Kuwait Investment Authority

الهيئة العامة للاستثمار (Al-Hay'a al-Amma lil-Istithmar) · Kuwait · Middle East · Founded 1953 · Savings and future generations fund · IFSWF full member

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Focus

Kuwait Investment Authority: what it invests in

Financial servicesTechnologyInfrastructure and utilitiesReal estateIndustrials and manufacturingEnergy: oil and gas

Public equitiesFixed incomePrivate equityReal estateInfrastructureHedge funds and absolute return

Geography Domestic and global

Scale

Kuwait Investment Authority: how big it is, and on what basis

About USD 1T Estimate

Published estimateAs of 2026-03-06

In US dollars: about USD 1,000B. Press estimate reported by Reuters; KIA does not publish its assets.

Transparency

Kuwait Investment Authority: what it publishes

3.5 of 10 Band 2 of 5

Published 2 · Partly 3 · Not published 5

Our 10 item score. It measures what is public, not how well a fund is run.

Assets (estimate)S16: About USD 1T (May 2026 press estimate; not disclosed by KIA); As of 2026-03-06
RootsS2: 1953 (Kuwait Investment Board, London)
Pools managedS4: 2 (General Reserve Fund and Future Generations Fund); As of 2022
Digital and AI planS5: About USD 9B (over five years, per press); As of 2026-06-11
Stock sales, July 2025S7: About USD 6.5B; As of 2025-07-09
Overseas officesS2: 2 (London and Shanghai)
Transparency scoreS2: 3.5 of 10

At a glance. KIA is Kuwait's sovereign wealth fund and traces its roots to a London office opened in 1953, making it the oldest fund of its kind. It runs two pools for the State: the General Reserve Fund, the treasury account that receives oil revenue, and the Future Generations Fund, invested entirely abroad. Assets are not disclosed by law; Reuters put them at about USD 1 trillion in March 2026. S1 S4 S5

Key points

Press estimates of total assets rose from about USD 846B in July 2024 to about USD 1,002B in July 2025 and about USD 1,072B in May 2026. S6 S5
Article 8 of Law 47 of 1982 bars public statements on invested funds; KIA reports instead to the Council of Ministers and an annual closed session of the National Assembly. S2
The Future Generations Fund was seeded in 1976 with half the reserve fund balance and for decades took at least 10 percent of state revenue each year. S4
Since Law 18 of 2020, transfers to the Future Generations Fund happen only in surplus years and on the minister's recommendation. S4
Mostly invests through external managers abroad; the London office trades directly, and dedicated vehicles hold real estate (St Martins, Fosterlane, Breadstreet) and infrastructure (Wren House). S4
In 2026 it was reported as the first non-founder financial anchor of the USD 30B Microsoft and BlackRock AI Infrastructure Partnership. S5
In July 2025 it sold about USD 6.5B of AIA Group and Bank of America shares in one week. S7

Interesting facts

The Kuwait Investment Board was founded in London in February 1953, eight years before Kuwait became independent. S2
During the 1990 to 1991 Gulf War, the London office served as the finance ministry of the government in exile. S8
KIA hosted the April 2009 meeting that produced the Kuwait Declaration, which led to the creation of the IFSWF. S4

Mandate and goals

Under Article 2 of Law 47 of 1982, KIA manages the General Reserve Fund, the money set aside for the Future Generations Fund, and any other funds the responsible minister entrusts to it, all for the account of the State. S4

Earn a long-term return on Kuwait's oil wealth so future generations share in it. S4 S2
Beat composite benchmarks for the Future Generations Fund on a rolling three-year basis through allocation, manager selection and tactical moves. S4
Use the General Reserve Fund to support the local economy through state stakes, market development and privatisation, with a MENA focus. S4
Invest only in projects with clear profitability targets, as a commercially driven owner with a long horizon. S4
Return target: Exceed composite benchmarks on a three-year rolling average (Future Generations Fund) S4

How it invests

Industries	Financial services, Technology, Infrastructure and utilities, Real estate, Industrials and manufacturing, Energy: oil and gas, Healthcare and life sciences. Sector agnostic S4 S5 S8
Asset classes	Public equities, Fixed income, Private equity, Real estate, Infrastructure, Hedge funds and absolute return, Strategic state holdings S4 S2
Stages	Public markets, Buyout, Infrastructure, Real estate, Growth S4 S2
Geography	Domestic and global. Future Generations Fund invested entirely outside Kuwait, weighted to world GDP and market capitalisation; General Reserve Fund focused on MENA S4 S2
Direct / through funds / co-invest	Yes / Yes / Yes S4 S2
Ticket size	No ticket size published S8 S7 S5
Deal sizes seen	About USD 200M (CITIC Securities IPO, 2011) to USD 3B (Citigroup, 2008)
External managers	Uses external fund managers for most assets outside Kuwait; some Kuwaiti financial firms receive local and overseas mandates S4 S2
Co-investment programme	No published programme; recent deals are alongside managers such as KKR, Microsoft and BlackRock, and Samsung Securities with Keppel S5 S12

