
Bosnia, Kuwaiti development fund reach accord financing projects
(6/12/1999)
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