Kuwait prepares to launch a state-owned sovereign fund to grow its local economy, finance megaprojects, and diversify its investment spectrum from foreign investors as well as the private sector, Reuters recently cited a government plan.

The Ministry of Finance and the Kuwait Investment Authority (KIA) will be responsible for making the required feasibility studies for the fund, which is expected to come under the name Ciyada.

The KIA, the oldest sovereign wealth fund in the world, is already in charge of more than $800 billion in assets under management (AUM), according to sovereign wealth fund tracker Global SWF. It is responsible for the management of Kuwait Investment Office, which has control over the General Reserve Fund (GRF) and the Future Generations Fund (FGF).

Ciyada is supposed to help stimulate Kuwait’s economy, bolster development in different fields through clear roadmapping, and execution of development projects.

It is worth noting that there are other sovereign funds in MENA region that manage billions like the UAE’s Abu Dhabi Mubadala Investment Company and Saudi Arabia's Public Investment Fund (PIF), which aims to help expand the Kingdom’s economic growth away from depending on oil revenues.

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