Kuwait’s KIA invested $750 mln in US firm BlackRock -TV

KUWAIT, Jan 31 (BestGrowthStock) – Kuwait Investment Authority (KIA)
invested about $750 million in U.S. asset manager BlackRock last
year, KIA’s managing director told Al Arabiya TV.
“Now we have made about 40 percent of profit (from
BlackRock’s capital hike, since May 2009),” Bader al-Saad said
in an interview aired on Sunday.

Saad also said that he still expected KIA to make a profit
on its $2 billion investment in Bank of America (BAC.N: ), despite
a current loss of between 30-40 percent on the investment.

KIA manages state assets in the world’s fourth-biggest oil
exporter.

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(Reporting by Eman Goma; Editing by Amran Abocar)

Kuwait’s KIA invested $750 mln in US firm BlackRock -TV