The Kuwait Investment Authority is Kuwait's sovereign wealth fund, managing body, specializing in local and foreign investment. It is the 5th largest sovereign wealth fund in the world with assets exceeding $592 billion. It is a member of the International Forum of Sovereign Wealth Funds and has signed up to the Santiago Principles on best practice in managing sovereign wealth funds.
Kuwait Investment Authority
What is 'Kuwait Investment Authority'
The Kuwait Investment Authority (KIA) is a government-owned corporation responsible for managing the sovereign wealth fund of Kuwait. The KIA was initially created in 1953 to create a fund for future use and lessen the country's dependence on its oil reserves. The source of the money for the sovereign wealth fund is derived primarily from the excess proceeds from Kuwait's oil reserves.
Explaining 'Kuwait Investment Authority'
The sovereign wealth fund is divided into the General Reserve Fund and the Future Generations Fund. According to the Sovereign Wealth Fund Institute, the Kuwait Investment Authority controls the seventh-largest sovereign wealth fund in the world, with approximately $202.8 billion in assets under management.