Kuwait’s wealth fund plans to open an office in Saudi Arabia to strengthen ties
Kuwait’s wealth fund, managing over $800 billion in government assets, is set to open an office in Saudi Arabia to enhance ties between the OPEC-member states.
The Kuwait Investment Authority (KIA) board decided to establish a representative office in Saudi Arabia to “contribute to enhancing trade and investment exchange” between the two nations, stated KIA Chairman and Minister of Finance Anwar Al-Mudhaf on Tuesday.
The new office aims to “solidify bilateral relations” and “open new horizons for joint cooperation,” he added. The KIA already has offices in London and Shanghai.
As the world’s oldest sovereign wealth fund, the KIA manages the Future Generations Fund, a savings pot for the post-oil era, and the General Reserve Fund, the government’s primary source of budget financing.
