Funds managed by KIA up 14.4%

Two funds managed by state-run Kuwait Investment Authority (KIA) rose 14.4 per cent to 70.21 billion dinars (Dh970bn) in the year to March 31.

Finance Minister Mustapha Al Shamali briefed parliament about state assets in a closed-door session on Thursday. He declined to give figures to reporters after the session but Kuwaiti dailies Al-Watan, Al-Qabas and Al-Seyassah said assets of the key Future Generations Funds, a nest egg when oil runs out, was up 15.4 per cent to KWD57.86bn on March 31, the end of the 2007/08 fiscal year.

The fund was set up in 1976 and is managed by the KIA and its overseas unit.

The state's General Reserve Fund, also managed by the KIA, rose to KWD12.35bn dinars from KWD11.2bn dinars last year.

"The numbers are correct," said an MP, speaking on condition of anonymity.