Kuwait is open to any investment opportunities in Europe if they are compatible with risk controls, the country's Finance Minister Mustapha Al-Shamali was quoted as saying by the state news agency KUNA Monday. Kuwait's sovereign wealth fund, Kuwait Investment Authority (KIA), manages assets in excess of $290 billion. It owns stakes in Citigroup, Daimler AG and Agricultural Bank of China, among other companies. Shamali said KIA's long-term investment strategy meant it could withstand large market fluctuations caused by the euro zone debt crisis. "As a long-term international investor, the authority seeks to invest in growing economies across the world, including advanced economies," he said. Asked whether Kuwait would consider buying euro zone government bonds, including Italian bonds, Shamali told KUNA in Beijing: "We are open to any investment opportunities in all parts of Europe, as long as these investments are compatible with risk controls and they fall within our investment criteria." Italy will test investor nerves with bond issues later this week after its credit rating was downgraded last week by Moody's and Fitch. The markets have been speculating that cash-rich Gulf oil exporters such as Qatar might inject money into European banks exposed to cash-strapped governments such as Greece.
