Kuwait sovereign fund lost $1 billion last year

The Kuwait Investment Authority (KIA) lost the equivalent of $1 billion in the financial year ending in March 2016, according to state media.

The loss of 312 million Kuwaiti dinars was equivalent to 0.2% of the fund’s assets, said the report on the Kuwait News Agency (KUNA), implying the fund had roughly $514 billion under management last year.

An official quoted by the news agency said it would be unprofessional to judge the fund based on one year of performance during which the markets were down.

The KIA, which claims to be the world’s oldest sovereign wealth fund, spoke to KUNA to deny rumours in the press that losses in the year ending March 2016 had been as high as $6 billion.

The correct figure was disclosed in the country’s National Assembly session on June 22, 2016, it said.

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