The KIA is so secretive that, apparently, the Kuwaiti parliament isn’t even aware of what it’s up to. According to an article out this morning, the country’s lawmakers had sent the SWF a proposal that asked the fund to set up a new shariah-compliant entity that would support small projects by Kuwaiti nationals. The idea was so good that…the KIA rejected it on the grounds that it was already doing this!
“The sovereign wealth fund said that it is engaged in undertakings that have been in place for a long time that make creating such entity unnecessary, the paper reports citing KIA’s response which was referred to parliament by Minister of Finance Mustafa Al Shamali.”
If it has been doing this for a “long time”, why doesn’t parliament know about it? I think this is a sign that the KIA may be a bit too secretive, even among its fellow secretive SWFs in the Middle East.
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