Kuwait’s sovereign wealth fund, one of the world’s largest SWFs, has set up a local aviation services company with a capital of 50 million Kuwaiti dinars ($165 million), a newspaper reported on Monday.

The company is wholly owned by the Kuwait Investment Authority, the Arabic language daily Alanba said.

The company will be engaged in several types of activities including ground services at airports, providing ground and support services for aircraft, owning, selling, renting, and leasing ground equipment and machinery for aviation services, loading and unloading port and airport goods and passenger luggage, customs clearance, and servicing sea transport and shipping agencies, the report said.

Activities also cover transport of cars and other goods, container handling services and the operation of storage facilities for air cargo, it said.

“The new company is not authorised to take any step that will alter its ownership structure without a prior cabinet decision,” the paper added.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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