KCIC to open first China office in 2010

The Kuwait-China Investment Company, part-owned by the Kuwait Investment Authority, is planning to use an office in Shanghai from which to launch private equity vehicles. The firm invests in sectors including infrastructure and real estate.

The Kuwait-China Investment Company (KCIC), an investment firm targeting Infrastructure, real estate, agriculture and energy, plans to open its first China office as it seeks to provide a platform to establish private equity vehicles to invest in the country.

The company, which was set up in 2005 with KD 80 million ($280 million; €187 million) of working capital and is poised to be listed on the Kuwait Stock Exchange, said it plans to have the office operational during 2010, according to multiple reports.

A report by Emirates Business, which was posted on the firm’s website, said the office would be located in Shanghai.

Another report by the Kuwaiti news agency Kuna, quoted KCIC managing director Ahmad Al Hamad as saying: “This is a natural move for us and will provide us with a local platform to further our business and investment objectives in China while building closer linkages to the business and government circles of China.”

The firm, which currently manages more than $450 million of capital on behalf of investors including sovereign wealth fund Kuwait Investment Authority, Middle Eastern investment bank National Investment Authority and Middle Eastern conglomerate Al Ghanim Industries, currently operates various direct investment vehicles and funds of funds.