Identifier
Created
Classification
Origin
08KUWAIT1074
2008-10-22 14:05:00
CONFIDENTIAL
Embassy Kuwait
Cable title:
KUWAIT REQUESTS INCLUSION IN GLOBAL FINANCIAL
how-toVZCZCXYZ0000 PP RUEHWEB DE RUEHKU #1074 2961405 ZNY CCCCC ZZH P 221405Z OCT 08 FM AMEMBASSY KUWAIT TO RUEHC/SECSTATE WASHDC PRIORITY 2241 INFO RUEATRS/DEPT OF TREASURY WASHDC PRIORITY
C O N F I D E N T I A L KUWAIT 001074
SIPDIS
DEPARTMENT FOR S, D, E, NEA, EEB
TREASURY FOR DEPUTY SECRETARY KIMMITT
E.O. 12958: DECL: 10/22/2018
TAGS: EFIN PREL ECON EINV KW
SUBJECT: KUWAIT REQUESTS INCLUSION IN GLOBAL FINANCIAL
SUMMIT
Classified By: Ambassador Deborah K. Jones for reasons 1.4 (b & d).
C O N F I D E N T I A L KUWAIT 001074
SIPDIS
DEPARTMENT FOR S, D, E, NEA, EEB
TREASURY FOR DEPUTY SECRETARY KIMMITT
E.O. 12958: DECL: 10/22/2018
TAGS: EFIN PREL ECON EINV KW
SUBJECT: KUWAIT REQUESTS INCLUSION IN GLOBAL FINANCIAL
SUMMIT
Classified By: Ambassador Deborah K. Jones for reasons 1.4 (b & d).
1. (C) On October 22, Sheikh Dr. Ahmed Nasser Al-Sabah, son
of the PM and Office Director to the Foreign Minister called
the Ambassador to convey Kuwait's strong desire to be
included in the global financial summit announced by the
President on October 18th. He noted that Kuwait's
substantial investment in the U.S. and in global financial
markets and strong support for the President's initiatives
merit its inclusion in any summit deliberations. He asked
for information on the level of participation in the summit.
2. (C) Comment: Kuwait has a strong political and financial
relationship with the United States. In addition to the $1.4
billion it provides in annual support to the U.S. military,
public and private Kuwaitis are active investors in the
United States. According to Kuwait Investment Authority
(KIA) officials, KIA maintains the bulk of its $215 billion
Fund for Future Generations and some portion of its General
Reserve Fund in the U.S. Kuwaiti officials have publicly and
privately supported the USG's efforts to stabilize the global
financial system to the point where the Managing Director of
the KIA has needed to publicly defend his large scale
investments in Merrill Lynch and Citigroup.
3. (C) Comment Continued: Kuwait, as the holder of the
oldest Sovereign Wealth Fund in the world, also represents an
important dynamic in international investment. Kuwait moved
from its earlier deep suspicion of the Sovereign Wealth Fund
process to accepting the Santiago Principles and offered to
host the first post-IMF meeting of the permanent SWF
consultative group. A global financial conference that
ignores Kuwait and some of its key sister investors will send
the wrong message, especially when U.S. financial
institutions are actively seeking Gulf money. End Comment.
********************************************* *
For more reporting from Embassy Kuwait, visit:
http://www.state.sgov.gov/p/nea/kuwait/?cable s
Visit Kuwait's Classified Website:
http://www.state.sgov.gov/p/nea/kuwait/
********************************************* *
JONES
SIPDIS
DEPARTMENT FOR S, D, E, NEA, EEB
TREASURY FOR DEPUTY SECRETARY KIMMITT
E.O. 12958: DECL: 10/22/2018
TAGS: EFIN PREL ECON EINV KW
SUBJECT: KUWAIT REQUESTS INCLUSION IN GLOBAL FINANCIAL
SUMMIT
Classified By: Ambassador Deborah K. Jones for reasons 1.4 (b & d).
1. (C) On October 22, Sheikh Dr. Ahmed Nasser Al-Sabah, son
of the PM and Office Director to the Foreign Minister called
the Ambassador to convey Kuwait's strong desire to be
included in the global financial summit announced by the
President on October 18th. He noted that Kuwait's
substantial investment in the U.S. and in global financial
markets and strong support for the President's initiatives
merit its inclusion in any summit deliberations. He asked
for information on the level of participation in the summit.
2. (C) Comment: Kuwait has a strong political and financial
relationship with the United States. In addition to the $1.4
billion it provides in annual support to the U.S. military,
public and private Kuwaitis are active investors in the
United States. According to Kuwait Investment Authority
(KIA) officials, KIA maintains the bulk of its $215 billion
Fund for Future Generations and some portion of its General
Reserve Fund in the U.S. Kuwaiti officials have publicly and
privately supported the USG's efforts to stabilize the global
financial system to the point where the Managing Director of
the KIA has needed to publicly defend his large scale
investments in Merrill Lynch and Citigroup.
3. (C) Comment Continued: Kuwait, as the holder of the
oldest Sovereign Wealth Fund in the world, also represents an
important dynamic in international investment. Kuwait moved
from its earlier deep suspicion of the Sovereign Wealth Fund
process to accepting the Santiago Principles and offered to
host the first post-IMF meeting of the permanent SWF
consultative group. A global financial conference that
ignores Kuwait and some of its key sister investors will send
the wrong message, especially when U.S. financial
institutions are actively seeking Gulf money. End Comment.
********************************************* *
For more reporting from Embassy Kuwait, visit:
http://www.state.sgov.gov/p/nea/kuwait/?cable s
Visit Kuwait's Classified Website:
http://www.state.sgov.gov/p/nea/kuwait/
********************************************* *
JONES