Kuwait to set up new sovereign fund to develop mega projects and local economy – Reuters

Kuwait to set up new sovereign fund to develop mega projects and local economy – Reuters

KUWAIT CITY, July 16 (Reuters) - Kuwait plans to establish a new sovereign fund to develop its local economy, spearhead mega projects, and attract funds from foreign investors and the private sector, according to a government plan seen by Reuters on Sunday.

The government has tasked the Ministry of Finance and the Kuwait Investment Authority (KIA) with studying plans for the proposed fund, dubbed Ciyada, Arabic for sovereign, the document says.

There was no indication of the value of the funds Ciyada would control or of any specific projects it would help finance.