Kuwaiti Investment Authority nets $3 billion

The Managing Director of the Kuwaiti Investment Authority, Rashid Badr, stated that the authority took in $2.97 billion as a result of selling government shares in 24 public establishments within the privatization program.

He stated that the Authority is preparing to privatize another ten establishments in the upcoming period which are worth $3.3 billion.

Those ten companies include the Kuwait Middle East Bank, the Commercial Bank, and the Kuwaiti Investment Company, the Refrigeration and Land Services Company, Kuwaiti Cement Company, the Mineral Pipelines, the United Poultry Company, Kuwaiti Hotels Company, and Eva Company.

Badr said that the authority decided to postpone the sale of three companies due to their monopoly: the Kuwaiti Finance Company, the Cellular Phone Company, and the Cattle Trade Company. As there are no other companies competing in the same fields, and it is not wise to leave the markets of those companies in the control of the private sector.