Kuwait Investment Authority

History and profile

KIA was founded on 23 February 1953 to manage the funds of the Kuwaiti Government in light of financial surpluses after the discovery of oil.

KIA manages the Kuwait General Reserve Fund, the Kuwait Future Generations Fund, as well as any other assets committed by the Ministry of Finance. To put KIA's size into perspective, the Kuwait Future Generations Fund has 15% of annual oil revenues added to it.

The Chinese regulator awarded Kuwait Investment Authority an additional $700 million quota on top of $300 million awarded in March 2012. The quota is the highest to be granted by China to foreign investment entities.

The Kuwait Investment Authority has an infrastructure arm and signed an agreement to acquire the oil and gas pipeline firm North Sea Midstream Partners Limited for approximately 1.3 billion GBP in 2018.

Investments

Grupo Torras

In 1986, the KIA's London based subsidiary, the Kuwait Investment Office (KIO), bought control of Torras Hostench, a Spanish paper maker. Torras subsequently took over a number of other companies to become Grupo Torras in June 1988. KIO invested about $2.5 billion in building up the company and another $1.8 billion to shore it up after the end of Spain's 1980s economic boom and the annexation of Kuwait by Iraq. However, in December 1992 Grupo Torras entered receivership among accusations of fraud, and Kuwait's investment was a total loss. One of its projects was the Gate of Europe twin towers in Madrid, which was still incomplete when the company collapsed.

Financial Institutions

KIA established Cartera Central together two Spanish businessmen in the 1980s, which managed a 12.5% stake in Banko Central. KIA later sold their 48.8% stake in the company.

In September 2006, KIA invested $720 million in the Industrial and Commercial Bank of China. During the global financial crisis in January 2008, KIA purchased preferred stock in Citigroup, at a reported value of $3 billion, which it sold for $4.1 billion in December 2009. KIA also participated in Merrill Lynch's $6.6 billion preferred share issue in January 2008, with an estimated contribution of $2 billion. In January 2009, KIA acquired a 16% stake in Gulf Bank of Kuwait during their recapitalisation. In 2009, KIA also invested $750 million in BlackRock. In July of the same year, it sold its entire 19.8% holding in Boubyan Bank, which was bought by the National Bank of Kuwait and the Securities Group.

In 2010, KIA invested $800 million in Agricultural Bank of China, as well as $1 billion in AIA Group. In September of the following year, KIA invested $200 million in CITIC Securities Hong Kong listing.

In July 2025, KIA sold AIA Group shares worth $3.4 billion, as well as Bank of America stock worth $3.1 billion.

Corporate Governance

KIA's board of directors is headed by the minister of finance with other seats allocated to the Energy Minister, Governor of the Central Bank of Kuwait, Undersecretary of the Ministry of Finance, and 5 other nationals who are experts in the field, 3 of which should not hold any other public office.

Board of Directors

• Dr. Subaih Abdul Aziz Abdul Muhsen Al-Mukhaizeem – Minister of Electricity, Water and Renewable Energy and Minister of Finance and Acting Minister of State for Economic Affairs and Investment
• Tareq Al-Roumi – Minister of Oil
• Basel Al-Haroon – CBK Governor
• Aseel Al-Munifi – Undersecretary of Ministry of Finance
• Meshaal Jaber Al-Ahamd Al-Sabah – Board Member
• Fahad Al-Rashed – Board Member
• Saoud Salem Abdulaziz Al-Sabah – Board Member & Managing Director

Executive Management

• Saoud Salem Abdulaziz Al-Sabah – Managing Director
• Abdulmohsen Almukhaizeem – President and CEO (KIO London)
• Abdulaziz Alhudaib – Acting Executive Director (Planning & Senior Management Support)
• Rana Almuzaini – Acting Executive Director (Operations & Administration)
• Hadeel Boukhadour – Acting Executive Director (Alternative Investments)
• Huda Almousa – Acting Executive Director (General Reserves)
• Sarah Al-Sane – Acting Executive Director (Marketable Securities)
• Abdulrazaq Al-Buaijan – Chief Representative (KIO – Shanghai)
• Omar Alamiri – Acting President (Debt Settlement Office)
• Barrak Al-Mubaraki – Acting Director (Board of Directors Office)
• Waleed Alansari – Acting Director (Legal Affairs)
• Rasha Almelhem – Acting Director (Internal Audit Office)

References

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