unveiling the truth...
   

 




A rainy day fund managed by Kuwait Investment Authority (KIA) had assets currently worth more than $261 billion at the end of March last year, a local newspaper reported on Sunday citing a government audit.

Oil-producing Kuwait, one of the world's richest countries per capita, puts a percentage of its annual revenues into the Future Generations Fund, a nest egg for when oil supplies diminish or for when the economy suffers other shocks.

Daily al-Qabas said 47 percent of the fund was invested in stocks and that its total size was 73.63 billion Kuwaiti dinars ($261.61 billion) at the end of March. This would be $261.47 billion according to the current exchange rate or $266 billion at the time.

The KIA, which does not officially disclose its assets under management, was not immediately available for comment.

In September last year, OPEC member Kuwait decided it would start putting 25 percent of revenues into the fund, up from 10 percent previously, in order to invest state money more efficiently.

The fund, which invests outside Kuwait, was set up in 1976 and all investment income is reinvested. It is meant to provide for future generations in a country where more than half of nationals are under 25.

The KIA also manages a large General Reserve Fund which acts as the main treasurer for the government and receives all revenues. ($1 = 0.2815 Kuwaiti dinars)

Add comment


Security code
Refresh

Prices Of Fish, Bread Pushes Inflation To 7.8%

The National Bureau of Statistics has released the Consumer Price Index for the month of March stating that inflation rose by 7.8 per cent from 7.7 per cent... Read More...
FG Moves To Implement 100% 2014 Budget

...Administers oath on procurement officers Senior ‎Civil Servants in the cadre of Directors and Assistant Directors who are procurement officers on Tuesday... Read More...
Revealed : How GSM Companies Run Slave Camps In Nigeria

By Benjamin Umuteme Akpofuno Christopher had put in two years in one of the GSM companies and on getting to the office one faithful morning, he was asked to... Read More...



Subscribe to Our Newsletter

Subscribe to our Newsletter and get the news as it breaks. Click here

Search

Latest Comments

  • US Approves First-Ever Pill for HIV Prevention
    If you are going for best contents like myself, simply visit this site every day because it offers ...

    Read more...

     
  • Fuel Scarcity: FG Orders Opening of ‘Strategic Reserves’
    I am sure this paragraph has touched all the internet users, its really really pleasant post on ...

    Read more...

     
  • Play Politics Of Development Not Acrimony - Jonathan Urges Political Leaders
    Thank you for the auspicious writeup. It in fact was a amusement account it. Look advanced to far ...

    Read more...

Trending

 

Twitter Feed

Football Fixtures

English Barclays Premier League
FIXTURES (GMT)

Wednesday 16 April 2014


Manchester City    v    Sunderland
Etihad Stadium    18:45


Everton    v    Crystal Palace
Goodison Park    18:45


Read More

Photo News