Middle East Economic Survey
KIA Sells Shares In Citigroup
The Kuwait Investment Authority (KIA), Kuwaits sovereign wealth fund (SWF), has sold its shares in US bank Citigroup, it announced on 6 December. The independently-run SWF made a reported profit of $1.1bn after selling all of its normal stocks for $4.1bn, producing an annualized return of 37%. The news came after KIA said in September that it would keep its stakes in Citigroup and Merrill Lynch,...