Kuwait's Wealth Fund to Open Saudi Arabia Office to Boost Ties ...
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Fiona MacDonald, Bloomberg News
The headquarters building of the Kuwait investment Authority in Kuwait City, Kuwait, on Monday, Jan. 10, 2022. Global warming is smashing temperature records all over the world, but Kuwait — one of the hottest countries on the planet — is fast becoming unlivable. Photographer: Bassam Zidan Ahlawy/Bloomberg , Bloomberg
(Bloomberg) -- Kuwait’s wealth fund, which manages more than $800 billion in government funds, will open an office in Saudi Arabia to strengthen ties between the OPEC-member states.
Kuwait Investment Authority’s board decided to open a representative office in Saudi Arabia that “will contribute to enhancing trade and investment exchange” between the countries, KIA Chairman and Minister of Finance Anwar Al-Mudhaf said in a statement on Tuesday.
The new office will help “solidify bilateral relations” and “open new horizons for joint cooperation,” he said. The KIA already has offices in London and Shanghai.
The KIA, the world’s oldest wealth fund, manages the Future Generations Fund, a savings pot for life after oil, as well as the General Reserve Fund, or the treasury — the government’s main source of budget financing.
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