The Kuwait Investment Authority (KIA), the world’s sixth largest sovereign wealth fund, has made a rare foray into an overseas energy investment. It has agreed to take a 25% stake in Spanish energy group Gas Natural’s international power subsidiary.

The deal is one of strategic overseas investments by Gulf sovereign wealth funds and state-owned entities, that have accumulated cash piles on the back of $100/B plus prices in the past four years, and are taking advantage of relatively low oil prices and cheaper asset values to snap up bargains. (CONTINUED - 667 WORDS)