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KUWAIT CITY, June 23: The term of the Board of Directors (BoD) of the Kuwait Investment Authority (KIA) expired two months ago and the file containing new names are expected to be submitted to the political leadership, reports Al-Qabas daily quoting informed sources. The same sources said radical changes are expected in the formation of the new board of directors because the new names include some what the sources called ‘youngsters’ who have proven their efficiency in managing and ensuring the stability of the Kuwait sovereign fund, which owns huge investments around the world.
According to the Bloomberg news agency the KIA, whose assets the agency put at around $600 billion, has been a victim of a confl ict between the executive and legislative authorities since the expiry of the term of its board of directors two months ago, pointing out that the political differences have infected even the formation of the new board of directors. It is noteworthy to mention here the KIA is managed by a board of directors headed by the Minister of Finance. The board members are the minister of oil, the undersecretary of the ministry of finance, the governor of the Central Bank and five others – Kuwaitis who specialize in various investment fields and don’t hold any public office.