Now accepting applications for Fast Company Middle East’s Most Innovative Companies. Click here to apply.

To spearhead domestic investments to fuel economic development and diversify Kuwait’s economy, Kuwait plans to create a new sovereign fund.

According to Reuters, the proposed fund is currently being examined by the Ministry of Finance alongside the Kuwait Investment Authority (KIA), one of the world’s oldest and fifth-largest wealth funds with over $8 billion in assets. 

The KIA manages the Kuwait Investment Office, which heads the General Reserve Fund (GRF) and the Future Generations Fund (FGF.)

The new Kuwait wealth fund, named Ciyada, meaning sovereign in Arabic, will spearhead mega projects, attract foreign investors and private sector funds, and promote transformation.

Through strategic planning and mega-project implementation, Ciyada Development Fund aims to expedite progress in various fields. 

The GCC region is a leader in the wealth fund, with the fourth largest wealth fund worldwide being the Abu Dhabi Investment Authority (ADIA), holding $853 billion in assets. Saudi’s Public Investment Fund (PIF) manages $776 billion in assets.