New managing director for Kuwait’s sovereign fund

The Kuwait Investment Authority has appointed Farouk Bastaki as its managing director, according to widespread reports.

He will replace Bader Al-Saad, who has served in the role for 14 years. Al-Saad will reportedly stay on the board of the authority.

Bastaki will begin his new job in April, according to Kuwaiti newspaper Al-Rai, which broke the news. He is currently an executive director of alternative investments at the authority.

If the appointment goes as planned, Bastaki will be the seventh managing director since the authority was set up as an independent body in 1982.

The Kuwait Investment Authority, which manages the country’s surplus revenues from oil exports, claims to be the world’s oldest sovereign wealth fund, tracing its heritage to 1953.

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