KIPCO to Form $100 Million Firm

KUWAIT, 19 October 2005 — Middle Eastern holding company Kuwait Projects Co. (KIPCO) plans to establish a $100-million firm in Tunis to handle all its investments in North Africa, an official said in remarks published on Monday. Mohammad Al-Faquih, deputy president of KIPCO offshoot Tunis International Bank (TIB), told Kuwaiti state news agency KUNA the new company would be launched by end of the year. With assets of $10 billion under management, KIPCO has a portfolio of some 70 companies in financial services, media and telecommunications, real estate and industry throughout the Middle East and North Africa.