The Kuwait Investment Authority (KIA), one of the world’s largest sovereign wealth funds and a long-term investor in German auto maker Daimler AG, wants to ramp up investments in Europe’s largest economy.
Speaking on Thursday at a ceremony in Stuttgart to celebrate the 40-year anniversary of Kuwait’s investment in Daimler, His Excellency Anas K Al-Saleh, minister of finance of the State of Kuwait and chairman of the board of the Kuwait Investment Authority, said the KIA would continue to increase its investments in Germany.
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Kuwait has invested almost $18 billion in Germany.
The KIA was founded in 1953 and is one of the world’s largest institutional investors. It is the largest shareholder in Daimler, owning a 6.8 percent stake.
In November 1974, it paid $329 million for a stake equivalent to 14 percent of the company’s equity at the time, from the Quandt Group, who control BMW. The Daimler stake has grown in value to almost $6 billion.
Guenther Oettinger, vice president of the European Commission for Energy, said at the ceremony the partnership between Daimler and the KIA could be a model for other investments, such as in energy.
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