Kuwait has announced plans to create a new sovereign investment fund aimed at hastening the country’s advancement, stimulating economic growth, fostering key alliances, and drawing in new investments.
As per the government’s four-year agenda for 2023-2027, the Kuwait Investment Authority (KIA) and the Ministry of Finance (MoF) will examine plans for Ciyada Development Fund (CDF).
According to the Sovereign Wealth Fund Institute (SWFI) and Global SWF, which monitor state-owned investors, the KIA is the world’s oldest sovereign wealth fund, managing approximately $803 billion in assets.
An official government document revealed the CDF’s objective is to expedite the expansion of the Kuwaiti economy, elevate the standard of living, and promote advancement and innovation in various areas of development through strategic planning and the efficient execution of major development initiatives.
Read more: Kuwait on cusp of major economic upsurge
Four programs
Presented to the national assembly, the 62-page report delineates a four-year plan extending up to 2027 that encompasses the economic, social, entertainment, and human resources sectors.
In fact, the forthcoming fund aims to establish collaborations with industry leaders and advanced technology experts in both domestic and international private sectors, functioning within “a framework of governance and transparency to achieve progress and prosperity.”
Additionally, as stated in the government document, the fund will function as the developmental arm of the government for administering significant projects and as a platform for collaboration with the private sector.
Moreover, its goals include the localization of technology through global partnerships, the creation of opportunities and the attraction of investments in high-value-added sectors, the leadership and execution of economic planning and strategy, and the promotion of a culture of productivity.
Furthermore, the government presented its four-year work program to the national assembly, featuring 107 major projects related to economic, social, entertainment, and human capital sectors that are slated for completion by 2027.
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