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.



Saudi Leadership Congratulated on Success of Hajj

Muslim pilgrims walk on the second day of the devil stoning ritual, during the annual haj pilgrimage, in Mina, Saudi Arabia, June 17, 2024. (Reuters)
Muslim pilgrims walk on the second day of the devil stoning ritual, during the annual haj pilgrimage, in Mina, Saudi Arabia, June 17, 2024. (Reuters)
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Saudi Leadership Congratulated on Success of Hajj

Muslim pilgrims walk on the second day of the devil stoning ritual, during the annual haj pilgrimage, in Mina, Saudi Arabia, June 17, 2024. (Reuters)
Muslim pilgrims walk on the second day of the devil stoning ritual, during the annual haj pilgrimage, in Mina, Saudi Arabia, June 17, 2024. (Reuters)

Custodian of the Two Holy Mosques King Salman bin Abdulaziz received on Tuesday messages of congratulations from Arab leaders on the success of this year’s Hajj.

United Arab Emirates (UAE) President Sheikh Mohamed bin Zayed Al Nahyan, Emir of Kuwait Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah and Bahrain’s King Hamad bin Isa Al-Khalifa sent King Salman separate cables of congratulations.

They credited the success of the Hajj to the grace of God Almighty and the generous care of King Salman and his government and its institutions to ensure that pilgrims can perform their rituals in tranquility and safety.

Sheikh Mishal praised the progress of the expansion work carried out at the Grand Mosque, and the introduction of smart services and technologies at all holy sites to meet the needs of pilgrims and facilitate their performance of the Hajj.

He praised the significant role of Advisor to the Custodian of the Two Holy Mosques, Governor of Makkah Region, and Chairman of the Central Hajj Committee Prince Khalid Al-Faisal, and Minister of Interior and Chairman of the Supreme Hajj Committee Prince Abdulaziz bin Saud bin Naif bin Abdulaziz for their tireless efforts and the coordination among all sectors concerned with Hajj affairs.

He wished Saudi Arabia and its noble people further progress and prosperity under the wise and prudent leadership of King Salman.

UAE Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Deputy Prime Minister and Chairman of the Presidential Court Sheikh Mansour bin Zayed Al Nahyan, Kuwaiti Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah and Kuwaiti Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah sent cables of congratulations to King Salman.