Kuwait's sovereign wealth fund is considering investing in Syria, according to a report, as Gulf Arab states seek new investment targets for their windfall gains from oil sales.
Officials at the Kuwait Investment Authority (KIA) are holding talks in Syria to discuss "prospects for joint investment cooperation", the state-run Kuwait News Agency said, citing Khaled al-Hassoun, a member of KIA's delegation.
The report comes after a state visit to the Arab Gulf by Syrian President Bashar al-Assad, and demonstrates how sovereign funds, brimming with cash as oil prices soar, are diversifying their holdings.
Ties between Syria, where the state-dominated economy is opening more to foreign investment, and the US-backed Kuwaiti government are good, although Syria has been under US sanctions since its backing of what Washington sees as "terrorist groups" in the Middle East. KIA had at least $213 billion of assets under management as of March 31 last year.
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