Kuwait Names Fahad Al-Jarallah as New Finance Minister
(Bloomberg) -- Kuwait appointed Fahad Al-Jarallah as the OPEC member’s new finance minister, becoming the sixth person to hold the post in three years.
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Al-Jarallah, 38, replaces acting finance minister Saad Al-Barrak, who’d held the role since July when Manaf Al-Hajeri resigned after just three months in the job.
Al-Jarallah, who was a finance ministry official, has worked as a consultant for the ministers of finance and commerce. He has also served on the boards of Commercial Bank of Kuwait, Boursa Kuwait and various local companies.
Internal conflict between senior officials and political dysfunction in the Gulf state has led to a revolving door at the critical ministry. Kuwait in June announced its fifth government in less than a year.
The frequent turnover has given successive ministers little opportunity to push through reform and bring stability, with the disruptions delaying economic diversification and deterring foreign investment.
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