Kuwaiti investments abroad reach KD 21 billion
Press sources recently disclosed statistics showing that the total value of Kuwaiti investments abroad amount to more than 21 billion Kuwaiti dinars ($68 billion), according to Al-Ittihad daily.
Returns from these investment amounted to KD 751 million in 2000. However, these statistics proved to be a source of embarrassment for the Kuwaiti government, since many of these investments incurred significant losses.
Kuwaiti investments in the Chrysler portfolio, for example, of which Kuwait controls 15 percent, incurred losses of KD 345 million. In addition, due to the fall of the Euro, overall Kuwaiti investments in Europe have lead to losses totaling KD 210 million.
Despite losses incurred in overseas investments, official statistics reveal that Kuwait’s GDP for the year 2000 reached KD 9.032 billion ($29 billion), reflecting a 17 percent increase compared with the previous year. –(MENA report)
© 2001 Mena Report (www.menareport.com)