Kuwait Picks New Finance and Trade Ministers in Cabinet Shuffle

Haitham Al-Ali, Undersecretary of the Ministry of Electricity, Water and Renewable Energy, had attributed the power outages to a malfunction in the gas supply (KUNA)
Haitham Al-Ali, Undersecretary of the Ministry of Electricity, Water and Renewable Energy, had attributed the power outages to a malfunction in the gas supply (KUNA)
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Kuwait Picks New Finance and Trade Ministers in Cabinet Shuffle

Haitham Al-Ali, Undersecretary of the Ministry of Electricity, Water and Renewable Energy, had attributed the power outages to a malfunction in the gas supply (KUNA)
Haitham Al-Ali, Undersecretary of the Ministry of Electricity, Water and Renewable Energy, had attributed the power outages to a malfunction in the gas supply (KUNA)

Kuwait has named Nora Suleiman Al-Fassam and Khalifa Abdullah Ajeel as its new finance and trade ministers respectively, as part of a cabinet shuffle, according to a decree issued by the country's Emir on Sunday.
Al-Fassam, who was also appointed minister of state for economic and investment affairs, is a banker with extensive experience in corporate finance and investment banking.
She most recently served as chief strategy officer at Kuwait's Sharia-compliant Boubyan Bank, according to the country’s news agency, KUNA.
According to the bank’s website, the new minister has over 23 years of practical experience in corporate finance and investment banking services.
Al-Fassam also worked for several government and private entities, such as the Public Investment Authority and the National Bank of Kuwait.
She holds a Master’s degree in Business Administration from Kuwait University.
The new trade minister, Ajeel, headed Kuwait's State Bureau of Financial Control and was a member of the board of commissioners at the Capital Markets Authority.
Kuwait retained Mahmoud Bushehri as minister of electricity. But Bushehri lost the portfolio of Minister of State for Housing Affairs, which was offered to Abdullatif Hamed Hamad Al-Meshari.
The reshuffle comes a few days after a power crisis that led the Gulf state to impose scheduled outages in parts of the country due to a disruption in gas supplies although Kuwaiti officials have indicated there will be no further outages after the first wave in June.
Haitham Al-Ali, Undersecretary of the Ministry of Electricity, Water and Renewable Energy, had attributed the power outages to a malfunction in the gas supply.
During the summer, temperatures in Kuwait typically exceed 50 degrees Celsius leading to increased power consumption amid demand for cooling.

 



Ratney: US Expediting Strategic Agreements with Saudi Arabia

Michael Ratney, the US Ambassador to Saudi Arabia (Asharq Al-Awsat)
Michael Ratney, the US Ambassador to Saudi Arabia (Asharq Al-Awsat)
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Ratney: US Expediting Strategic Agreements with Saudi Arabia

Michael Ratney, the US Ambassador to Saudi Arabia (Asharq Al-Awsat)
Michael Ratney, the US Ambassador to Saudi Arabia (Asharq Al-Awsat)

