KUWAIT (Reuters) - Kuwait Investment Authority (KIA), one of the world’s biggest sovereign wealth funds, aims to diversify its portfolio and is looking to increase investments in emerging markets such as China, India and Brazil, the group CEO said on Wednesday.
“Kuwait...is diversifying its investments and is moving to increase its investments in emerging markets. This does not mean abandoning developed markets, but there could be a reduction in some investments in them,” Farouk Bastaki told Reuters.
He said markets such as China, India and Brazil were attractive because economic growth in these countries was outpacing that of the global economy.
KIA is the fourth-biggest sovereign wealth fund in the world, managing $524 billion, according to the Sovereign Wealth Fund Institute.
Apart from stakes in major Kuwaiti companies, KIA also owns a 6.8 percent stake in Daimler AG (DAIGn.DE) and other international companies.
Writing by Ghaida Ghantous; Editing by Saeed Azhar