Kuwait Investment Authority
Encyclopedia
The Kuwait Investment Authority (KIA) is Kuwait
's sovereign wealth fund
(7th place SWF Institute Ranking 2010), managing body, specializing in local and foreign investment. It was founded to manage the funds of the Kuwaiti Government in light of financial surpluses after the discovery of oil
.
Today, KIA manages the Kuwait General Reserve Fund, the Kuwait Future Generations Fund, as well as any other assets committed by the Ministry of Finance.
To put KIA's size into perspective, the Kuwait Future Generations Fund has 10% of annual oil revenues added to it. As of fiscal year 2004/2005, the annual contribution to the Kuwait Future Generations Fund was valued at 896.24 million Kuwaiti dinar
s (USD$3.07 billion).
KIA's board of directors
is headed by the Minister of Finance, with other seats allocated to the Energy Minister, Governor of the Central Bank of Kuwait, Undersecretary of the Ministry of Finance, and 5 other nationals who are experts in the field, 3 of which should not hold any other public office.
KIA is estimated to hold in excess of $200 billion of assets, and is reportedly one of the largest Sovereign Wealth Funds in the World.
Some of the Investments around the world are:
Kuwait
The State of Kuwait is a sovereign Arab state situated in the north-east of the Arabian Peninsula in Western Asia. It is bordered by Saudi Arabia to the south at Khafji, and Iraq to the north at Basra. It lies on the north-western shore of the Persian Gulf. The name Kuwait is derived from the...
's sovereign wealth fund
Sovereign wealth fund
A sovereign wealth fund is a state-owned investment fund composed of financial assets such as stocks, bonds, property, precious metals or other financial instruments. Sovereign wealth funds invest globally. Some of them have grabbed attention making bad investments in several Wall Street financial...
(7th place SWF Institute Ranking 2010), managing body, specializing in local and foreign investment. It was founded to manage the funds of the Kuwaiti Government in light of financial surpluses after the discovery of oil
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
.
Today, KIA manages the Kuwait General Reserve Fund, the Kuwait Future Generations Fund, as well as any other assets committed by the Ministry of Finance.
To put KIA's size into perspective, the Kuwait Future Generations Fund has 10% of annual oil revenues added to it. As of fiscal year 2004/2005, the annual contribution to the Kuwait Future Generations Fund was valued at 896.24 million Kuwaiti dinar
Kuwaiti dinar
The dinar is the currency of Kuwait. It is sub-divided into 1000 fils. It is the highest-valued currency unit in the world.-History:...
s (USD$3.07 billion).
KIA's board of directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
is headed by the Minister of Finance, with other seats allocated to the Energy Minister, Governor of the Central Bank of Kuwait, Undersecretary of the Ministry of Finance, and 5 other nationals who are experts in the field, 3 of which should not hold any other public office.
KIA is estimated to hold in excess of $200 billion of assets, and is reportedly one of the largest Sovereign Wealth Funds in the World.
Some of the Investments around the world are:
- Kuwait Finance House - a 24.05 % stake acquired
- Arab Insurance - a 12.5 % stake acquired
- Daimler AG - a 6.9 % stake acquired
- CitigroupCitigroupCitigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
- a 6.0 % stake acquired