KUWAIT CITY, Oct 3: The Kuwait Investment Authority is closely monitoring what the Kuwait Stock Exchange and the Gulf and Arab financial markets are witnessing to seize any attractive opportunities and ensure the ceiling of returns set according to the approved strategy, reports Al-Rai daily.

Regarding whether there is an intention to increase Kuwait’s investments in some Gulf financial markets, such as Saudi Arabia or the United Arab Emirates, the sources stated that this depends on the nature of the opportunities available in each market separately and the influences surrounding it. However, in the near term, “there is no intention to increase the size of investments in the Gulf.”

The sources pointed out that the KIA’s exit from its assets in the Arab region is governed by requirements and standards based on research and discussion with senior partners in every entity or company in which Kuwait invests, whether directly or through agents, in addition to studying the general landscape of each of the region’s economies before taking a particular direction.

The sources noted that this policy is completely different from its approach in dealing with its investments in global markets, which are represented in shares in listed groups, companies and banks that can be exited if the desired goals are achieved.

Regarding the latest developments regarding the recent rumors about the possibility of the Authority selling its share in the Arab African Bank, which is approximately 50 percent, the sources reported that there is currently no intention to exit or increase the stake.

In a related context, the sources confirmed that the KIA executive management is following up on all developments taking place in the regional and global markets in which it owns major portfolios that are managed by specialized bodies, so that it is ready to deal with any developments that occur.

The sources explained that the idea of expanding into a specific foreign market is not currently on the table, especially since the global scene requires a commitment to a policy of caution in seizing opportunities without rushing behind temporary temptations.

Regarding the impact of the stability of oil prices in the recent period, the sources said that the sustainability of this will have a positive impact in the long term, and will be a contributing factor to targeted development plans.