KuwaitOther News

KIA appoints new board of directors

KUWAIT: Kuwait Investment Authority has appointed a new board of directors. The newly appointed board members are Khaled Ali Al-Fadil, Sheikh Mishaal Jaber Al-Ahmad Al-Sabah, Fahd Muhammad Al-Rashed, Faisal Abdullatif Yousef Al-Hamad and Ghanem Suleiman Saqr Al-Ghunaiman. The move was approved by Kuwait’s cabinet on Monday, Arabic newspaper Al-Qabas reported.

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. A new managing director is yet to be named.

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