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Kuwait’s sovereign wealth fund maintains fifth place globally

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KUWAIT: Kuwait’s sovereign wealth fund ranks among the top 10 largest in the world, holding an estimated $1.029 trillion in assets — about 7.2 percent of the total global sovereign wealth fund value, according to a July report by the Sovereign Wealth Fund Institute (SWFI), cited in Al-Shall Consulting’s latest weekly economic report.

The global total of sovereign wealth fund (SWF) assets now stands at an estimated $14.3 trillion, with the top 10 funds controlling a dominant 69.4 percent share — or nearly $9.93 trillion. Kuwait’s share of the top 10 alone accounts for 10.4 percent.

The SWFI list includes two Chinese and two Singaporean funds, which, if combined, would effectively mean the top 10 represents the eight largest global players. China leads the ranking with a combined sovereign wealth fund value of $2.422 trillion, followed by Norway’s Government Pension Fund Global at $1.739 trillion. Singapore’s two funds — GIC and Temasek — jointly hold $1.315 trillion. The Abu Dhabi Investment Authority comes next with $1.058 trillion.

Kuwait’s position at fifth place is just ahead of Saudi Arabia, whose Public Investment Fund is valued at $941 billion. Qatar ranks lower on the list with its fund valued at $526 billion. Notably, the UAE has a total of seven funds, but the report focuses only on individual entities and excludes aggregated figures.

Al-Shall emphasized that the figures “are not necessarily precise,” noting that “other institutions, such as credit rating agencies, offer alternative estimates, often lower of these fund valuations.”

Beyond just size, sovereign wealth funds play different roles depending on the countries they represent. Norway’s fund is globally recognized for its transparency and clear mission: to replace the country’s oil and gas revenues with a sustainable, income-generating asset. All its policies and activities are published and updated daily.

In contrast, China’s funds serve broader economic and geopolitical goals. “They act as emergency reserves to stabilize the economy in times of crisis, but more importantly, they function as tools to expand China’s Belt and Road Initiative across the widest possible global footprint,” the report noted.

Kuwait’s wealth fund, Al-Shall argued, should ideally serve two core objectives: “Contributing to the diversification of the country’s GDP drivers by identifying and investing in targeted sectors of goods and services production,” and “developing a sustainable income stream from its investments to support the restructuring and reclassification of public revenue sources.”

This approach, the report added, “entails assuming a measured level of risk and targeting a certain percentage of return on investment,” which can help the country gradually reduce its heavy reliance on oil revenues — a commodity becoming “increasingly less competitive.”

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Kuwait signs landmark health deals with top French hospitals

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Deals aim to cut need for overseas treatment through telemedicine, training programs

PARIS: Kuwait’s Ministry of Health signed five cooperation agreements on Friday with leading French medical institutions, with a focus on improving local healthcare delivery through telemedicine, specialist consultations and advanced training for medical professionals.

“This step marks a fresh start in implementing the vision of Kuwait’s wise leadership, under His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, to strengthen ties with France’s leading medical institutions,” Health Minister Dr Ahmad Al-Awadhi said in a joint statement to Kuwait News Agency (KUNA) and Kuwait TV.

The agreements were signed with Almaviva Santé, Institut Curie, Hôpital Foch, Institut Mutualiste Montsouris, and the Adolphe de Rothschild Foundation Hospital — institutions recognized for their clinical and academic expertise.

The partnerships aim to enhance specialized care in areas such as oncology, cardiology, and organ transplants. One of the key components is the development of telemedicine services that would allow Kuwaiti patients and physicians to access expert opinions and diagnostic support remotely.

“This allows patients to benefit from the latest developments in disease treatment without the need to travel abroad,” said Dr Hisham Kelendar, Assistant Undersecretary for Foreign Health Services. “This will also help enhance diagnostic support by using the latest technologies in sample and image analysis, which improves diagnosis accuracy and contributes to better treatment planning.”

Kelendar noted that the MoUs also include launching advanced training programs such as international fellowships and clinical observerships, which aim to develop the skills and efficiency of Kuwaiti medical professionals “according to the latest global standards.”

The agreements also aim to improve Kuwait’s medical referral system to ensure that patients are directed to specialized hospitals according to their needs, while also promoting joint clinical research to develop new treatments and improve existing ones.