Michael Ratney, the US Ambassador to Saudi Arabia, stated that Washington and Riyadh are working diligently to finalize a bilateral strategic agreement package.
In an interview with Asharq Al-Awsat, Ratney described these agreements as “historic” and emphasized that they would significantly and fundamentally transform the region’s dynamics.
Although the US ambassador did not specify a timeline for the completion of these agreements due to the region’s complexities, he outlined that the package encompasses several key areas, such as enhancing the strategic and military partnership between the US and Saudi Arabia and normalizing relations between Riyadh and Tel Aviv, and ensuring a definite path towards the establishment of a Palestinian state.
On economic collaboration, Ratney said that Saudi Arabia’s recent transformative changes are creating substantial opportunities for American companies across various sectors, including commercial space exploration, renewable energy, healthcare, infrastructure, advanced technology, and artificial intelligence.
Ratney attributed the US administration’s decision to lift the suspension on offensive weapons sales to Saudi Arabia to evolving circumstances and the deepening partnership between the two countries. He explained that this change was warranted, particularly given Riyadh’s diplomatic efforts to end the war in Yemen and sustain a ceasefire for over two years.
Addressing concerns among some US allies in the region about America’s commitment to deterrence, the ambassador acknowledged the region’s complex issues but emphasized that US military and naval forces have been actively working to deter Houthi attacks in the Red Sea.
Regarding the US veto of Palestinian state membership in the United Nations, Ratney underscored that the United States remains committed to a two-state solution, envisioning an independent Palestinian state alongside a secure Israel. However, he stressed that a Palestinian state must be achieved through a political process and negotiations between the parties, rather than through alternative methods.
The US Ambassador to Saudi Arabia emphasized the strong and enduring nature of the relationship between the United States and Saudi Arabia. He noted that the partnership, which has lasted over 80 years, remains robust despite some historical fluctuations.
He also highlighted the close ties between the US and Saudi armed forces, along with strong trade connections and numerous economic opportunities driven by Saudi Arabia’s economic diversification. He pointed to Saudi Arabia’s increasing openness and the rapid expansion of its cultural landscape, which he said presents exciting opportunities for collaboration in emerging fields such as film and television production, video games, and joint cultural projects.
Strategic Agreements
On May 19, 2024, Crown Prince Mohammed bin Salman met with US National Security Advisor Jake Sullivan in Jeddah. The two officials announced a nearly-finalized draft of strategic agreements between the Kingdom and the United States.
Regarding the latest developments in these discussions, Ratney noted that Sullivan’s visit was part of a series of meetings aimed at advancing negotiations for a final agreement.
He explained that the agreements are not standalone deals but rather a comprehensive package that must be negotiated and jointly signed. This package includes several key components: strengthening the strategic and military partnership between the US and Saudi Arabia, enhancing economic cooperation, normalizing relations between Saudi Arabia and Israel, and addressing Palestinian issues to ensure a reliable path to establishing a Palestinian state.
He stressed that these elements are interconnected and cannot be separated. Although significant progress has been made on important aspects of the agreement, Ratney emphasized the need to complete the entire package to achieve a historic agreement between the United States and Saudi Arabia.
Cooperation with China
On whether the strategic agreements between Washington and Riyadh would impose restrictions on Saudi relations with other countries like China, Ratney confirmed that the deals would focus primarily on enhancing the US-Saudi partnership, noting that Saudi Arabia, like the United States, has significant relations with China.
Regional Dynamics... A Fundamental Shift
The ongoing strategic agreement being discussed between the United States and Saudi Arabia is expected to produce a profound and fundamental shift in the regional dynamics, according to the US ambassador.
He added that these changes are likely to bring significant benefits to the Palestinian people, stressing that if these elements align and an agreement is reached, it could fundamentally transform the dynamics of this part of the world for the better.
Regarding recent statements by the Israeli Prime Minister to Time magazine about not abandoning the idea of normalization with Saudi Arabia despite ongoing regional tensions and their potential impact on the agreements, Ratney stated that abandoning the agreement should not be considered.
Economic Cooperation
The US Ambassador highlighted the importance of economic collaboration between the two countries, stating that Saudi Arabia has undergone a significant transformation over the past seven or eight years, resulting in a more diversified economy.
He continued that the US and Saudi Arabia have had a strong trade and economic relationship for many years, initially centered on the oil industry.
Renewable Energy
According to Ratney, renewable energy represents a key aspect of the growing economic partnership between his country and the Kingdom. He explained that collaboration began in the era of fossil fuels, noting that Saudi Arabia’s transition to a post-fossil fuel future has paved the way for significant investments in renewable energy sources such as wind and solar, as well as in carbon capture technologies.
The US diplomat also emphasized tremendous opportunities for collaboration in healthcare, infrastructure, advanced technology, and artificial intelligence as the Saudi economy continues to grow and diversify, attracting new American companies.
Defense Partnership
In light of regional threats, the US Ambassador stressed the importance of the military partnership between the United States and Saudi Arabia, noting that American defense companies have been active in the Kingdom for many years.
In February, Saudi Arabia hosted the World Defense Exhibition, now one of the largest defense expos globally, he remarked, adding that over 100 American companies participated in the event.
Lift of Weapons Sales Ban
Ratney said that the recent decision by the US Administration to lift the suspension on offensive weapons sales to Saudi Arabia was driven by evolving circumstances and the deepening strategic partnership between the two countries.
He added that this decision reflected the changing dynamics in the region, as Saudi Arabia has invested significantly in diplomatic efforts to end the war in Yemen and sustain a ceasefire that has been in place for over two years.
Palestinian Membership in the United Nations
Asked about the US opposition to Palestinian membership in the United Nations, especially given the ongoing efforts to achieve a two-state solution and establish an independent Palestinian state, Ratney acknowledged the importance of this matter.
He stated that as the US Ambassador to Saudi Arabia, his main focus is on bilateral relations.
He told Asharq Al-Awsat that, throughout his career, he has worked extensively with both Israelis and Palestinians and been involved in efforts to achieve a two-state solution, which has given him a deep understanding of both sides.
Ratney stated that the current priority is to halt the violence in Gaza and address the severe hardships faced by its residents. He continued that the immediate focus is to end the violence, secure a ceasefire, free Israeli hostages, and resolve the conflict to facilitate the delivery of crucial humanitarian aid to Gaza.