SovereignWealthFunds.comGulf Investment Corporation (GIC), Kuwait
Gulf Investment Corporation (GIC), Kuwait: what it invests in
Geography Regional
Gulf Investment Corporation (GIC), Kuwait: how big it is, and on what basis
In US dollars: about USD 3.5B. Reported in US dollars.
Gulf Investment Corporation (GIC), Kuwait: what it publishes
Published 9 · Partly 1 · Not published 0
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. Gulf Investment Corporation is owned in equal shares by the six GCC governments and based in Kuwait. It takes direct stakes in Gulf power, water, petrochemical and industrial projects and runs a global markets book. Audited total assets were USD 3.5 billion at end 2025, and it earned a USD 230 million net profit, above its budget. S1
Key points
- Total assets USD 3,504 million and equity USD 2,875 million at end 2025. S1
- Net profit USD 230 million in 2025, against a USD 210 million budget. S1
- Return on paid-up capital 11.0 percent. S1
- Proposed 2025 dividend of USD 192 million to the six owner states. S1
- GCC exposure is 66.6 percent of total assets. S1
- Rated A2 by Moody’s and BBB+ by Fitch, with a positive outlook. S1
Interesting facts
Mandate and goals
GIC aims to grow Gulf and foreign direct investment, bring global expertise into the GCC, and take a leading role in regional infrastructure, including private water and power. S1
- Build and own GCC power and water projects. S1
- Support GCC companies and new ventures. S1
- Attract foreign direct investment to the Gulf. S1
- Earn commercial returns and pay dividends to member states. S1
- Spending rule: Annual cash dividend set by the board: USD 91.43 per share (USD 192 million) proposed for 2025 S1
How it invests
| Industries | Infrastructure and utilities, Energy: oil and gas, Industrials and manufacturing, Agriculture and food security, Telecoms and media, Transport and logistics S1 |
|---|---|
| Asset classes | Infrastructure, Private equity, Public equities, Fixed income, Cash and money markets S1 |
| Stages | Infrastructure, Growth, Public markets S1 |
| Geography | Regional. GCC risk is 66.6 percent of assets; the markets book is global S1 |
| Direct / through funds / co-invest | Yes / Yes / Yes S1 |
| Ticket size | No ticket size is published; project stakes are typically 20 to 50 percent. S1 |
| Deal sizes seen | 20 to 50 percent project stakes |
| External managers | Managed funds held in the Global Markets book S1 |
| Co-investment programme | Consortium stakes with strategic partners S1 |
Largest holdings: Foulath Holding (50%), Al-Ezzel Power Company (45%), Tamkeen Holdings (45%), Water Consortium Holding (40.1%), Az-Zour North (Phase II and III) (40%), Shams Ad-Dhahira (40%), Juranah Water Reservoir (30%), Al-Wakra and Al-Wukair (25%), Bahrain LNG (24%), Wataniya Telecom Algerie (20%) (as of 2025-12-31) S1
Published criteria
Past investments
| Year | Investment | Type | Sector | Stage | Stake |
|---|---|---|---|---|---|
| Not published | Az-Zour North Phase II and III. 25-year BOOT power and desalination plant; over 2,700 MW and 120 million gallons a day. S1 | Joint venture or partnership | Infrastructure and utilities | Infrastructure | 40% |
| Not published | Juranah Water Reservoir. Water storage project; operations expected in Q2 2027. S1 | Joint venture or partnership | Infrastructure and utilities | Infrastructure | 30% |
| Not published | Al-Wakra and Al-Wukair. Sewage treatment, 150,000 cubic metres a day; operation expected 2027. S1 | Joint venture or partnership | Infrastructure and utilities | Infrastructure | 25% |
| 2004 | Al-Ezzel Power Company. Independent power project; supply agreement extended to October 2037. S1 | Joint venture or partnership | Infrastructure and utilities | Infrastructure | 45% |
| 2025 | Rawabi Emirates. Joined a capital increase. S1 | Direct investment | Agriculture and food security | Growth | 20% |
| 2025 | Gulf Re. Full exit. S1 | Sale or exit | Financial services | Growth | |
| 2025 | ALAFCO. Sold the entire stake in the aircraft lessor. S1 | Sale or exit | Transport and logistics | Growth | |
| 2025 | Action Energy. Reduced holding after its Boursa Kuwait listing. S1 | Sale or exit | Energy: oil and gas | Public markets | |
| Not published | Bahrain LNG. LNG import terminal stake. S1 | Joint venture or partnership | Energy: oil and gas | Infrastructure | 24% |
Case studies
Az-Zour North: power and water for Kuwait S1
- What: GIC joined ACWA in a consortium to build and run Az-Zour North Phase II and III under a 25-year BOOT concession.
