Billion-Dollar Kuwaiti Fund is the Oldest in the Middle East
Like Al Saud of Saudi Arabia ($776 billion public investment fund) and Al Nahyan family of Abu Dhabi ($708 billion in assets), the Kuwaiti royal family controls the Kuwait Investment Authority (KIA), boasting $803 billion in assets. To put this in perspective, Kuwait is about 121 times smaller than Saudi Arabia or only 0.83% the size of the Kingdom. This national savings fund of over $800 billion is a precious pillar for the nation beyond oil, with over half of its investments in the USA. KIA has stakes in managing assets like BlackRock, UK's Associated British Ports, and Wall Street banks Citigroup and Merrill Lynch. Nothing is left untouched, from ports, airports, to electrical power distribution systems worldwide. Kuwaiti kings and queens live in grand palaces.
