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)
