Kuwait City: Kuwait ranked second on the Sovereign Funds Institute's list of the largest sovereign funds in the Gulf Cooperation Council (GCC) countries, with assets valued at $708 billion - nearly the same as Abu Dhabi Investment Authority's assets valued at $708.75 billion. According to Arabian Business, the Kuwaiti sovereign wealth fund known as the 'Kuwait Investment Authority' is the world's oldest. It was established in 1953 with the formation of the Kuwait Investment Board.
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