Kuwait Investment Office London Setup in 1953 70 Years Ago Currently Manages $250 Billion AUM & Kuwait Investment Office Shanghai Setup in 2018, Kuwai

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Kuwait Investment Office London Setup in 1953 70 Years Ago Currently Manages $250 Billion AUM & Kuwait Investment Office Shanghai Setup in 2018, Kuwait Investment Authority is the World 1st Sovereign Wealth Fund & Manages $803 Billion AUM

1st September 2023 | Hong Kong

Kuwait Investment Office London setup in 1953 70 years ago currently manages $250 billion AUM (Assets under Management) and Kuwait Investment Office Shanghai was setup in 2018.  Kuwait Investment Authority is the world 1st sovereign wealth fund and manages around $803 Billion AUM.  Kuwait has a GDP of $184 billion with 4.3 billion population. Kuwait holds around 7% of global oil reserves and has a production capacity of about 3.15 million barrels per day.  

” Kuwait Investment Office London Setup in 1953 70 Years Ago Currently Manages $250 Billion AUM & Kuwait Investment Office Shanghai Setup in 2018, Kuwait Investment Authority is the World 1st Sovereign Wealth Fund & Manages $803 Billion AUM “

 



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Kuwait Investment Office London  Kuwait Investment Authority

Established as the Kuwait Investment Board in February 1953 and later reorganized into the Kuwait Investment Office (KIO) in 1965. KIO’s foundation predates the independence of the modern State of Kuwait. HH Sheikh Abdullah Al Salem, the Amir of Kuwait, at the time had the vision to build a fund for the future of all Kuwaitis. At the time, KIO was the first and only sovereign wealth fund in the world.  In the years that followed a focus on asset allocation and diversification into new geographies, expanding beyond the United Kingdom to include the United States, Asia and select Emerging Markets.  In 1976, the Future Generations Fund (FGF) Amiri decree was passed which is the most important event in the history of the KIO after its establishment. With that law, a minimum of 10% of the State of Kuwait’s revenues are transferred to the FGF. This created a constant flow of funds to the FGF which helped grow it over the years.  The KIO played a pivotal role during the first Gulf War in 1990 and the liberation and reconstruction efforts that followed; acting as the Ministry of Finance for the government in exile. As state assets were frozen, KIO organized the transfer of funds globally and to the Kuwaiti Government, in exile, in Saudi Arabia.

 

Kuwait Investment Authority

As oil became an increasingly important source of revenue for Kuwait, our forefathers realized its potential to promote the sustainable development and welfare of the Kuwaiti people for generations to come. Among those was HH Sheikh Abdullah Al-Salem Al-Sabah (1950-1965) who in February 1953, established the 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 the birth of Kuwait as an independent sovereign nation in 1961, a modern investment paradigm was introduced to ensure the sustainable growth of a young nation including the 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 functions include managing the State’s Reserve, the FGF and any other funds entrusted to the KIA by the Minister of Finance.

Stemming from this rich history, KIA continues working to safeguard the financial wealth of Kuwait’s current and future generations by diversifying revenue streams and ensuring a fiscally sustainable and secure future.




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    Originally posted on: https://www.caproasia.com/2023/09/02/kuwait-investment-office-london-setup-in-1953-70-years-ago-currently-manages-250-billion-aum-kuwait-investment-office-shanghai-setup-in-2018-kuwait-investment-authority-is-the-world-1st-sovereign/?utm_source=rss&utm_medium=rss&utm_campaign=kuwait-investment-office-london-setup-in-1953-70-years-ago-currently-manages-250-billion-aum-kuwait-investment-office-shanghai-setup-in-2018-kuwait-investment-authority-is-the-world-1st-sovereign