Kuwait dispute leaves SWF without managing director or full board

Fiscal battle between monarch and parliament keeps top positions at sovereign wealth fund vacant


The Kuwait Investment Authority, one of the world’s largest sovereign wealth funds, has been without a permanent board for more than two months. The terms of five of the nine board members expired on April 20.

The KIA’s deadlock coincides with a broader confrontation between the government and the mostly elected National Assembly. That body, the Gulf’s most assertive legislature, has complained of corruption and refused to pass a law allowing the government to borrow.

This has forced the

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