SWF chief Bader Mohammed al-Saad says fund now manages more than $120bn globally
The Kuwait Investment Authority has more than doubled its investment in Britain over the past 10 years to more than $24bn, Bader Mohammed al-Saad, managing director of the KIA has said.
Kuwait's sovereign wealth fund, which manages state assets in the world's fourth-biggest oil exporter, is the oldest sovereign fund tracked by the SWF Institute with an estimated $342bn in assets, one of the world's largest.
"The KIA now manages more than $120bn globally compared with only $27bn 10 years ago," Saad said.
"The KIA has invested more than $24bn in the UK across all asset classes, sectors and industries. 10 years ago it was $9 billion," he said at an investor lunch in London on Friday. The lunch marks the 60th anniversary of the establishment of the Kuwait Investment Office, the fund's main investment arm.
"In the world of trade and industry, the close co-operation between the KIA and the United Kingdom is a force for good which I believe will continue and grow in the years to come," he added.
The KIA has around $9.24bn invested in equities according to Thomson Reuters data, with stakes in companies including BP, Vodafone and HSBC.