1 minute ago by Reuters1 minute ago by Reuters1 minute ago by Reuters1 On November 9, 2012, a car approaches detour signs where a new extension to the Aljahra road is being built in Kuwait City. Kuwait is a perplexing contradiction for many businesspeople: a spectacularly wealthy country that is economically backward. And it appears that the gap between its riches and its degree of development is expanding. The photo was taken on November 9, 2012. to fit the story KUWAIT-ECONOMY/DEVELOPMENT Stephanie Mcgehee/REUTERS (Tags: TRANSPORT BUSINESS CONSTRUCTION) (KUWAIT) (KUWAIT) (KUWAIT) (KUWAIT) (KUWAIT) (KUWAIT) DUBAI, United Arab Emirates (Reuters) – Kuwait’s sovereign fund, the Future Generations Fund, saw a 33 percent increase in returns in the year to March 31, according to the finance ministry’s Twitter account. According to ratings agency Fitch, the Kuwait Investment Authority (KIA) handled the fund, which had more than $580 billion in foreign assets at the end of last year. According to a government source, one of the key drivers of the FGF’s returns, which climbed by more than $150 billion in the previous fiscal year, was the bull market in U.S. stocks. “We are overweight in the United States, and we are overweight in U.S. stocks, with stocks accounting for more than half of our assets. This was quite beneficial to us “According to the source. “The markets were down dramatically at the start of the fiscal year, and we started from a low point. We had cash, which we utilised to purchase assets in markets that had increased by 50% in the previous fiscal year “”It has been one year.” The fiscal year in Kuwait runs from April 1 to March 31. Ahmed Hagagy, Davide Barbuscia, and Yousef Saba contributed reporting, while David Goodman edited the piece./n
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