Kuwait Investment Authority (KIA) has accumulated assets worth $261 billion for its ‘Future Generations Fund,’ meant to provide for future generations in a country where more than half of nationals are under 25, Kuwait’s al-Qabas newspaper reported on Sunday. (Reuters, 13 January)
Kuwait puts a percentage of its annual oil revenues into the Future Generations Fund. In September 2010, Kuwait decided to increase its contribution to the fund to 25 percent of its total oil revenues, up from 10 percent previously.
The Future Generations Fund does not include the country’s substantial foreign currency reserves, which is known as General Reserve Fund, also managed by KIA.
File photo: Kuwaiti currency, the dinar (Al-Arabiya)