27/09/2017 09:45 AST

Assets managed by Kuwait Investment Authority (KIA), one of the world’s biggest sovereign wealth funds, have grown more than 34 percent over the past five years, Finance Minister Anas al-Saleh said.

Speaking at a Euromoney conference, Saleh described the state’s reserves and assets, managed by the KIA, as representing a “safety valve” for the economy during times of crisis as well as a nest egg that would provide for future generations.

“The growth in assets achieved by the (Kuwait Investment) Authority over the past five years is more than 34 percent,” he said. He did not disclose the size of the assets.

The Sovereign Wealth Fund Institute ranks KIA as the world’s fourth-biggest sovereign fund, managing $524 billion.

A KIA statement carried out by the country’s state news agency earlier this year implied the fund had assets of about $515 billion as of March 2016.

Among KIA’s high-profile investments, it owns 6.8 percent of German automaker Daimler AG and stakes in major Kuwait-based firms such as 18.4 percent of Kuwait Finance House , according to Thomson Reuters data.


Reuters

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