Kuwait Investment Co., or KIC, a unit of Kuwait Investment Authority, plans to invest in the Caspian Energy Hub project on the Caspian Sea that will have a total cost of $375 million, Kuwait-based Al Watan daily reports Monday.
KIC will have a stake of 20% in this project--the latest of the energy cities projects launched by Kuwait Finance House, the paper reports citing Bader Al Subaiee, KIC's chairman and managing director.
KIC plans to exit some investments in 2009 and expects to realize substantial profits on these divestments and it has delayed an expansion in the Saudi real estate sector due to the current circumstances there, he said according to Al Watan.
Kuwait-based Al Seyassah daily cites Monday Subaiee as saying that KIC is carrying out a study for a project in Morocco and the study is expected to be completed in 2009.
KIC has reached an advanced stage in a project in Egypt that is likely to be completed soon, he added according to Al Seyassah.