Largest holdings: BlackRock, Mercedes-Benz Group, GEA Group (6.99%) (dates from 2025-07-13 to 2026-09-04) S6 S10

Published criteria

Avoids businesses whose main income comes from gambling or alcohol. S4
Does not borrow to invest; the self-assessment says the Constitution prohibits it. S4
Strategic allocation reviewed monthly by the Executive Committee and reset by the Board every three to five years. S4

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2026	Health Assurance Hospitals Company. Decree-Law No. 50 of 2026 reported to move the 50 percent of shares meant for a public offering to KIA. S13	State asset transfer	Healthcare and life sciences	Not stated	Not published	50%
2026	GEA Group (partial sale). Voting rights fell from 10.50 percent to 6.99 percent, per a German filing of 4 September 2026. S10	Sale or exit	Industrials and manufacturing	Public markets	Not published	6.99%
2026	Microsoft and BlackRock AI Infrastructure Partnership. Reported as first non-founder financial anchor of the USD 30B AI infrastructure partnership. S5	Fund commitment	Technology	Infrastructure	Not published
2025	AIA Group (sale). Shares sold in July 2025 as part of a wider exit from financial stocks. S7	Sale or exit	Financial services	Public markets	About USD 3.4B
2025	Bank of America (sale). Shares sold in the same week in July 2025. S7	Sale or exit	Financial services	Public markets	About USD 3.1B
2018	North Sea Midstream Partners. Bought by the infrastructure arm. S8	Direct investment	Energy: oil and gas	Infrastructure	About GBP 1.3B
2011	CITIC Securities IPO. Order in the Hong Kong listing. S8	Direct investment	Financial services	Public markets	USD 200M
2010	AIA Group. Stake taken in the insurer. S8	Direct investment	Financial services	Public markets	USD 1B
2010	Agricultural Bank of China. Stake taken in the bank. S8	Direct investment	Financial services	Public markets	USD 800M
2009	BlackRock. Stake in the asset manager. S8	Direct investment	Financial services	Public markets	USD 750M
2009	Gulf Bank of Kuwait. Took a 16 percent stake. S8	Direct investment	Financial services	Public markets	Not published	16%
2008	Citigroup preferred shares. Bought in January 2008 and sold for USD 4.1B in December 2009. S8	Direct investment	Financial services	Public markets	USD 3B
2008	Merrill Lynch preferred shares. Part of a USD 6.6B issue. S8	Co-investment	Financial services	Public markets	About USD 2B
2006	ICBC. Investment in the Chinese bank. S8	Direct investment	Financial services	Public markets	USD 720M

Case studies

Citigroup preferred shares, 2008 to 2009 S8

What: KIA bought USD 3B of Citigroup preferred shares in January 2008.
When: 2008 to 2009
Size: USD 3B
Why: A large, liquid position in a global bank at a time when banks were raising capital from long-term investors.
Outcome: Sold in December 2009 for USD 4.1B.

Rotating out of financials, 2025 S7

What: KIA sold about USD 3.4B of AIA Group and USD 3.1B of Bank of America shares within one week.
When: July 2025
Size: About USD 6.5B
Why: Part of a shift away from listed financial stocks.

Anchoring AI infrastructure S5

What: Reported as the first non-founder financial anchor of the Microsoft and BlackRock AI Infrastructure Partnership.
When: 2026
Size: Partnership of USD 30B
Why: Fits a stated plan of about USD 9B for digital and AI over five years.

Investment process

The Board sets long-term allocation and has full independence in its decisions. It picks the Managing Director and appoints the Executive Committee, which the Managing Director chairs and which reviews strategy monthly. S4

Committee	Role
Board of Directors	Long-term asset allocation and performance; reset strategy every three to five years S4
Executive Committee	Chaired by the Managing Director; monthly strategy review S4
Board Audit Committee	Includes two private-sector members; works with the internal audit office S4 S2

Board sets the strategic allocation, weighted to world GDP and market size. S4
Executive Committee reviews it monthly and makes tactical changes. S4
External managers are selected for most non-Kuwait mandates; the London office trades directly. S4
A risk and performance unit reporting to the Managing Director tracks results. S2

How to approach: No public intake form. Managers usually reach KIA through the Kuwait Investment Office in London, the Shanghai office or advisers. S4 S2

Size and returns

Headline size: About USD 1T, estimate (Published estimate, as of 2026-03-06) S16
In US dollars: about USD 1,000B. Press estimate reported by Reuters; KIA does not publish its assets.
Assets under management, press description, September 2026: More than USD 1T (Published estimate, as of 2026-09-04) S9
Returns: the fund does not publish a return figure.
Size over time (USD billion): 2024-07 846, 2025-07 1,002, 2026-05 1,072 S5 S6

