Kuwait Investment Authority (KIA), the Gulf state's sovereign wealth fund, has denied local media reports that it plans to scale back investment in Europe, Bloomberg has reported. KIA has a 5.3% stake in Stuttgart-based Daimler, making it the second-biggest shareholder after Abu Dhabi-based Aabar Investments, which owns 9.1%. It also holds a 1.8% stake in BP. An earlier report was cited in Kuwaiti newspaper Al-Anba, that the fund plans to reduce investment in states in the euro region due to deterioration of the Greek fiscal crisis and concern about debt problems in Portugal and Spain.