Qtel is set to control more than 90% of Kuwait's Wataniya after the Gulf country's sovereign wealth fund tendered its entire stake in the unit, Reuters has reported, citing two sources familiar with the situation. Qtel, which operates in 16 countries across the Middle East, Africa and Asia, offered $2.2bn in August for the 47.5% of Wataniya it does not already own. Kuwait Investment Authority (KIA), one of the world's largest sovereign wealth funds with about $300bn in assets, is currently the second biggest shareholder in Wataniya, with a stake of 23.5%. "The KIA has decided to tender its full stake. Qtel will own more than 90% of Wataniya after the offer and the shares will continue to be listed on the Kuwait bourse," a source said.