Kuwait Investment Authority (KIA)
The Kuwait Investment Authority (KIA) is the oldest sovereign wealth fund in the world. KIA traces its roots to the Kuwait Investment Board, which was established in 1953.KIA does not seek to purchase majority or controlling interests in the companies in which it invests, other than shares in real estate investment entities and in investment holding companies that it establishes for particular transactions. FGF: By law, a minimum of 10% of the all State revenues as well as 10% of the net GRF Income are transferred to the FGF annually. All proceeds from the FGF’s investments are reinvested again by law and any transfer from the FGF requires a specific legislation authorizing any withdrawal. The FGF is the intergenerational saving platform managed by the KIA. GRF: Being the general reserve of the State of Kuwait, GRF assets and the income are available for use by the State of Kuwait as determined by the Government through passage of an annual budget by Parliament. The GRF is the treasurer as well as the stabilization fund managed by the KIA.
Abu Dhabi Investment Authority
The Abu Dhabi Investment Authority is a sovereign wealth fund owned by Emirate of Abu Dhabi founded for the purpose of investing funds on behalf of the Government of the Emirate of Abu Dhabi. It manages the Emirate’s excess oil reserves, estimated to be as much as $1.329 trillion. Its portfolio grows at an annual rate of about 10% compounded. ADIA invests in a broad mix of assets including equities in both developed and emerging markets, hedge funds, managed futures, real estate, private equity and infrastructure. In November, it invested A$872 million ($914.6 million) in a joint stake in three Australian shopping centres with the CPPIB through wealth manager AMP Capital. The fund famously put $2.7 billion into Citigroup in 2007, only to lose most of it during the subsequent meltdown of the bank during the financial crisis.
The Qatar Investment Authority
Created in 2005 to handle the country’s windfall from liquefied natural gas sales, of which it is the world’s biggest exporter.This country—with a population smaller than Houston—has amassed $335 billion in assets around the globeA visit to the capital of this tiny state starts at the $17 billion Hamad International Airport. Qatar Airways, which is backed by the QIA, manages the airport, and that’s just the start of the fund’s extensive footprint in the country. QIA is chaired by Sheikh Abdulla Bin Mohammed Bin Saud Al Thani, who is also the QIA’s chief executive officer.
Qatar’s investments in the U.K. were valued at a minimum of $35 billion in 2014, according to local media reports.
Qatar is now setting it sights on the U.S. The QIA opened an office in New York in 2015 and laid out plans to invest $35 billion in the country by 2020 to diversify its oil holdings.
Here’s a look at some of Qatar’s largest assets around the world:
- In London, Qatar-backed entities have purchased a number skyscrapers, including Canary Wharf, HSBC Tower, and The Shard.
- Qatar bought U.K. department store, Harrods back in 2010.
- Qatar raised its stake in British Airways owner IAG to 20 percent and purchased a 20 percent stake in London Heathrow last year.
- Qatar Sports Investments owns Paris Saint-Germain Football Club.
- In New York, Qatar’s investment arm bought nearly a 10 percent stake in, Empire State Realty Trust, the owners of the Empire State Building, last year. The skyscraper was recently lit up with Qatari flag colors to commemorate the 10th anniversary of flights on Qatar Airways between the U.S. and Doha.
- A Qatari media group, BeIN, purchased Miramax Studios last year for an undisclosed amount.
- The fund has also invested in Uber and recently announced plans to open an office in Silicon Valley to invest more into U.S.-based tech firms.
- In Singapore, QIA purchased one of the well-known Asia Square towers from BlackRock for $2.5 billion. It was the largest office transaction in Singapore’s history.
Oman Investment Fund( OIF)
The Sultanate of Oman established the Oman Investment Fund (OIF) in 2006 to make medium- to long-term investments at home and abroad to diversify the government’s asset base and create a pool of sustainable cash flows. The fund succeeded Oman’s Oil Fund, which had been formed in 1993 to invest in the domestic oil industry and then received an additional $1 billion from the government. OIF is overseen by the Financial Affairs and Energy Resources Council (FAERC) and the Ministry of Finance (MOF). OIF has around $17.2 billion of assets under management.