FRANKFURT, Sept 18 (Reuters) - 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.
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.
“The successful strategic partnership ... could ... be an example regarding the future development of the partnership between Kuwait and the EU in terms of energy,” Oettinger said. “We are interested to work together regarding a more efficient future of oil drilling and the use of more renewable energy sources.” (Reporting by Edward Taylor; Editing by David Holmes)