The Kuwait Investment Authority (KIA) announced the opening of its representative office in Beijing, China on Monday October 10th 2011. HE Mustafa Al-Shamali, Minister of Finance of Kuwait and Chairman of the Board of KIA officiated at the opening ceremony, which was attended by Mr. Bader Al-Sa’ad, Managing Director of KIA, and members of the Executive Committee of the Board of Directors.

A dinner hosted by KIA to celebrate the opening of the office was attended by senior Chinese officials in the financial and economic sectors as well as by investment executives from all over the world.

In his speech, Mr. Mustafa Al-Shamali said that this representative office in Beijing is the first office to be opened since the Kuwait Investment Office (KIO) was established in 1953. He added that choosing the capital city of the People’s Republic of China as the location for this office was due to the strong bilateral relationship between China and Kuwait and the fact that China is experiencing an economic boom, which enabled it to enjoy a highly favourable investment environment.

Mr. Al-Shamali also noted that the opening of this office is an affirmation of the strong economic relationship between the Kuwait and China spanning nearly 50 years. The Minister also took the opportunity to invite major Chinese companies to participate in Kuwait’s new development plan.

In his speech, Mr. Bader M. Al Sa’ad said that selecting China as the destination for KIA’s office was a logical decision because of what China offers in terms of an encouraging economic foundation. He also added that this office will be a gateway to expanding KIA’s investment throughout Asia.