Sheikh Salem Abdulaziz al-Sabah is finance minister, Kuwait
Sheikh Salem Abdulaziz al-Sabah
Position: Finance minister
Biography: Sheikh Salem Abdulaziz al-Sabah is Kuwaits new finance minister, replacing Mustafa al-Shamali. He is a former governor of the Central Bank of Kuwait and it was he who took the bold decision of making Kuwait the first GCC state to abandon the US dollar peg in 2007 in an effort to combat inflation.
The Kuwaiti dinar is now pegged to a basket of currencies. After more than 25 years in the post of governor, Sheikh Salem stood down in February 2012, warning in his resignation letter of negative developments in Kuwaits fiscal policies, particularly its dependence on oil revenues, and the rapid expansion of government spending on wages and subsidies in recent years.
Kuwait plans to spend up to $17.5bn on development projects until March 2014. Sheikh Salem is also a board member of the Kuwait Investment Authority.
Contact Tel: (+965) 2 242 0019
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