The National Technology Enterprises Company (NTEC) was established back in November of 2002 and operational in late 2004, by the Kuwait Council of Ministers as a fully owned subsidiary of the Kuwait Investment Authority (KIA). Capitalized at 100 Million Kuwaiti Dinars (Approximately 350 Million U.S. Dollars), with a paid up capital of 65 Million Kuwaiti Dinars. NTEC was created to play a vital role in servicing major stakeholders in Kuwait with their technology needs. The company holds a unique position being fully owned by the Kuwaiti Government, yet enjoys all private sector privileges and operates as such; with its own business license, articles of association, board of directors and capital, NTEC was able to utilize its broad objectives and technology focus being: Information & Communications Technologies, Life Sciences & Healthcare Technologies, Energy, Renewable Energy, Water & Environmental Technologies, to develop distinctive operational and investment strategies to address its core mandate: Technology & Knowledge Transfer.