Kuwait intends use its oil revenue to invest more in developing economies and emerging markets such as China and Turkey, rather than traditional markets including the United States and Europe.The Kuwait Investment Authority, a government agency that invests surplus revenue, is currently negotiating with China, to buy a 10 percent stake in Industrial & Commercial Bank of China. The stake will cost around $2 billion and Kuwait will buy up to 50 percent of the holdings.
The Shanghai Daily, reports that Kuwait, along with Saudi Arabia and the four other oil producing states in the Persian Gulf, "are increasingly looking to Asia for investment opportunities to secure higher returns and consolidate relationships with their biggest crude oil customers."
