The Kuwaiti Minister of Finance Khalifa Hamadeh affirmed that "the performance of the Future Generations Reserve Fund was the best in its history, as it achieved a growth of 33 percent in the fiscal year ending last March."
The growth was achieved in the assets of the Generations’ Fund, which increased by more than 150 billion dollars in the last fiscal year. The growth in the Generations Reserve Fund in the past five years has exceeded the total oil revenues for the same period, and has achieved results that exceed the goals set in the Fund's strategy.
Minister Hamadeh explained that "the sovereign fund, being closed and not distributing profits, invests the returns that it automatically achieves by purchasing assets, and the jump achieved by US stocks during the past fiscal year was one of the main reasons for the fund's high revenues."
According to "Fitch" credit rating agency, the assets of the fund, which is managed by the Kuwaiti Investment Authority, amounted to more than 580 billion dollars at the end of last year. However, according to H.E., the fund's assets were less than that at the beginning of the last fiscal year, when it was just over $500 billion.
Source (Asharq Al-Awsat Newspaper, Edited)
