Dispute over Sovereign Fund Management Prompts Kuwaiti Finance Minister to Resign

Kuwaiti Finance Minister Manaf Al-Hajeri. (KUNA)
Kuwaiti Finance Minister Manaf Al-Hajeri. (KUNA)
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Dispute over Sovereign Fund Management Prompts Kuwaiti Finance Minister to Resign

Kuwaiti Finance Minister Manaf Al-Hajeri. (KUNA)
Kuwaiti Finance Minister Manaf Al-Hajeri. (KUNA)

Kuwait Finance Minister Manaf Al-Hajeri officially submitted his resignation from the government to Prime Minister Sheikh Ahmed Nawaf Al-Ahmad Al-Sabah after a dispute over the management of the sovereign fund, revealed local sources.

The dispute deepened over the state’s financial and economic policy, less than a month after the formation of the government. The sources said the resignation came as an objection to the transfer of the Kuwait Investment Authority to the Ministry of Economic and Investment Affairs.

The General Authority for Investment is responsible for managing the General Reserve Fund and the Reserve for Future Generations. Its investment activity covers the local Kuwaiti market, as well as Arab and international markets.

The authority ranks second among the Gulf sovereign funds in terms of the volume of assets, which amount to $769 billion.

The resigned minister assumed the portfolios of Finance and Economic Affairs and Investment, for the first time in the government that was formed on April 9.

Following a cabinet reshuffle in wake of parliamentary elections in June, the economy and investment ministry was given to Saad Al Barrak, who is also the government’s Deputy Prime Minister and Minister of Oil.

Al-Hajeri previously served as Deputy Director of Investment for Investment Funds Affairs at the Kuwait Fund for Arab Economic Development. He was also member of the Board of Directors of the Kuwait Petroleum Corporation, the Direct Investment Promotion Authority, and the National Agency for Academic Accreditation and Education Quality Assurance.



MWL, GCC Hail ICJ's Advisory Opinion on Israeli Occupation of Palestinian Territories

A placard reading "Free Palestine, end Israel Occupation" is pictured on Parliament square, central London, on June 8, 2024 at the end of "National March for Gaza", calling to "end the genocide" and "stop arming Israel". (AFP)
A placard reading "Free Palestine, end Israel Occupation" is pictured on Parliament square, central London, on June 8, 2024 at the end of "National March for Gaza", calling to "end the genocide" and "stop arming Israel". (AFP)
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MWL, GCC Hail ICJ's Advisory Opinion on Israeli Occupation of Palestinian Territories

A placard reading "Free Palestine, end Israel Occupation" is pictured on Parliament square, central London, on June 8, 2024 at the end of "National March for Gaza", calling to "end the genocide" and "stop arming Israel". (AFP)
A placard reading "Free Palestine, end Israel Occupation" is pictured on Parliament square, central London, on June 8, 2024 at the end of "National March for Gaza", calling to "end the genocide" and "stop arming Israel". (AFP)

The Muslim World League (MWL) welcomed the advisory opinion issued by the International Court of Justice (ICJ) regarding Israel’s policies and practices in the occupied Palestinian territories, affirming the illegality of the Israeli presence in the occupied Palestinian territories for 57 years.
In a statement, MWL Secretary-General and Chairman of the Association of Muslim Scholars Sheikh Dr. Mohammed bin Abdulkarim Al-Issa stressed the importance of this decision, which is a positive step towards the human and legal right of the Palestinian people to reach a just and comprehensive solution to their cause and to ensure obtaining their legitimate rights to self-determination and establishing their independent state in accordance with the Arab Peace Initiative and relevant international legitimacy resolutions, SPA reported.

The Secretary General of the Gulf Cooperation Council (GCC), Jasem Mohamed Albudaiwi, also welcomed the opinion issued by the International Court of Justice in The Hague, saying that it confirms and reinforces the Palestinian people's attainment of their legitimate and legal rights in accordance with international and United Nations resolutions to regain the Palestinian territories seized by the Israeli occupation forces
He pointed out that the settlement decisions and attempts to change the geography carried out by the Israeli occupation forces are illegitimate measures that do not enjoy any regional or international recognition, and do not change anything on the ground, stressing that the seized Palestinian territories will remain Palestinian and an inherent right of the Palestinian people.
Moreover, Albudaiwi reiterated the firm stances of the GCC countries towards the Palestinian issue, and support for the establishment of an independent Palestinian state within the borders of June 4, 1967, with East Jerusalem as its capital, and support for the legitimate rights of the Palestinian people to obtain their state.