Kuwait’s foreign investments reached $70 billion in the year 2000, an economic report said on Saturday.
The independent Al Shall Economic Consultants said most of the investments were managed by the Kuwait Investment Authority (KIA) that controls the country’s Fund For Future Generations, reported the Gulf Daily News.
The rest belonged to the state-run Kuwait Petroleum, the Kuwait Fund for Arab Economic Development, and the Central Bank.
For several decades, Kuwait has been putting aside 10 percent of its annual revenues in a fund meant to become an alternative source of income for future generations when oil, the mainstay of the economy, runs out.
Before the 1990 Iraqi invasion, the value of this fund was estimated at $100 billion, said the report – Albawaba.com
