Following the 7 August appointment of a new board to manage the Kuwait Investment Authority (MEES, 13 August), Ghanim al-Ghunaiman has been chosen to head it. He was previously acting director general of the Kuwait Fund for Arab Economic Development.
The KIA manages the country’s General Reserve Fund and Future Generation Fund. Kuwait’s bloated government expenses have depleted the GRF, but FGF assets increased last year to around $700bn. The government is aiming to tap into the FGF, but will struggle to push the requisite legislation through parliament (MEES, 26 February). Meanwhile, the Kuwaiti government has instructed all departments to cut spending by at least 10%. (CONTINUED - 104 WORDS)