Norway's wealth fund bets big on Kuwait's booming stock market by 2025
Norway's sovereign wealth fund has significantly expanded its investments in Kuwait, reaching $838.58 million by the end of 2025. This growth comes as Kuwait's stock market experienced a record year, with trading volumes and foreign inflows both rising sharply. The fund's increased exposure reflects broader confidence in the country's economic stability and financial market performance.
The fund's Kuwaiti equity holdings have surged over the past five years. In 2020, its investments stood at $333.5 million, but by 2025, they had climbed by roughly 151 percent to $838.58 million. Annual growth in 2025 alone reached 14.87 percent, lifting the total from $729.9 million at the end of 2024.
The fund's strategy in Kuwait centres on five key sectors: banking, real estate, investment, logistics, and consumer services. Its largest holdings include the National Bank of Kuwait ($506.1 million), Kuwait Finance House ($111.2 million), and Gulf Bank ($77.78 million). These investments align with the fund's focus on stable, high-performing industries.
Kuwait's stock market also saw a strong year in 2025. Trading volumes jumped 71.3 percent to 117.3 billion shares, while the value of traded shares rose to $86.6 billion—up from $48.4 billion in 2024. Net foreign inflows reached $1.5 billion, pushing Kuwait's share of total Gulf trading to 14.3 percent. The market's improved liquidity has attracted greater foreign institutional interest.
This growth coincides with a period of political stability under Prime Minister Ahmad al-Abdullah as-Sabah, who has held office since 2024. The fund's expansion underscores rising optimism about Kuwait's economic resilience and the long-term potential of its financial markets.
The fund's Kuwaiti investments now span 13 listed companies, with banking and financial services forming the core of its portfolio. The surge in market activity and foreign capital suggests Kuwait's stock exchange is becoming a more prominent player in the Gulf region. Analysts will likely watch whether this momentum continues in the coming years.