“These MoUs open wide horizons for practical collaboration across various health fields,” said Al-Awadhi, noting the participation of French medical experts in the signing ceremony as an indicator of the partnerships’ seriousness.

Kuwait’s Ambassador to France Abdullah Al-Shaheen said the agreements reflect ongoing efforts to deepen bilateral ties. “These agreements are a direct result of His Highness the Amir’s recent visit to Paris, which gave a strong push to bilateral cooperation, particularly in the healthcare sector,” he said.

The MoUs were signed at Kuwait’s Embassy in Paris, in the presence of Minister Al-Awadhi, Ambassador Al-Shaheen, Dr Kelendar, and representatives from the five French institutions. — KUNA

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Frist Deputy PM attends new batch graduation of officers

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 KUWAIT: First Deputy Prime Minister and Interior Minister Sheikh Fahad Yusuf Saud Al-Sabah witnessed on Saturday the graduation of the 32nd batch of officers of Saad Al-Abdullah Academy of Security Sciences totaling 212.A ceremony was held at retired Maj. Gen. Abdulatif Al-Thuwaini’s theater, in the presence of Acting Undersecretary of the Ministry of Interior Major General Ali Al-Adwani and other senior officers.

In a speech, Sheikh Fahad congratulated these cadets on joining the security institution, lauding their commitment and discipline.

Upon the instructions of the wise political leadership, the Ministry of Interior has been paying much attention to rehabilitate humans and upgrading the efficiency of security cadres, out of its belief that security is achieved by well-trained national personnel able to cope up with challenges, the minister said.

He prayed to Allah the Almighty to maintain security and stability to Kuwait, under the wise leadership of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Sabah – the Supreme Commander of the Armed Forces, and His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah. — KUNA

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Kuwait revives co-op Kuwaitization plan with new online hiring system

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KUWAIT: Kuwait’s Ministry of Social Affairs announced Thursday that it will open online applications for supervisory positions in cooperative societies starting July 27, as part of the country’s broader Kuwaitization strategy aimed at placing more citizens in leadership roles across key sectors. The move comes nearly a year after the ministry temporarily suspended earlier initiatives to Kuwaitize the sector.

For the first time, candidates will be required to take an electronic exam on September 9, organized in cooperation with the Gulf University for Science and Technology (GUST), according to the ministry’s Acting Undersecretary Dr Khaled Al-Ajmi. “In a first since appointments in co-ops began, the ministry will require applicants to take an electronic test,” Al-Ajmi told Kuwait News Agency (KUNA), adding that passing with a score above 80 percent is mandatory to qualify for the in-person interview stage. The exam will count for more than 80 percent of the final evaluation, while the interview will account for 15 percent.

The decision is part of a wider national effort to prioritize citizens for employment and address what officials have described as the country’s “demographic imbalance.” In 2023, the ministry launched its first round of Kuwaitization efforts in co-ops, posting supervisory jobs in five co-ops — Nuzha, Qortuba, Faiha, Jabriya, and Qadisiya — for positions such as directors, deputy directors, and department heads. A special committee was assigned to oversee the process. However, sources noted that turnout was lower than expected, citing job security concerns.

Since then, the ministry has been working to expand the scope of the Kuwaitization initiative. In July 2024, it introduced a new vision that included general roles such as legal accountants, procurement clerks, and store managers. In January 2025, Minister of Social Affairs and Minister of State for Family and Childhood Affairs Dr Amthal Al-Huwailah announced the formation of a new committee tasked with overcoming obstacles in hiring Kuwaitis.

Al-Ajmi emphasized that the new electronic test is intended to ensure fairness and transparency in the hiring process. “The goal is to enhance transparency, equal opportunity, and job justice in selecting candidates,” he said, noting that a free, optional training course will be made available for applicants to prepare.

Salaries for the available supervisory positions range from KD 1,000 to KD 2,000 depending on the role and its responsibilities, Al-Ajmi added. Assistant Director-General of the Public Authority of Manpower Musaed Al-Mutairi confirmed that the authority has activated a digital system to register and advertise vacancies submitted by co-ops. The job opportunities will be published through the “Fakhrona” platform dedicated to hiring Kuwaiti nationals. Applications can be submitted via the authority’s online portal or through the Sahel app, Al-Mutairi told KUNA. He added that cooperative societies are a promising space for young Kuwaitis to gain leadership experience, thanks to their community-focused and administratively flexible nature. — Agencies

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