Archive

Article length: 847 words

Mystery continues over Kuwaiti fund’s half billion frozen in Dubai bank

What has happened to the near half billion dollars which Kuwait-based The Port Fund lodged in a Dubai branch of Noor Bank? The money represents the return on Port Fund’s investment in a logistics development in the Philippines. The funds were due to be distributed to the fund’s shareholders last year and were passing through Noor Bank in Dubai when they were frozen on 14 November 2017, apparently at the request of authorities in Kuwait who claim some Port Fund executives were trying to embezzle funds.

Go to full article

Credit value: 10

African Energy Gulf States Newsletter