Sovereign Wealth Funds, Diversification, and Economic Development: A Global Survey with Application to Kuwait
in collaboration with the Kuwait Institution for Scientific Research
LSE PI: Professor Neil Lee
KISR PI: Dr Husam Arman
Duration: April 2024 - September 2025
Sovereign wealth funds (SWFs) have become important parts of the global financial system. Their primary purpose is as a store of national wealth, particularly that gained from natural resources. Increasingly, they are serving a strategic economic role as catalysts for economic diversification, innovation, and development.
Despite their economic importance, the academic literature on SWFs remains focused on their role as stores of wealth, with studies considering their investment strategies and implications for sovereignty, and there is little research considering their role in economic development.
This project seeks to address this gap by mapping the landscape of the economic development efforts of SWFs worldwide. In doing so, it aims to provide evidence-based recommendations related to the activities of the Kuwait Investment Authority.
This project forms part of Kuwait Programme, funded by the Kuwait Foundation for the Advancement of Science (KFAS).
Kuwait City's skyscrapers and financial buildings at dusk. (C) Michel Theriault / Flickr (2015)
Principal Investigators
Dr Neil Lee | Professor
Neil is Professor of Economic Geography in the Department of Geography and Environment, LSE.
Dr Husam Arman | Associate Research Specialist
Husam is an Associate Research Specialist at the Kuwait Institute for Scientific Research (KISR).
Research Team
Ahmad Al-Awadhi | Associate Research Scientist
Ahmad is an Associate Research Scientist at the Kuwait Institute for Scientific Research.
Yasmeen Al-Jalal | Consultant
Yasmeen AlJalal is the Managing Director and Founder of the Shuwaikh Economic Office based in Kuwait. At SEO, she leads the strategic direction of the firm’s operations, publishes research and data, and offers learning programs. Yasmeen’s professional experience covers operations for retail, f&b, and design sectors in Kuwait and the United Arab Emirates. She obtained a MSc in Local Economic Development from the London School of Economics and a BSc in Economics & Management from King’s College London. Her research focuses on socio-economic development, public finance, and GCC trade.
Simona Iammarino | Consultant
Simona is co-editor of the Journal of Economic Geography, member of the Regional Studies Association Executive Group and Board, and Chair of the RSA Journal Committee. Simona has a long-term experience in externally funded international research projects, and in consultancy projects for various international organisations (e.g. EU Commission, OECD, United Nations) and numerous government agencies.
Martina Pardy | Researcher
Martina is a Research Assistant in the Department of Geography and Environment, working in the field of economic development, with a particular focus on sovereign wealth funds. She is also interested in regional inequality, climate change, globalisation and local labour markets. Before joining the LSE, Martina worked as an Early Stage Researcher on the Marie Sklodowska-Curie Innovative Training Network on Policies for Smart Specialisation.