The London arm of Kuwait Investment Authority, which manages the country’s sovereign wealth fund, has $250 billion of assets under management, KIA Chairman Saad Al-Barrak said.

The Kuwait Investment Office’s AUM grew from $27 billion in 2003 to $250 billion this year, Al-Barrak, who’s also minister of state for economic affairs and investment, said in London on Tuesday during an event marking the KIO’s 70th anniversary. The KIA doesn’t usually disclose the value of its assets.

The Kuwait Investment Board was established in London in 1953, eight years before OPEC-member Kuwait gained independence, to invest surplus oil revenue and help diversify the economy. The board was later replaced by the Kuwait Investment Office, and in 1982 the KIA was set up as its parent entity. The KIA manages the Future Generations Fund, estimated at over $700 billion, as well as the General Reserve Fund, or treasury.

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The KIO mainly invests directly, predominantly in public equities and fixed income but also in alternatives like real estate and private equity. The London office has been a prolific investor, and participated in the US listing of private equity firm TPG Inc. Kuwaiti investments in the UK rose to $42 billion from $9 billion two decades ago, Al-Barrak also said.