Leadership

Name	Title	Since
Abdulaziz AlMarzooq	Chairman; State Minister for Economic Affairs and Investment S1	Not published
Sheikh Saoud Salem Abdulaziz Al-Sabah	Managing Director S11 S14	2025-08
Tareq Al-Roumi	Board member; Minister of Oil S1	Not published
Aseel Al-Munifi	Board member; Undersecretary, Ministry of Finance S1	Not published
Basel Al-Haroon	Board member S1	Not published
Sheikh Dr Meshaal Jaber Al-Ahmad Al-Sabah	Board member S1	Not published
Mahmoud Al-Marzouq	Board member S1	Not published
Danah Al-Mulla	Board member S1	Not published
Salah Al-Fouzan	Board member S1	Not published

Governance and transparency

Legal basis: Independent public authority with legal personality under Law 47 of 1982, attached to the minister for economic affairs and investment S4
Oversight: Reports to the minister, the Council of Ministers and the National Assembly; State Audit Bureau staff monitor on site S4 S2
Auditor: An international external audit firm, not named publicly, plus the State Audit Bureau S2
Santiago Principles: Full IFSWF member; self-assessments listed for 2016, 2019 and 2022 S3
The Board has the minister as chair, the oil minister, the finance undersecretary and the central bank governor, plus five investment experts named by Amiri decree for four years, at least three without public office. S1
An internal audit office reports to the Board. S4

Transparency score: 3.5 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.

Published: governance and mandate documents, named leadership. S2 S3 S4
Partly published: geographic or sector split, audited financial statements, regular reporting schedule. S2 S11
Not published: total assets, annual return, long-term returns, asset allocation, holdings or deal list. S2 S4 S10

History

Date	Event
1953-02	Kuwait Investment Board set up in London. S2
1965	Replaced by the Kuwait Investment Office. S8
1976	Future Generations Fund created by Amiri decree. S2
1982	KIA created by Law 47. S2
2009-04	Kuwait Declaration leads to the IFSWF. S4
2017-12	One Planet SWF group founded with KIA as a founding member. S1
2018	KIO Shanghai opens. S1
2020	Future Generations Fund transfer rule changed by Law 18 of 2020. S4
2025-08	New board by Amiri decree; Sheikh Saoud elected Managing Director. S15
2025-07	About USD 6.5B of AIA and Bank of America shares sold. S7
2026-09-01	Decree on government borrowing from the Future Generations Fund reported. S9
2026-09-15	Managing Director meets Canadian leaders at the Canada Investment Summit in Toronto. S11

For family offices

KIA has no programme open to private capital. Its doors are its overseas offices and the managers and consortia it backs. S4 S2

Managers with institutional products can approach the London or Shanghai offices. S2
Co-investors meet KIA inside consortia led by large managers, such as KKR or the Microsoft and BlackRock partnership. S5 S12

Reports

Santiago Principles self-assessment 2022: https://www.kia.gov.kw/wp-content/uploads/2022/11/ISFWF-Santiago-Principles-Self-Assessment-KIA-2022.pdf S4

Common questions

Is KIA the oldest sovereign wealth fund?

Yes. It traces itself to the Kuwait Investment Board, set up in London in February 1953. S2

How much does KIA manage?

KIA does not publish a figure. Press estimates are about USD 1,002B in July 2025 and about USD 1,072B in May 2026. S5 S6

Does KIA publish returns?

No. Law 47 of 1982 restricts public disclosure; results go to the Council of Ministers and the National Assembly. S2

Who runs KIA?

A board chaired by the minister for economic affairs and investment. Sheikh Saoud Salem Abdulaziz Al-Sabah is Managing Director. S11 S1

What are the GRF and FGF?

The General Reserve Fund is the State treasury account that receives oil revenue. The Future Generations Fund is the long-term savings pool, invested abroad. S4

How do I pitch KIA?

There is no intake form. Managers typically go through the London or Shanghai offices or advisers. S4 S2

Abu Dhabi Investment Authority (ADIA) United Arab Emirates (Abu Dhabi) · About USD 1.1T, estimate
Qatar Investment Authority (QIA) Qatar · About USD 580B, estimate
Emirates Investment Authority (EIA) United Arab Emirates · About USD 116B, estimate
Awqaf and Islamic Affairs Fund (Kuwait) Kuwait · KWD 1.47B
Citizens Fund (Israel) Israel · USD 2.79B
Bahrain Future Generations Reserve Fund Bahrain · USD 1.11B

All sovereign wealth funds in Middle East · All savings and future generations funds · All funds in Kuwait

Sources

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