Sheikh Saud elected KIA MD
KUWAIT: The new board of directors of Kuwait Investment Authority (KIA) held its first meeting on Tuesday and unanimously elected new member Sheikh Saud Salem Al-Sabah as the new managing director for the country's agency that runs hundreds of billions of surpluses. Sheikh Saud was among five new members appointed to the board of directors by an Amiri decree on Monday.
The meeting was chaired by KIA chairman, Minister of Electricity and Water and acting minister of finance Sabeeh Al-Mukhaizeem. Mukhaizeem said in a statement that the KIA board of directors will continue its policy to develop the Authority, strengthen governance and manage state funds at a high degree of competence. This, he added, will boost KIA's strategic role in supporting the national economy and enhance Kuwait's position at the map of global investments.
Mukhaizeem was appointed acting finance minister following the resignation of Noura Al-Fassam as finance minister after one year of office. No reason was given for the resignation of Fassam, an experienced economist and banker. Kuwait does not officially announce the size of its assets run by KIA, but unofficial reports put the investments at around $1 trillion. In the meantime, a three-day donation campaign to raise funds for the Gaza relief collected over KD 5 million on its third and final day, the ministry of social affairs said on Tuesday.
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Arab Times
3 hours ago
- Arab Times
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Kuwait News Agency
4 hours ago
- Kuwait News Agency
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KUWAIT, Aug 6 (KUNA) -- The Ministry of Social Affairs announced on Wednesday the conclusion of the emergency relief campaign to support the Palestinian people in the Gaza Strip, with total donations of KD 6,546,078 (approximately USD 21.4 million). The campaign was organized over three days in cooperation with the Ministry of Foreign Affairs, and the participation of Kuwait Red Crescent Society as well as a number of Kuwaiti charities and foundations. Ministry spokesperson Youssef Saif told Kuwait News Agency (KUNA) the campaign witnessed significant contributions from various entities, most notably the Secretariat General of Awqaf with KD 500,000 (approx. USD 1.6 million), and Insan Charity Society with KD 1.5 million (approx. USD 4.9 million). Regarding online donations, Saif noted that the "Kuwait Beside You" platform operated by the Ministry of Social Affairs collected KD 2,515,795 (approx. USD 8.2 million), Direct Aid Society raised KD 1,318,854 (approx. USD 4.3 million). The Patient Helping Fund Society collected KD 476,012 (approx. USD 1.5 million), while the Revival of Islamic Heritage Society gathered KD 235,443 (approx. USD 770.3). He added that the campaign was launched as part of Kuwait's ongoing humanitarian commitment to support just causes and aid those affected by crises, aiming to secure basic food supplies for affected families in Gaza. He noted that in-kind food donations were also accepted in accordance with approved guidelines, and food items were required to be purchased exclusively from Kuwait Flour Mills and Bakeries Company in implementation of Cabinet Resolution No. (1461). The Kuwait Red Crescent Society is coordinating the delivery of aid to relief agencies in Egypt, Jordan, and Palestine. (end)
