Kuwait Appoints New Finance Minister for Cabinet Roster Update

Image credit: Bloomberg Business

Kuwait has a new finance minister, Manaf Al-Hajeri, as part of a cabinet line-up announced by Prime Minister Sheikh Ahmad Nawaf Al-Sabah. This marks the fourth government to be formed by Sheikh Ahmad Nawaf in just eight months, with the oil-rich OPEC member facing ongoing political uncertainty and economic woes. Al-Hajeri, previously head of the Kuwait Financial Centre, replaces Abdulwahab Al-Rasheed, who served in the role since 2020.

The new government includes two women and six new appointees, while Oil Minister Bader Al-Mulla was retained. This comes after a Kuwaiti court annulled the results of last year’s general elections and reinstated the 2020 National Assembly, leading to an even higher degree of political disruption, preventing economic diversification and deterring foreign investment.

This has caused quite a stir among Kuwaitis, who assert that their country is lacking direction and is unable to progress. Crown Prince Sheikh Meshal Al-Ahmad Al-Sabah warned last year of potential “measures with serious consequences” if the impasse continues to deepen.

The former government had resigned in January due to lawmakers proposing bills (for example, a proposal for the government to buy citizens’ consumer loans) that would stretch state finances too far.

The Kuwait Financial Centre is a major financial institution in the Middle East, providing a range of services for companies and individuals, such as asset and wealth management, capital markets, and financial advisory solutions. The Kuwait Financial Centre is committed to supplying transparent and reliable services, along with expertise and knowledge to ensure the success of their clients.

Manaf Al-Hajeri is a financial consultant and consultant in the banking sector who has nearly 25 years of combined experience in private and public sectors. He joins the Kuwait government as its fifth finance minister since 2020 and is equipped with the skills and experience to navigate the country in its time of political uncertainty and economic malaise. He also has a Masters degree in finance from the University of Strathclyde, Glasgow, Scotland and has held several executive positions in the banking sector.