Selling Kuwait assets in USA, Portugal

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.