The Kuwait Investment Authority (KIA), one of the world’s largest sovereign wealth funds, is looking to expand its presence into Saudi Arabia.

The board of the wealth fund, which oversees more than $800 billion in assets, has decided to set up a representative office in the kingdom to boost trade and investment exchange between the two Gulf states, Bloomberg reported, quoting a statement from KIA Chairman and Minister of Finance Anwar Al-Mudhaf.

Through the new Saudi branch, the wealth fund looks to “solidify bilateral relations”, as well as “open new horizons for joint cooperation.”

The fund so far operates two international offices outside the Gulf state, one in London and the other in Shanghai, according to KIA’s website.

KIA has assets under management worth $846 billion, according to the Global Sovereign Wealth Fund. It manages Kuwait’s shares in major economic entities and plays a key role in the financial development in the Gulf state.

(Writing by Cleofe Maceda; editing by Seban Scaria) Seban.scaria@lseg.com