Kuwait: Need to rationalize spending, stop financial waste

Kuwait: Need to rationalize spending, stop financial waste

KUWAIT CITY: No one disputes the number of changes that have occurred since the establishment of the Kuwait Investment Office in London in the early 1950s given all aspects of life, including the development of modern methods of investment and the huge technological development that accompanied investment systems, so today it is possible for investors to manage huge portfolios and various investment strategies in various investment assets through a small handheld device, and have access to all the details of their investments with one touch of a button, reports Al- Qabas daily.

In this respect, former Director of the Global Equities Department at the Kuwait Investment Authority Uday Ibrahim said within the draft government action program, which includes a number of steps to ensure the financial sustainability of the state, there is talk of the need to rationalize spending and stop financial waste.

In this context, he said, it is necessary to shed light on the idea of continuing to maintain the Kuwaiti Investment Office in London, but is there still any investment feasibility in continuing to bear the financial cost of this investment body? Are the justifications on the basis of which the decision to establish this office nearly seventy years