Kuwait's Al Mazaya Holding Company, said on Saturday it plans to set up two companies in the UAE's Ajman emirate and Bahrain to diversify its revenue sources.

It did not give further details in a statement. The company, with a portfolio of more than $40 billion, already has subsidiaries in Qatar and Saudi Arabia.

Al Mazaya Investments, the company's unit at the Dubai International Financial Centre, has obtained licences for operations that include setting up and managing investment and real estate funds, it said.-Reuters