Kuwait Investment Authority
The Kuwait Investment Authority (KIA; Arabic الهيئة العامة للاستثمار, DMG al-Haiʾa al-ʿāmma li-l-istiṯmār ) is a central authority of the Kuwait government that oversees various sovereign wealth funds , of which the two largest investment funds alone have a size of over 400 billion US dollars .
history
The KIA was founded in 1982 as a Public Investment Authority (dt. Authority for public investments based) and took over the already previously settled in the area of finance and other authorities task, part of the oil revenues of Kuwait for the period after the depletion of oil reserves to invest in the country. She also took over the supervision of the Kuwait Investment Office (KIO, until 1965 Kuwait Investment Board ) founded in London in 1953 , which is now the most important branch of the KIA.
To this day, KIA oversees the investment of funds from the Kuwait General Reserve Fund , the Kuwait Future Generations Fund and other reserves of the Kuwait Ministry of Finance.
The Kuwait Future Generations Fund invests 10% of the country's annual oil revenues each year. In the 2004/2005 tax year, the amount invested was 896.24 million Kuwaiti dinars (equivalent to $ 3,069.21 million US dollars, 1 KWD = 3.42454 US dollars).
It is estimated that KIA holds approximately $ 213 billion in assets, making it one of the largest sovereign wealth funds in the world.
The KIA holds, among other things, large shares in Daimler AG and BP .
organization
KIA's Board of Directors is led by the Kuwait Minister of Finance . Additional seats are due to the energy minister, the head of the Kuwaiti central bank, the state secretary of the finance ministry and five investment experts, including at least three without government office.
Web links
Individual evidence
- ↑ Financial Times Europe, January 15, 2008
- ↑ Archived copy ( memento of the original from January 26, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Ftd: Arab State Funds ( Memento from July 31, 2012 in the web archive archive.today )
