A $30 million Kuwaiti-Syrian holding firm established
Kuwait’s National Investment Company recently announced the creation of a new Kuwaiti-Syrian holding firm with a capital of $30 million. The joint company will invest in the banking, insurance, tourism, industrial and agricultural sectors, reported KUNA.
According to company owner, Asaad Ahmad Al-Banwan, some 25 percent of the holding firm’s capital has already been paid out. The National Investment Company increased its portfolio management from 163.5 million Kuwaiti dinars ($533 million) to KD 22.4 million in 2001 and will distribute seven percent dividends of the nominal value of its shares to stake owners.
In August 2001, Syria and Kuwait signed three cooperation agreements on administration, agriculture and investment at the end of a joint ministerial meeting. Kuwait's economic development fund has lent Syria money in the past for projects, notably in the textile sector. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
- Kuwaiti tourism project to be established in Syria
- Invest AD from Abu Dhabi and SBI Holdings setting up partnership and $100 million Africa fund
- $1.26 million banks’ insurance firm to be established
- Syrian agriculture bank embezzled out of $3.16 million
- Emirates Islamic Bank leads US$30.5 million syndicated financing agreement for Iranian steel firm