Royal audience to Kuwait Investment Authority chief
By Azrol Azmi & Azlan Othman

His Royal Highness Prince Hj Al-Muhtadee Billah, the Crown Prince and Senior Minister at the Prime Minister's Office received in audience Mr Badar R Elsaad, Chief of the Kuwait Investment Authority (KIA) at the Diwaniya, Bayan Palace on the final day of the official visit to Kuwait.

Also present at the audience was Prince Abdul Qawi.

KIA is an autonomous government body responsible for the management and administration of the General Reserve Fund (GRF), the Future Generations Fund (FGF) created in 1976 through the transfer of 50 per cent of GRF during that time and subsequent annual contribution of 10 per cent of all state revenues, as well as any other funds entrusted by the Kuwait's government.

KIA's Board of Directors is chaired by Kuwait's Minister of Finance and was formerly known respectively as the Kuwait Investment Board upon its establishment in 1953 and changed to Kuwait Investment Office in 1963. KIA invests in the local, Arab and international markets. - Borneo Bulletin (5th August 2010)