Kuwait Investment Authority

Kuwait Investment Authority (KIA) is the world's first sovereign wealth fund. It was originally established in February 1953, as Kuwait Investment Board (KIB) headquartered in the City of London with a mandate to invest surplus oil revenue and reduce Kuwait’s reliance on a single finite resource. Following Kuwait's independence in 1961, it implemented an investment policy to help ensure the sustainable growth of the country, including basic investment principles that would later become the Future Generations Fund. A few years later, in 1965, Kuwait adopted a policy of diversification of assets and portfolios which lead to the KIB being replaced by the Kuwait Investment Office (KIO). In 1976, the Amir of Kuwait, HH Sheikh Jaber Al-Ahmad Al-Sabah issued a decree creating the Reserve Fund for Future Generations (FGF) as the intergenerational saving platform for the State of Kuwait by allocating a minimum of ten percent of the State’s annual revenues to this platform. As Kuwait continued to grow as a nation, a new mechanism was developed to manage all of the state’s reserve funds. The Kuwait Investment Authority (KIA) was then established in 1982 as KIO’s parent organization. KIA's main responsibilities are management and administration of Kuwait’s General Reserve Fund (GRF) and its Future Generations Fund (FGF), as well as all other funds entrusted to it by the Ministry of Finance for and on behalf of the State of Kuwait.Read more ⏷