KUWAIT, 13 June 2005 — The Kuwait Investment Authority (KIA) said yesterday it had signed a memorandum of understanding with UBS Global Asset Management to explore opportunities for investments in China. “The MoU will be the basis for detailed discussions focusing on identifying areas where the KIA team can invest in China,” said a statement by KIA, which handles Kuwait’s multi-billion-dollar overseas and domestic investment portfolio. “Any possible investments would be subject to approval by the relevant Chinese entities,” added the statement. The memorandum was signed by KIA’s Managing Director Bader Al-Saad and John A. Fraser, chairman and CEO of UBS.