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.