Kuwait wealth fund KIA appoints new board of directors | ZAWYA MENA Edition
The Kuwait Investment Authority (KIA), the Gulf state's sovereign wealth fund, has appointed a new board of directors, according to a government official on Tuesday, confirming media reports.
The move was approved by Kuwait's cabinet on Monday, the newspaper al-Qabas said.
The newly appointed board members are Khaled Ali Al-Fadil, Sheikh Mishaal Jaber Al-Ahmad, Fahd Muhammad Al-Rashed, Faisal Abdullatif Yousef Al-Hamad and Ghanem Suleiman Saqr Al-Ghunaiman, al-Qabas said.
They could not immediately be reached for comment.
KIA, which had more than $580 billion in foreign assets at the end of last year according to ratings agency Fitch, manages two funds - one is a nest egg for when oil prices run out, the other is used to cover Kuwait's budget deficit.
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