The Kuwait Investment Authority (KIA), which oversees over $800 billion in assets, has announced its intention to expand its presence in Saudi Arabia to “solidify bilateral relations” between the two countries.
Kuwait’s Minister of Finance and Minister of State for Economic Affairs and Investment, Dr. Anwar Al Mudhaf announced the KIA’s board decision. Al Mudhaf, who is also Chairman of the Board of Directors of KIA said, “The Kingdom of Saudi Arabia is witnessing great economic development and growth that has led to the creation of a rich investment environment which has attracted the attention of the entire world.”
The minister added that, “through the presence of a representative office of the General Investment Authority in the Kingdom, the Authority will be able to explore and seize investment opportunities, which will certainly increase the prospects for cooperation with Saudi and international companies in joint projects to enhance economic development of both countries.”
The Kingdom’s economy is among the major economies in the world a member of G20 and the Organization of Petroleum Exporting Countries (OPEC).
