Kuwait's vision to become financial hub receives backing from Kuwait-based AlRaya Investment

The vote of confidence comes following a personal meeting with HH The Emir of Kuwait Sheikh Sabah Al-Ahmad Al Sabah and Citigroup's global Chairman Sir Winfried Bischoff and AlRaya Investment Company Chairman Sheikh Sabah Nasser Sabah Al Ahmad Al Sabah and Vice Chairman and CEO Mr. Hazem Al-Braikan.

Citigroup and AlRaya have established a business partnership in Kuwait, with the US financial powerhouse taking a 10% stake in AlRaya Investment Company.

AlRaya Investment Chairman Sheikh Sabah Nasser Sabah Al Ahmad Al Sabah said

"This has been an important visit and we are very proud to have hosted Citigroup Chairman Sir Winfried Bischoff and discuss ways to further develop and enhance our business partnership.

"The decision by Citigroup to invest in Kuwait demonstrates the growing regional and global confidence in Kuwait as it seeks to achieve the ambition of HH The Emir Sheik Sabah Al-Ahmad Al Sabah to encourage the growth of Kuwait as major financial hub in the GCC and at a regional and international level."

Kuwaitis are among the most sophisticated international investors in markets around the world and the Kuwait Stock Exchange has proved to be one of the most consistent performers in the region - further enhancing the case for Kuwait to become a more significant financial hub.

AlRaya Investment Vice Chairman and CEO, Mr. Hazem Al-Braikan added: "At AlRaya Investment we are committed to helping the vision of HH The Emir of Kuwait to become a reality and plan to take a leading role in the economic and financial success of our country in the future.

"We are especially focused on Islamic financing instruments and are confident we can tap into the growing awareness of Islamic finance around the world and increasingly tap into the world's largest asset class of Global Equity."