The Audit Bureau report explained that the Kuwait Investment Authority (KIA), which manages the RFFG assets, does not publish details. It did however note that 47.07%, or KD34.65bn ($123.0bn) of the RFFG assets were invested in equities.

The report went on to say that the KIA incurred losses totaling KD97mn ($344mn) from the slide in the value of shares. At the same time “currency differences” caused losses in the value of the RFFG assets which totaled KD674.28mn ($2.39bn) in the fiscal year ending 31 March 2012, compared to KD742.35mn ($2.64bn) in the year ending 31 March 2011 and KD710.27mn ($2.52bn) in the previous year ending on 31 March 2010. (CONTINUED - 433 WORDS)