The Kuwait Investment Authority (KIA), the Gulf state’s sovereign wealth fund, has appointed a new board of directors, according to a government official on Tuesday, confirming media reports.
The move was approved by Kuwait’s cabinet on Monday, the newspaper al-Qabas said.
For the latest headlines, follow our Google News channel online or via the app.
The newly appointed board members are Khaled Ali Al-Fadil, Sheikh Mishaal Jaber Al-Ahmad, Fahd Muhammad Al-Rashed, Faisal Abdullatif Yousef Al-Hamad and Ghanem Suleiman Saqr Al-Ghunaiman, al-Qabas said.
They could not immediately be reached for comment.
KIA, which had more than $580 billion in foreign assets at the end of last year according to ratings agency Fitch, manages two funds -- one is a nest egg for when oil prices run out, the other is used to cover Kuwait’s budget deficit.
Its role in providing liquidity to the government has become increasingly important last year as a standoff between cabinet and parliament has blocked a law that would allow the government to finance its deficit by borrowing in the overseas markets.
KIA’s previous board tenure expired in April and sources have previously said the delay in appointing new board members was the result of the political deadlock.
A new managing director is yet to be named, the government official told Reuters.
Kuwait Ports plans region’s first city for electric car makersKuwait Ports Authority (KPA) has approved a proposal to build the Middle East’s ... Gulf
US Secretary of State visits Kuwait for talks on military cooperation, securityThe top diplomat of the United States on Thursday began a visit to Kuwait, where ... Gulf
S&P cuts Kuwait’s rating, citing lack of deficit-financing strategyRatings agency S&P Global Ratings cut Kuwait’s rating by one notch citing the Gulf ... Economy
Kuwait’s KIPIC receives first LNG shipment at Al-Zour import terminalKuwait Integrated Petroleum Industries Company (KIPIC) announced on Monday it had ... Energy
Kuwait’s sovereign wealth fund, world’s oldest, enters top three by assetsKuwait Investment Authority likely broke into the world’s top three sovereign ... Economy
Kuwait’s ports services firm JTC eyes private placement, listingJassim Transport & Stevedoring Co, a ports and logistics services firm, said on ... Financial Markets