The Kuwait Investment Authority (KIA), recognized as one of the globe’s most substantial sovereign wealth funds, is setting its sights on expanding into Saudi Arabia.
At the helm of managing more than $800 billion in assets, the fund’s board has made a strategic decision to establish a representative office within the kingdom. This move is designed to enhance the trade and investment ties that exist between the two neighboring Gulf states, as reported by a financial news outlet, referencing a statement by KIA Chairman and Minister of Finance Anwar Al-Mudhaf.
The establishment of the new Saudi outpost is intended to ‘strengthen bilateral relations’ and ‘pioneer new avenues for collaborative endeavors.’
Currently, KIA operates two international branches outside its home country, specifically in London and Shanghai, as detailed on the fund’s official website.
Acknowledged for managing assets worth $846 billion by the Global Sovereign Wealth Fund, KIA holds responsibility for managing Kuwait’s stakes in key economic institutions and is a pivotal player in the financial progression of the region.