Aliah Al Tameemi, the Head of Alternatives of the Kuwait Investment Authority (KIA), has been replaced by Salah Al Muraikhi, a Director of the Hedge Funds program. This represents the latest move among the sovereign wealth fund’s executive management, which has seen 70% of its members (including all heads of investment) change in the past 15 months.

Ms Al Tameemi climbed the ladder of the KIA over the past 28 years and was the highest ranked female in the organization. Not only did she oversee a portfolio estimated at over US$ 100 billion in alternative investments, including real estate, infrastructure, private equity, and hedge funds, but she also acted as the Chair of Wren House Infrastructure and ran the Fresh Graduate Training Program.

She was well respected inside and outside of the organization, especially among the asset managers she allocated capital to, and had received several accolades and recognition in the private equity world. We spoke with her in April 2022, and she came through as a role model that always aspired for more.

Last week, the newly appointed Minister of Finance and Chair of the Board of KIA, Fahad Al Jarallah, visited the London office, also known as Kuwait Investment Office (KIO). He was accompanied by Ghanem Al Ghenaiman, Managing Director of the fund since August 2021, and by Abdulmohsin Al Mukhaizeem, the recently appointed Head of KIO. In August, the fund celebrated its 70th anniversary in the UK.

According to IMF estimates, KIA manages US$ 801 billion, which makes it the world’s fifth largest SWF. Unlike some of its peers, it pursues most investments through external managers (except for Wren House and the real estate subsidiaries), which makes it difficult to track its transaction activity. Besides the London office, the SWF maintains a small representative office in Shanghai, which was moved from Beijing in 2018.

In the past few years, Kuwait has been immersed in significant political turmoil between the parliament and executive, which has stalled much-need investments and reforms and has greatly affected the country’s two largest investment organizations, KIA and pension fund PIFSS. One trillion dollars is at stake.

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Related funds KIA PIFSS-Wafra
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