The government of Kuwait is planning the launch of a sovereign wealth fund to support businesses with the aim of selling them to private investors within five to seven years, according to Al-Anba.
The fund could manage up to $100bn in local assets and will be managed by Kuwait Investment Authority (KIA), Kuwait’s sovereign wealth fund management organisation.
Investments will be made in local companies as well as power and water projects.
The establishment of the fund ties in to Kuwait’s plans to privatise utilities while also removing domestic energy subsidies. These moves are intended to make the power and water assets more profitable for the fund and thus attractive to potential investors.