Thursday, 3 Jul 2025
America Age
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Font ResizerAa
America AgeAmerica Age
Search
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 America Age. All Rights Reserved.
America Age > Blog > World > Officials Quit $137 Billion Pension Fund in Kuwait Shakeup
World

Officials Quit $137 Billion Pension Fund in Kuwait Shakeup

Enspirers | Editorial Board
Share
Officials Quit 7 Billion Pension Fund in Kuwait Shakeup
SHARE

(Bloomberg) — A broad shakeup of state institutions deepened in Kuwait after top officials in the Gulf state’s pension fund were asked to resign.

Most Read from Bloomberg

Director General Meshal Al-Othman and three of his deputies, including Raed Al-Nisf, were asked to quit Kuwait’s Public Institution for Social Security (PIFSS). The officials had spent years revamping the roughly $137 billion fund, which owns a quarter of US private equity firm Stone Point Capital LLC.

The shift comes ahead of parliamentary elections in the OPEC member state on Thursday. The officials resigned from the fund under pressure from Kuwait’s powerful political opposition, one person familiar with the changes said.

Opposition politicians have been calling for the government to remove any officials from state bodies deemed to be associated with the era under the former leadership, regardless of performance.

Kuwait Overhauls State Boards After Government Vows Shake Up

Ahmad Hamad Al-Thunayan, an official at the fund, was appointed as interim director general, according to an official document seen by Bloomberg. Representatives at the finance ministry and the PIFSS didn’t immediately respond to requests for comment.

This week’s elections come after ruler Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah, called for the dissolution of parliament via a speech made by his crown prince. The crown prince said the aim was to break a political deadlock that paralyzed policymaking.

Years of squabbling between elected lawmakers and a government appointed by the ruling Al-Sabah family have repeatedly set back fiscal reforms and development.

The officials who resigned from the fund were part of a management team hired in 2017 to overhaul the state-owned institution, after its former head was found guilty of personally profiting from the organization over decades.

The PIFSS recorded 20.9% growth in assets in the last fiscal year. Thanks to its growth, parliament approved a law to distribute a one-time special dividend of $10,000 to every Kuwaiti retiree earlier this year.

The fund also owns 25% of Oak Hill Advisors and 10% of TowerBrook Capital Partners LP.

(Writes through, adds appointment of an interim director general in paragraph 5)

Most Read from Bloomberg Businessweek

©2022 Bloomberg L.P.

Share This Article
Twitter Email Copy Link Print
Previous Article Renewed militia clashes rock western Libya; 5 killed Renewed militia clashes rock western Libya; 5 killed
Next Article Tax cut plans pull British pound to 4 decade lows Tax cut plans pull British pound to 4 decade lows

Your Trusted Source for Accurate and Timely Updates!

Our commitment to accuracy, impartiality, and delivering breaking news as it happens has earned us the trust of a vast audience. Stay ahead with real-time updates on the latest events, trends.
FacebookLike
TwitterFollow
InstagramFollow
LinkedInFollow
MediumFollow
QuoraFollow
- Advertisement -
Ad image

Popular Posts

LGBTQ Representation in Hollywood Movies Dropped Sharply in 2021, New GLAAD Study Finds

GLAAD’s 10th Annual Studio Responsibility Index, which was released on Thursday, found that the percentage…

By Enspirers | Editorial Board

Denmark’s Woman-Run Cabinet Is Nordic Laggard in Gender Equality

(Bloomberg) -- Denmark’s government remains far behind its Nordic peers in terms of gender balance,…

By Enspirers | Editorial Board

Miley Cyrus Celebrates the 16th Anniversary of Hannah Montana Premiere: ‘My Life Changed Forever’

Hannah Montana, Miley CyrusBYRON COHEN/Disney; Neilson Barnard/Getty Hannah Montana; Miley CyrusHannah Montana is 16!Miley Cyrus,…

By Enspirers | Editorial Board

Invoice Simmons Would not Maintain Again His Ideas About Tom Brady In Broadcasting

(Photograph by Jane Gershovich/Getty Photos)   After an unbelievable enjoying profession with the New England…

By Enspirers | Editorial Board

You Might Also Like

Israel steps up lethal bombardment of Gaza earlier than ceasefire talks
World

Israel steps up lethal bombardment of Gaza earlier than ceasefire talks

By Enspirers | Editorial Board
‘A plea for connection’: Gaza musicians deliver the Levant to Sydney Opera Home
World

‘A plea for connection’: Gaza musicians deliver the Levant to Sydney Opera Home

By Enspirers | Editorial Board
Trump confirms Putin name to happen right now – Europe reside
World

Trump confirms Putin name to happen right now – Europe reside

By Enspirers | Editorial Board
Rachel Reeves says she is ‘cracking on with the job’ after Commons tears
World

Rachel Reeves says she is ‘cracking on with the job’ after Commons tears

By Enspirers | Editorial Board
America Age
Facebook Twitter Youtube

About US


America Age: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.

Company
  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement
Contact Us
  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability
Terms of Use
  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© 2024 America Age. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?