Kuwait ranked second on the Sovereign Funds Institute’s list of the largest sovereign funds in the Gulf Cooperation Council countries, with assets estimated by the newspaper at about $708 billion, slightly different from the assets of the Abu Dhabi Investment Authority, which is put at $708.75 billion.
In this context, the Arabian Business newspaper said that the Kuwaiti sovereign wealth fund known as the Kuwait Investment Authority is the oldest sovereign wealth fund in the world, and was first established when the Kuwait Investment Board was established in 1953, reports a local Arabic daily.
The authority undertakes investment activities in the oil financial surpluses and works to reduce the country’s dependence on oil. In addition, the Kuwait Investment Authority manages the country’s general reserve fund.