Ministry of Finance (Kuwait)
File:MOF Logo (Kuwait).png | |
Ministerial Department overview | |
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Formed | 1962 |
Preceding Ministerial Department |
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Jurisdiction | Government of Kuwait |
Headquarters | Kuwait City |
Minister responsible |
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Child Ministerial Department | |
Website | Ministry of Finance |
Ministry of Finance is one of the governmental bodies of Kuwait and part of the cabinet.
History and profile
In Kuwait finance department dealt with the financial policies of the country until 1962 when the department was reorganized under the name of the ministry of finance and economy.[1][2] In 1963 it was reshaped and named as ministry of finance and industry.[1] Then the body was renamed as the ministry of finance and oil in 1965[1] and dealt with finance- and oil-related policies until April 1975 when the ministry of oil was established.[3] At the same time the ministry was reorganized under the current name, the ministry of finance in 1975.[1] The ministry extensively dealt with land purchases and comprehensive infrastructure projects.[4]
In 1982 Public Investment Authority was established and attached to the ministry.[1] The Kuwait Investment Authority was founded in 1985 and has been under the control of the ministry and has been headed by the finance minister.[5] The ministry also regulates Kuwaiti stock market along with the Kuwait Stock Exchange, the Ministry of Commerce and Industry and the Central Bank of Kuwait.[6]
The ministry which had been dominated by the Bani Jabir branch of the ruling family of Kuwait played a significant role during the invasion of Kuwait by Iraqi forces in 1990 in that it paid billions of dollars to allied countries in the form of aid or in contributions to the war effort.[5] During this period the ministry was located at the London headquarters of the Kuwait Investment Office.[5]
Ministers
- Mashaan Khudhair Al-Mashaan, 1938 - 1939[7]
- Abdullah Al-Salim Al-Sabah, 1939 - 1940[7]
- Ahmad Al-Jaber Al-Sabah, 1940 - 1950[7]
- Jaber Al-Ahmad Al-Sabah, 1959 - 1965[7]
- Sabah Al-Ahmad Al-Sabah, acting, 1965 - 1967[7]
- Abdul Rahman Salem Al Ateeqi, 1967 - 1981[7]
- Abdul Latif Yousef Al-Hamad, 1981 - 1983[7]
- Ali Khalifa Al-Athbi Al-Sabah, 1983 - 1985[5][7]
- Jassem Al-Kharafi, 1985 - June 1990[5][7]
- Nasser Abdullah Al-Roudhan, 1991 - 1998[7]
- Ali Salem Al-Ali Al-Sabah, 1998 - 1999[7]
- Ahmad Al Abdullah Al Sabah, 1999 - 2001[7]
- Youssef Hamad Al-Ibrahim, 2001 - 2003[7]
- Muhammad Sabah Al-Salem Al-Sabah, acting, January 2003 - July 2003[7]
- Mahmoud Abdel-Khaleq Al-Nouri, July 2003 - 2005[7]
- Badr Mishary Al-Humaidhi, 2005 - 2007[7]
- Mustafa Jassem Al-Shamali, 2007 - May 2012[8]
- Nayef Falah Al-Hajraf, acting, May 2012 - August 2013[7]
- Salem Abdulaziz Al Sabah, August 2013 - January 2014[9]
- Anas Khalid Al Saleh, January 2014 - December 2017[10]
- Nayef Falah Al-Hajraf, December 2017 - December 2019[7]
- Mariam Al-Aqeel, December 2019 - February 2020[7]
- Barak Ali Barak Al-Sheetan, February 2020 - December 2020 [11]
- Khalifa Musaed Hamada, December 2020 - December 2021[12]
- Abdulwahab Mohammed Al Rushaid, December 2021 – present [13]
References
- ^ a b c d e "Historical Development". Ministry of Finance. Archived from the original on 24 December 2013. Retrieved 21 December 2013.
- ^ H. V. F. Winstone; Zahra Freeth (1972). Kuwait: Prospect and Reality. London: Allen & Unwin. ISBN 9780049530072.
- ^ "Brief History". Ministry of Oil. Retrieved 21 December 2013.
- ^ Pete W. Moore (Spring 2002). "Rentier Fiscal Crisis and Regime Stability: Business-State Relations in the Gulf". Studies in Comparative International Development. 37 (1). doi:10.1007/BF02686337.
- ^ a b c d e "The Finance Ministry, KIA & KIO". APS Review Gas Market Trends. 3 June 1991. Archived from the original on 10 June 2014. Retrieved 21 December 2013. – via HighBeam (subscription required)
- ^ Nabeel Al Loughani; David Chappell (2001). "Modelling the day-of-the-week effect in the Kuwait Stock Exchange: a nonlinear GARCH representation". Applied Financial Economics. 11 (4): 353–359. doi:10.1080/096031001300313910.
- ^ a b c d e f g h i j k l m n o p q r s "وزارة المالية - دولة الكويت". www.mof.gov.kw.
- ^ Mahmoud Harby (24 May 2012). "Kuwait finance minister quits after opposition push". Reuters. Retrieved 10 September 2014.
- ^ "Kuwait's new cabinet". Global Post. AFP. 4 August 2013. Archived from the original on 4 August 2013. Retrieved 21 December 2013.
- ^ "Kuwait cabinet reshuffle brings seven new faces". Asharq Al Awsat. London. 7 January 2014. Retrieved 10 September 2014.
- ^ "Kuwait Government Online Council of Ministers". www.e.gov.kw.
- ^ "Kuwait's emir appoints new oil and finance". Al Jazeera. 14 December 2020. Archived from the original on 26 January 2021.
- ^ "Kuwait announces formation of new gov't". KUNA. 28 December 2021. Retrieved 6 January 2022.
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- 1962 establishments in Kuwait
- Economy of Kuwait
- Finance ministries
- Government ministries of Kuwait
- Ministries established in 1962