Kuwait market gains global weight as Norway Wealth Fund deepens investments
Norway’s sovereign wealth fund, the world’s largest by assets under management, further expanded its footprint in the Kuwait Stock Exchange by the end of 2025, with the value of its holdings in Kuwaiti equities rising to about $838.58 million across 13 listed companies.
The fund’s investments recorded annual growth of 14.87 percent, compared with roughly $729.9 million at the end of 2024, underscoring the increasing weight of Kuwait within the portfolio of one of the world’s most prominent sovereign investors.
This steady expansion reflects growing confidence in the resilience of Kuwait’s economy, the stability of its financial market, and its capacity to offer sustainable, long-term returns. The move aligns with the fund’s global strategy of sectoral diversification aimed at reducing risk and enhancing return stability.
In Kuwait, the fund has concentrated on key pillars of the national economy, led by the banking sector, known for strong capitalization and consistent profitability. It has also built positions in real estate, investment, logistics, and consumer services, sectors viewed as operationally solid and return-generating.
Top holdings show a clear focus on blue-chip financial institutions. The National Bank of Kuwait leads with investments worth $506.1 million, followed by Kuwait Finance House at $111.2 million and Gulf Bank at $77.78 million. Other notable positions include Mabanee ($45.28 million), Boursa Kuwait ($44.61 million), Ali Alghanim & Sons ($18.66 million), and National Investments Company ($17.36 million).
The portfolio also includes Agility ($4.15 million), Warba Bank ($3.27 million), National Industries Group Holding ($2.97 million), Burgan Bank ($2.34 million), Kuwait International Bank ($2.13 million), and Boubyan Bank ($717,290).
Sustained Upward Trend
The 2025 increase continues a multi-year upward trajectory rather than representing a one-off jump. The fund’s Kuwaiti equity exposure has climbed from about $333.5 million in 2020 to $838.58 million in 2025, marking cumulative growth of roughly 151 percent over five years.
This pattern indicates that Kuwait has become a strategic destination within the fund’s global allocation framework, which is guided by strict standards related to governance, sustainability, and transparency.
Market Performance Supports Inflows
The fund’s expansion coincided with a strong year for the Kuwait Stock Exchange. The market recorded net foreign inflows of $1.5 billion, ranking Kuwait third in the Gulf after Saudi Arabia and Abu Dhabi.
Trading activity surged, with volumes rising 71.3 percent to 117.3 billion shares in 2025, compared with 68.5 billion shares the previous year. Market liquidity also strengthened significantly, as the value of traded shares jumped to about $86.6 billion, up from $48.4 billion in 2024.
Kuwait’s share of total Gulf trading climbed to 14.3 percent, reflecting heightened foreign institutional interest. The performance underscores the exchange’s growing appeal, supported by regulatory reforms, improved transparency, and an expanding base of listed companies.
