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Kuwait go-ahead for Citigroup plan
- Kuwait: Sunday, February 03 - 2008 at 10:37
A unit of Citigroup has won approval from Kuwait's Ministry of Commerce and Industry to invest in a new Islamic investment firm. Citigroup Global Markets will invest 2.5m dinars ($9.16m) in Al Raya Investment, according to a decree from the ministry, reported Gulf Daily News. Kuwaiti fund manager KIPCO Asset Management Company (Kamco) said earlier it had finalised selling shares in a private placement in a new Islamic investment firm after raising its capital to 25m dinars from 17m dinars, divided into 250m shares.
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Amena Bakr, Senior ReporterSunday, February 03 - 2008 at 10:37 UAE local time (GMT+4)
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