Kuwait Investment Authority 2.72

The Kuwait Investment Authority is Kuwait's sovereign wealth fund, managing body, specializing in local and foreign investment. It is the 5th largest sovereign wealth fund in the world with assets exceeding $592 billion. It is a member of the International Forum of Sovereign Wealth Funds and has signed up to the Santiago Principles on best practice in managing sovereign wealth funds.History and profileKIA 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 is the world's first and oldest sovereign wealth fund.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.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.KIA is estimated to have more than $592 billion in assets, and is one of the largest Sovereign Wealth Funds in the world. 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.