Kuwait Sovereign Wealth Fund Investments In US Hit $300 billion
KUWAIT, 4th September, 2017 — Kuwait’s Sovereign Wealth Fund investments in the US are roughly estimated at over US$ 300 billion, and are diversified between stocks, bonds -primarily US treasuries- real estate and technology, according to the Kuwait News Agency, KUNA.
In a report marking the current visit paid by His Highness the Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah of Kuwait, to the US, the US Embassy in Kuwait provided KUNA with business figures reflecting the growing cooperation between the two countries.
According to the statistics, the US companies are well represented in several sectors in Kuwait, including oil and gas, defence and automotive areas.
American firms support Kuwait’s power stations and refineries, design, local business offices and work with the country on its infrastructure requirements , among other aspects.
The US medical equipment is abundant throughout Kuwait’s hospitals and clinics. Thanks to a law allowing foreign companies that meet certain requirements to be treated as Kuwaiti entities, three US firms have taken advantage of this benefit, with others considering it.
Kuwait’s exports to the US are primarily petroleum products. MEGlobal, a wholly -owned subsidiary of EQUATE Petrochemical Company, is currently building a new, world-scale monoethylene glycol manufacturing facility in Houston, Texas, USA.
Kuwait has investments in the Hudson Yards Project, the largest privately-funded real estate development project in N. America.
There are also investments in tech start-up and enterprise investment, nurturing US technology, and small, but rapidly growing, companies.
[Source: KUNA/Emirates Government News Agency/WAM/Hatem Mohamed -/- Media Relations]
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