http://www.arabtimesonline.com/kuwaitnews/pagesdetails.asp?nid=18905&ccid=12

Business News
Citi, Raya back Kuwait ambitions

KUWAIT CITY : The decision of Citigroup to invest in Kuwait demonstrates the growing regional and global confidence in the country as it seeks to achieve the ambition of HH the Amir to encourage the growth of Kuwait as a major financial hub, says Sheikh Sabah Nasser Al-Ahmad Al-Sabah, the Chairman of Al Raya Investment Company.  Citigroup and Al Raya have established partnership in Kuwait, with the US financial powerhouse taking a 10 per cent stake in Al Raya.  “This has been an important visit and we are very proud to have hosted Citigroup Chairman Sir Winfried Bischoff and discuss ways to further develop and enhance our business partnership,” he added in a statement issued to the press.  Earlier, Bischoff called on the HH the Amir. Also present on the occasion were Sheikh Nasser and Al-Braikan.

Committed
“Kuwaitis are among the most sophisticated investors in markets around the world and the Kuwait Stock Exchange (KSE) has proved to be one of the most consistent performers in the region, thereby further enhancing the case of Kuwait to become a more significant financial hub.” For his part, the Vice Chairman and CEO of Al-Raya, Hazem Al Braikan observed that the company was committed to helping the vision of HH the Amir to become a reality and in this regard “plans to play a leading role in the economic and financial success of Kuwait in the future.”  “We are especially focused on Islamic financing instruments and are confident that we can tap into the growing awareness of the Islamic finance around the world,” he added. Al Raya is a private firm incorporated under Kuwaiti company law as a Kuwaiti closed shareholding company and registered with the Central Bank of Kuwait as an Islamic Investment Company. The firm was established in April 2008 with a paid-up capital of KD 25 million. Al Raya aims to be the first and most comprehensive Islamic investment company in Kuwait and in the region with a clear focus on international Islamic asset management products and services.

Islamic
The vote of confidence comes following a personal meeting with HH the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Sabah and Citigroup’s global Chairman Sir Winfried Bischoff and Al Raya Investment Company Chairman Sheikh Sabah Nasser Sabah Al-Ahmad Al-Sabah and Vice Chairman and CEO Hazem Al-Braikan. Al Raya Investment Vice Chairman and CEO, Hazem Al-Braikan added: “At Al Raya Investment we are committed to helping the vision of HH the Amir of Kuwait to become a reality and plan to take a leading role in the economic and financial success of our country in the future.” “We are especially focused on Islamic financing instruments and are confident we can tap into the growing awareness of Islamic finance around the world and increasingly tap into the world’s largest asset class of Global Equity.”

Al Raya Investment Company KSCC is a private company incorporated under Kuwaiti company law as a Kuwaiti closed shareholding company and registered with the Central Bank of Kuwait as an Islamic Investment Company. The company was established in April 2008 with a paid-up capital of KD 25 million. Al Raya aims to be the first and most comprehensive Islamic investment company in Kuwait and the GCC region with a clear focus on international Islamic asset management products and services. Citigroup Inc (NYSE:C), operating as Citi, is a major American  financial services company based in New York City, formed from the merger of  Citicorp and  Travelers Group on April 7, 1998. The company employs 358,000 staff around the world, and holds over 200 million customer accounts in more than 100 countries. It is the world’s largest bank by revenues as of 2008. It is a primary dealer in US Treasury securities and its stock has been a component of the Dow Jones Industrial Average since March 17, 1997. 

By Francis A. Clifford Cardozo
Arab Times Staff and Agencies

 

 

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