KIA withdraws $3.7bn funds

The Kuwait Investment Authority (KIA), which manages the Gulf state's assets, has withdrawn about 1 billion dinars ($3.66 billion) from abroad as it invests more at home.

Daily Al Qabas said KIA was moving part of its funds back home as it is setting up a government portfolio to invest in the local bourse which has been hit by the global financial crisis. Kuwait's government asked KIA last week to set up a fund to buy into the bourse as part of measures to restore confidence.

KIA officials could not immediately be reached for comment.

Last week, Finance Minister Mustapha Al Shamali said he will ask state bodies to return part of their overseas deposits to invest in the local stock market through the fund.

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