Kuwaiti sovereign wealth fund Kuwait Investment Authority has established a new logistics-focused subsidiary dubbed Kuwait Storage Company with USD 162 mn in capital, Al Arabiya reports. The company is fully owned by the investment authority, Al Arabiya reports, adding that the company’s shares cannot be sold or traded without the approval of the Kuwaiti cabinet.

The company offers plenty of transport services: The new company will focus on transporting refrigerated and frozen goods, furniture, livestock and new cars, Kuwaiti daily Al Anba reports. It will also operate storage facilities for a variety of goods, including grain, silos, food and agricultural products, and chemicals, as well as goods transported as air cargo. It will also provide container handling services.

Aviation + maritime services are included too: Kuwait Storage Company will also provide cargo and ground handling and support services for aircraft, and will sell, lease and rent out machinery and equipment for aircraft servicing, Al Anba reported. Port activities, ship refueling, customs clearance, maritime transport and shipping agency services are also among the company’s offerings, according to al Anba.

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