Pakistan says preemptive strikes thwarted planned militant attacks from Afghanistan    Egypt courts Indian green energy investment in talks with Ocior Energy    Egypt raises fuel prices, imposes one-year freeze amid cost pressures    Egypt, India hold first strategic dialogue to deepen ties    Egypt: Guardian of Heritage, Waiting for the World's Conscience    Egypt, Qatar sign MoU to boost cooperation in healthcare, food safety    EGX ends week mostly higher on Oct. 16    Egyptian Amateur Open golf tournament relaunches after 15-year hiatus    Egypt, UK, Palestine explore financing options for Gaza reconstruction ahead of Cairo conference    Egypt will never relinquish historical Nile water rights, PM says    Egypt explores cooperation with Chinese firms to advance robotic surgery    Fragile Gaza ceasefire tested as humanitarian crisis deepens    Avrio Gold to launch new jewellery, bullion factory in early 2026    AUC makes history as 1st global host of IMMAA 2025    CBE, China's National Financial Regulatory sign MoU to strengthen joint cooperation    Al Ismaelia launches award-winning 'TamaraHaus' in Downtown Cairo revival    Al-Sisi, Burhan discuss efforts to end Sudan war, address Nile Dam dispute in Cairo talks    Egypt's Cabinet hails Sharm El-Sheikh peace summit as turning point for Middle East peace    Gaza's fragile ceasefire tested as aid, reconstruction struggle to gain ground    Egypt's human rights committee reviews national strategy, UNHRC membership bid    Egypt's Sisi warns against unilateral Nile actions, calls for global water cooperation    Egypt unearths one of largest New Kingdom Fortresses in North Sinai    Egypt unearths New Kingdom military fortress on Horus's Way in Sinai    Egypt Writes Calm Anew: How Cairo Engineered the Ceasefire in Gaza    Egypt's acting environment minister heads to Abu Dhabi for IUCN Global Nature Summit    Egyptian Open Amateur Golf Championship 2025 to see record participation    Cairo's Al-Fustat Hills Park nears completion as Middle East's largest green hub – PM    El-Sisi boosts teachers' pay, pushes for AI, digital learning overhaul in Egypt's schools    Syria releases preliminary results of first post-Assad parliament vote    Karnak's hidden origins: Study reveals Egypt's great temple rose from ancient Nile island    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Egypt reviews Nile water inflows as minister warns of impact of encroachments on Rosetta Branch    Egypt aims to reclaim global golf standing with new major tournaments: Omar Hisham    Egypt to host men's, juniors' and ladies' open golf championships in October    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Kuwait mulls investment in Europe
Published in The Egyptian Gazette on 23 - 10 - 2011

ABU DHABI — Kuwait is considering buying assets in Europe after prices fell in response to the region's debt crisis, but it has not made specific decisions, the country's finance minister told Reuters.
“We haven't defined any sector investing in Europe, but all sectors are open for us to go through. The sectors that we get some benefit out of, yes we'll go for it.”
“All that is now presented to us, we have to think it over, study it well, and then decide,” Finance Minister Mustapha Al Shamali said in an interview before a meeting of Gulf Arab finance ministers and central bank governors in Abu Dhabi on Saturday.
He said Kuwait was aware of potential investments in “a lot of things, different sectors” across a wide range of countries in Europe, but did not elaborate.
Kuwait, the world's No. 6 crude oil exporter, is one of the richest countries globally with its sovereign wealth fund, Kuwait Investment Authority, managing over $290 billion of assets. It has stakes in Citigroup, Daimler AG and Agricultural Bank of China among others.
The European crisis “will have an impact but it is not that much for us. We are just waiting for the Europeans, what they are to do with their economy,” Shamali said.
But the minister said Kuwait expected to increase government spending moderately in the next fiscal year that will start on April 1. Officials are now beginning to study next year's budget.
“It will be increased, especially.... where the capital expenditure will be more,” he said, referring to infrastructure and development projects.
In the current fiscal year, the budget was based on a global oil price of $60 per barrel and the breakeven oil price — the price at which Kuwait posts a budget surplus — is over $85, Shamali said. Brent crude oil is currently around $110.
Next year's budget oil price hasn't been decided yet “but it will be increased from the previous year”, he said. On next year's breakeven price, “We hope it will be the same but we don't know. We have to study it.”
Last month, Shamali said Kuwait had no plans to boost budget spending in the next fiscal year. Since 2004, Kuwait's budget spending has tripled to a record 19.4 billion dinars ($71 billion) planned for the current fiscal year.
Asked if the government was considering whether to issue bonds, Shamali said it was not, and that an issue next year was unlikely. The only reason that an issue might occur would be to stabilise the money market through the central bank, he said.


Clic here to read the story from its source.