- When: Concession term 25 years
- Size: Over 2,700 MW; 120 million gallons a day
- Why: Fits its mandate to lead private participation in GCC water and power.
- Outcome: GIC holds 40 percent alongside ACWA.
Recycling capital in 2025 S1
- What: Exited Gulf Re and ALAFCO and cut its Action Energy stake after listing, while joining a Rawabi Emirates capital raise.
- When: 2025
- Size: Not disclosed
- Why: Part of the 2025 portfolio changes reported in the annual report.
- Outcome: Net profit of USD 230 million beat budget by USD 20 million.
Investment process
A 12-member board, two directors per member state, chaired by Turki bin Ibrahim Al-Malik, oversees GIC through Executive, Audit, Risk and Remuneration committees. CEO Ibrahim Ali Al-Qadhi leads the Principal Investment, Global Markets and Support groups. S1 S3
| Committee | Role |
|---|---|
| Executive Committee | Board committee for investment and business matters S1 |
| Audit Committee | Financial reporting and audit S1 |
| Risk Management Committee | Risk oversight S1 |
| Remuneration and HR Committee | Pay and people S1 |
How to approach: GIC says it seeks new ventures and GCC infrastructure projects; contact details are on its website. S4
Size and returns
- Headline size: USD 3.50B (Total assets (balance sheet), as of 2025-12-31) S1
- In US dollars: about USD 3.5B. Reported in US dollars.
- Shareholders equity: USD 2.88B (Net assets or equity, as of 2025-12-31) S1
- Return, 2025: 11.0 percent (Return on paid-up capital) S1
- Size over time (USD billion): 2023-12 3.69, 2024-12 3.446, 2025-12 3.504 S1
Leadership
Governance and transparency
- Legal basis: Gulf shareholding company incorporated in Kuwait, 15 November 1983 S1
- Oversight: Board of the six GCC member states S1
- Reports Basel III capital; eligible capital USD 2,842.6 million. S1
- Rated A2 (Moody’s), BBB+ (Fitch) and AAA (RAM). S1
Transparency score: 9.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
GIC partners with strategic sponsors in Gulf infrastructure and industry. Private investors meet it as co-shareholders in projects or listed GCC companies. S1
- Consortium partner in GCC power, water and industrial projects. S1
Reports
- Annual Report and Accounts 2025: https://gic.com.kw/wp-content/uploads/2026/04/2025-Annual-Report-Eng_compressed.pdf S1
Common questions
Who owns GIC?
The six GCC governments in equal shares. S1
How big is GIC?
USD 3,504 million of total assets at 31 December 2025. S1
Who runs it?
CEO Ibrahim Ali Al-Qadhi; Chairman Turki bin Ibrahim Al-Malik. S3
Is it an IFSWF member?
No. S2
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- XRG, ADNOC international investment company (Abu Dhabi) United Arab Emirates (Abu Dhabi) · USD 150B+, estimate
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- Oman Investment Authority (OIA) Oman · OMR 22.922B
All sovereign wealth funds in Middle East · All strategic development funds · All funds in Kuwait
Sources
Disclaimer
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