Kuwait Investment Authority chief navigates politics and trendy tech | Financial Times:
It has now been well over a year since Farouk Bastaki took over as head of the Kuwait Investment Authority, the oldest and one of the five largest sovereign wealth funds in the world.
The 65-year-old KIA is also among the most professional of such funds. For example, while many other Gulf funds exist at the whim of local rulers, the KIA is entitled by law to at least 10 per cent of state revenues a year. Moreover, whereas many state-controlled investment funds are headed by political appointees, Mr Bastaki is the first KIA managing director to have been promoted from within the KIA itself. His elevation came at least partly at the behest of his respected predecessor Bader al-Saad. Mr al-Saad is widely credited with making the KIA a more meritocratic organisation, in the face of resistance from influential vested interests.
Being the managing director of a sovereign wealth fund in the Gulf is no easy task, however.
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