DUBAI: Kuwait Investment Authority (KIA) board member Sheikh Saoud Salem Abdulaziz Al-Sabah has assumed the role of managing director at the Gulf state's $1 trillion sovereign wealth fund, according to its website.

Al-Sabah has been in the role since November, according to his profile. He is also chairman of the KIA's Investment Committee and a board member of Kuwait Petroleum Corporation (KPC), the state oil company.

He takes over from Ghanem Al-Ghenaiman, who was appointed in 2021, and left the role at the KIA three years into a four-year tenure, Bloomberg reported last week.

The KIA, which has $980 billion in assets under management according to the Sovereign Wealth Fund Institute, is chaired by Kuwait's finance minister, and manages and invests the country's vast oil wealth.

 

(Reporting by Rachna Uppal; Editing by Kim Coghill)