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.



Muslim World League Condemns Jammu, Kashmir Terrorist Attack

Muslim World League Condemns Jammu, Kashmir Terrorist Attack
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Muslim World League Condemns Jammu, Kashmir Terrorist Attack

Muslim World League Condemns Jammu, Kashmir Terrorist Attack

The Muslim World League (MWL) has condemned the terrorist attack in the Pahalgam area of Jammu and Kashmir, which resulted in dozens of innocent civilian casualties.
In a statement, the MWL affirmed its, and the entire Islamic world's, rejection and condemnation of violence and terrorism in all its forms and under any pretext, as well as its rejection of linking such acts to any religion or culture. It extended condolences to the victims' families and wished the injured a speedy recovery, SPA reported.
The MWL's General Secretariat also highlighted the joint statement issued following Indian Prime Minister Narendra Modi's state visit to Saudi Arabia, which condemned the attack and rejected any attempt to link it to race, religion, or culture.
The league commended the pivotal Saudi-Indian cooperation in combating terrorism and its financing, denouncing cross-border terrorism, dismantling its infrastructure, and bringing its perpetrators to justice.