Al-Ghunaiman replaces Farouk Bastaki, who helped to propel the Kuwait Investment Authority to rank among the world’s biggest wealth funds
The Future Generations Fund, managed by Kuwait Investment Authority, has risen to a record of about $700bn
The government’s also attempting to push through parliament legislation allowing it to tap international bond markets
By law, 10 per cent of state revenue is annually transferred into the Future Generations Fund, which invests abroad and has adequate liquidity to meet any requirement
A drop in oil prices this year suggests that hydrocarbon-funded SWFs are under pressure