Kuwait’s sovereign wealth fund, controlling over $800 billion in assets, is set to inaugurate a branch in Saudi Arabia, aiming to enhance the partnership among the oil-producing countries.
The decision by the Kuwait Investment Authority (KIA) to establish a presence in Saudi Arabia was announced by the organization’s Chairman and Finance Minister, Anwar Al-Mudhaf. He emphasized that this strategic move is intended to ‘contribute to enhancing trade and investment exchange’ and further strengthen the bond between the nations.
Al-Mudhaf conveyed optimism about the new office’s role in ‘solidifying bilateral relations’ and ‘opening new horizons for joint cooperation.’ The KIA has a global footprint with existing offices in key financial hubs such as London and Shanghai.
As the oldest sovereign fund in the world, the KIA is responsible for managing the Future Generations Fund, a reserve intended for the post-oil era, along with the General Reserve Fund, which serves as the Kuwaiti government’s primary fiscal resource.