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Kuwait's KIA says Will Not Save Troubled U.S. Banks - ASHARQ AL-AWSAT English Archive
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KUWAIT, (Reuters) – Kuwait Investment Authority, the Gulf Arab state’s sovereign wealth fund, said on Tuesday it was not responsible for bailing out struggling foreign banks and was eyeing investment opportunities from the U.S. financial crisis.

“We are not responsible for saving foreign banks,” KIA Managing Director Bader al-Saad told Al Arabiya Television.

KIA had made no losses from its investment in Merrill Lynch, which was taken over by Bank of America this month, had lost $270 million in Citigroupand had made up to $600 million from its investment in Visa Inc, he said.

KIA had already pumped more than 100 million dinars ($374.7 million) into the local stock market to shore up declining share prices, he said, adding that KIA’s reposibilities were to the Kuwaiti economy.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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