Kuwait body eyes U.S. financial, property sectors

DAVOS, Switzerland (Reuters) - Kuwait’s investment authority sees the current credit crisis as an investment opportunity and is eyeing the U.S. financial and real estate sectors, the body’s managing director said on Thursday.

“This is a pure investment opportunity,” Bader Al Sa’ad told reporters on the sidelines of the World Economic Forum in Davos.

Asked what areas the Kuwait Investment Authority was interested in, he replied: “In the financial sector and real estate sector.”

He said the investment authority had not diversified out of the United States because “this opportunity doesn’t come every day”.

He added the authority had not been invited to take part in a private-sector rescue for British mortgage lender Northern Rock NRK.L, which has been forced to seek help after being hit by the global credit crunch.

On Monday, Britain set a two-week deadline for a private-sector rescue of Northern Rock that would allow the bank’s 25 billion pound emergency funding to be converted to government-guaranteed bonds to help smooth the deal.

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