KUWAIT SET TO LAUNCH SOVEREIGN INVESTMENT FUND TO BOOST DOMESTIC MARKET

Kuwait is planning to launch its own sovereign investment fund, with the move designed to emulate the success of other countries in the Middle East by using major investments to stimulate economic growth in the domestic market. Called the Ciyada Development Fund (CDF), the body aims to accelerate the growth of the Kuwaiti economy domestically, improve the quality of life for citizens, and promote advancements in various fields of development through strategic planning and effective execution of a series of ‘mega development’ projects. Managed by the Kuwait Investment Authority (KIA), the fund will complement an existing US$700bn (€623.2bn, £535.4bn) sovereign wealth fund, called the Future Generations Fund (FGF), which focuses on investments abroad and acts as a savings fund for the country. According to the Kuwait government, the CDF will collaborate with both local and international private sector entities, with the goal of achieving progress and prosperity. Source: Planet Attractions