Kuwait investors to set up 130 million US dollar firm

A group of Kuwaiti banks and other investors are setting up a firm with capital of 130 million US dollars to target investments in gulf utilities and the downstream oil sector, a founder said today. A private placement has raised capital of 40 million dinars (130 million US dollars) for the Bubiyan investment company, registered in Kuwait, said Faisal Ali al Mutawa, a founding shareholder. The central bank approved the plan and final documentation is being competed ahead of the first general assembly "within weeks," said Mutawa, managing director of a top local trading firm.

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