Kuwait Investment Authority (KIA) manages the State’s shares in major economic entities and plays a pivotal role in the financial development in Kuwait. It has total control of the Kuwait Investment Office (KIO), which manages the General Reserve Fund (GRF) and the Future Generations Fund (FGF). The former serves as the main treasurer for the Government while the latter holds the majority of the assets. KIO has established international offices in London and Shanghai, recently transferred from Beijing (KIRO).