Kuwait Touristic plans massive capital increase

Kuwait Touristic Enterprises plans to increase its capital by 250 million Kuwaiti dinars ($831.39 million) to reach 300 million, up from 50 million now, CEO Abdelwahab Almarzooq said on Tuesday. ($1 = 0.3007 Kuwaiti dinars)

Kuwait Touristic Enterprises plans to increase its capital by 250 million Kuwaiti dinars ($831.39 million) to reach 300 million, up from 50 million now, CEO Abdelwahab Almarzooq said on Tuesday. The company is a unit of Kuwait Investment Authority, the oil-rich country's sovereign wealth fund.

"Our vision is to bring back the golden age of tourism in Kuwait," Almarzooq told a news conference. ($1 = 0.3007 Kuwaiti dinars)

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