On 27 July 2017, ASEAN Committee in Kuwait met with Mr. Farouk A. Bastaki, Managing Director and Mr. Ahmand M.A. Bastaki, Executive Director of Kuwait Investment Authority (KIA). The CEO of KiA briefed the Ambassadors on the operations of KIA. KIA manages Kuwait’s sovereign wealth fund, which is derived from 10 percent of the country’s annual oil revenues. Since its creation in 1953, KIA has based its investment decisions exclusively on commercial considerations, not on the political or foreign policy interest of the State of Kuwait, and will continue to do so in the future.