Kuwait loses USD 31 billion of investments abroad

The Kuwait Investment Authority (KIA), a sovereign fund of 300 billion dollars, estimated at 31 billion dollars in losses because of the global financial crisis, said Tuesday a member of the opposition citing the head of the KIA.

•     "We were told that the losses in our investments abroad amounted to 9 billion dinars, or 31 billion US dollars, told journalists the Islamist MP Walid El Tabtabi after a closed meeting where the head of KIA, Bader El Saad, presented a report on the activities of the fund.
  
      He added that these losses were caused by the falling of stock values in the wake of the global financial crisis.
  
      The parliamentary session was devoted to an examination of the financial situation of the oil-rich Gulf emirate.