Font Size

- Aa +

Mon 20 Feb 2017 03:45 PM

Font Size

- Aa +

Kuwait sovereign wealth fund appoints new managing director – report

Kuwait Investment Authority is one of the world's biggest sovereign funds with assets estimated at $592 billion

Kuwait sovereign wealth fund appoints new managing director – report
(Yasser Al-Zayyat/AFP/Getty Images)

Kuwait Investment Authority (KIA) has appointed Farouk Bastaki as managing director to replace Bader Mohammed al-Saad, newspaper al-Rai reported on Monday, quoting unnamed sources.

The KIA is one of the world's biggest sovereign funds with assets estimated at $592 billion, according to the Sovereign Wealth Fund Institute.

Its investments include a 6.85 percent stake in Daimler , Thomson Reuters data shows.

Bastaki will take up his new post by April as part of a board reshuffle at the KIA, the report said.

Bastaki is currently the KIA's executive director for alternative investments.

The KIA did not respond to requests for immediate comment.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.