CBK opts for India over China as investment destination

Dubai, Dec 9 (UNI) The Commercial Bank of Kuwait (CBK), which is launching an India-dedicated fund tomorrow, has said it opted for India over China because of the country's strong economic stability and growth prospects.

The Tijari India Fund, with a scheduled capital range of Kuwaiti dinar five million to Kuwaiti dinar 100 million, would be launched with the initial subscription remaining open till December 28.

The Fund will see conservative and balanced strategy of investment in the Indian offshore funds targeting the entire spectrum of Indian equity markets -- large, mid and small companies.

CBK Chairman and Managing Director (CMD) Abdulmajeed Alshatti said the good and long-term relations between India and Kuwait were a major factor to prefer India over China as an immediate investment destination.

''Initially, we thought of starting a China-India Fund. But India was given priority because venturing into India was easier as there is better scope for communication and the regulatory system in India is more tangible,'' he said.

The minimum subscription will be 500 units (plus subscription fee of 1 per cent) with redemption taking place on the second and fourth Wednesday of every month after the lock-in period of three months from the initial close on Decemeber 28, 2006.

All persons residing in Kuwait, in order to benefit from this investment opportunity, can subscribe to the Fund through any of Commercial Bank's branches in the country, a company official said.

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