KIPCO''s North Africa Holdings to develop regional investments


Date : 15/11/2006

KUN0054 4 GEN 0291 FRANCE /AFP -HOQ3 ECO-TUNISIA-KUWAIT-KIPCO KIPCO's North Africa Holdings to develop regional investments By Nasser Mutair TUNIS, Nov 15 (KUNA) -- North Africa Holdings (NAH), established by Kuwait Projects Company (KIPCO), aims to develop investments in the North African region and create a true economic partnership with Kuwait based on mutual interests, said NAH Chairman Abdullah Al-Bisharah on Wednesday. Speaking to Kuwait News Agency (KUNA) at the conclusion of his visit to Tunis as part of a KIPCO delegation, he said the new company would operate with a capital of close to USD 200 million that could be raised based on investment opportunities in the region. He went on to say that investment activities would include banking and banking services, telecommunications, multimedia, media, industry, and real estate. The establishment of NAH came out of belief that Kuwait bore a responsibility in achieving Arab understanding and cooperation and in utilizing economic capabilities for Arab development. Al-Bisharah said Tunisia was likely to become a regional center for KIPCO's operations in North Africa, saying that the company was always on keen on investment opportunities of economic feasibility. KIPCO Asset Management Company (KAMCO) launched NAH in October with a KD 50 million capital to exploit investment opportunities in North Africa. The KIPCO Group is one of the biggest diversified holding companies in the Middle East and North Africa, with assets worth more than USD 18 billion under management or control. It has substantial ownership interests in a portfolio of 54 companies operating across 17 countries and its main business sectors are financial services and media and telecommunications. (end) nm.ff.ema KUNA 151415 Nov 06NNNN