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Sheikh Saud elected KIA MD

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KUWAIT: The new board of directors of Kuwait Investment Authority (KIA) held its first meeting on Tuesday and unanimously elected new member Sheikh Saud Salem Al-Sabah as the new managing director for the country’s agency that runs hundreds of billions of surpluses. Sheikh Saud was among five new members appointed to the board of directors by an Amiri decree on Monday.

The meeting was chaired by KIA chairman, Minister of Electricity and Water and acting minister of finance Sabeeh Al-Mukhaizeem. Mukhaizeem said in a statement that the KIA board of directors will continue its policy to develop the Authority, strengthen governance and manage state funds at a high degree of competence. This, he added, will boost KIA’s strategic role in supporting the national economy and enhance Kuwait’s position at the map of global investments.

Mukhaizeem was appointed acting finance minister following the resignation of Noura Al-Fassam as finance minister after one year of office. No reason was given for the resignation of Fassam, an experienced economist and banker. Kuwait does not officially announce the size of its assets run by KIA, but unofficial reports put the investments at around $1 trillion. In the meantime, a three-day donation campaign to raise funds for the Gaza relief collected over KD 5 million on its third and final day, the ministry of social affairs said on Tuesday.

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Kuwait participates in UNCITRAL session

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VIENNA: The 82nd session of Working Group II (Dispute Settlement) of the United Nations Commission on International Trade Law (UNCITRAL) commenced on Monday in Vienna, with the participation of a Kuwaiti delegation. A statement by the UN Information Service said the discussions, which will continue until October 17, focus on recognizing and enforcing electronic arbitration awards amid the accelerating shift towards digital dispute resolution in international commerce.

The working group will examine key issues, including enhancing reliance on electronically issued arbitration awards by reviewing the experiences of countries and organizations, and identifying associated legal and technical challenges. The discussions will also address the preparation of an interpretative recommendation on the 1958 New York Convention, clarifying that electronic form does not impede the recognition or enforcement of awards, and equating electronic awards with their paper counterparts where reliability and integrity are guaranteed.

Topics under consideration include proposed amendments to the Model Law on International Commercial Arbitration to define electronic arbitration awards and electronic data messages, establish rules for arbitrators’ electronic signatures, and set timeframes for receiving electronic communications, while reinforcing the principle of functional equivalence between paper and electronic formats. The group will also review amendments to the UNCITRAL Arbitration Rules to permit electronic issuance and delivery of awards, and update the UNCITRAL Notes on the Organization of Arbitration Procedures to encourage arbitration institutions to adopt digital systems, taking into account enforcement requirements across jurisdictions.

The session aims to create a unified, modern international legal framework ensuring electronic arbitration awards carry the same legal and enforceable force as paper awards, thereby boosting confidence in digital arbitration mechanisms and supporting the electronic transformation of cross-border commercial dispute resolution. The Kuwaiti delegation includes representatives from the Fatwa and Legislation Department, lawyer Mohammed Al-Khuwaitim, and lawyer Farah Al-Rais. — KUNA

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Kuwait underscores the need for stronger Arab cooperation in statistics

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MUSCAT: Acting Director General of the Central Statistical Administration (CSA) Wafaa Al-Yahya on Monday emphasized the importance of enhancing Arab cooperation and building national capabilities in the statistical sector. Speaking to Kuwait News Agency (KUNA) on the sidelines of the 50th meeting of the Board of Trustees of the Arab Institute for Training and Statistical Research (AITRS), hosted by the National Center for Statistics and Information (NCSI) in Muscat, Al-Yahya said Kuwait took part in the gathering alongside representatives from Arab statistical bodies and relevant organizations.

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She highlighted the institute’s key role in developing expertise and advancing statistical competencies through its training programs, research publications and bulletins. Al-Yahya noted that the trustees reviewed several items on the agenda, including approval of the meeting agenda, the external auditor’s report on the previous budget, the institute’s annual achievements and its plan for 2026-2027. Discussions also covered the proposed 2026 budget, findings from the 2020-2030 strategic evaluation study, and prominent statistical initiatives and activities across Arab countries. She added that the minutes were approved and thanked the Sultanate of Oman for its warm hospitality. — KUNA

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Today in Kuwait’s history | Kuwait Times Newspaper

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KUWAIT: 1956 — Moudhi Al-Sarhan became the first Kuwaiti female to join the Ministry of Interior’s correctional institute.

1981 — Kuwait’s Amir Sheikh Jaber Al-Ahmad Al-Sabah signed a decree to establish the Faculty of Sharia and Islamic Studies at Kuwait University, as well as changing the name of the Faculty of Law and Sharia to the Faculty of Law.

1990 — Kuwait’s Amir Sheikh Jaber Al-Ahmad Al-Sabah patronized a popular conference in the Saudi city of Jeddah. Participants in the three-day national event reiterated their commitment to the legitimate Kuwaiti leadership in the face of Iraqi aggression against the State of Kuwait.

1990 — Kuwait News Agency (KUNA), which was occupied and looted by Iraqi invaders of the State of Kuwait, began broadcasting from an interim headquarters in London, UK, to provide subscribers with news about occupied Kuwait.

1999 — Kuwait won the Gulf Junior Squash Championship, held in Riyadh, Saudi Arabia.

2010 — Kuwait Fund for Arab Economic Development (KFAED) signed a KD 11 million loan agreement with Mauritania to finance construction of a Nouakchott University campus.

2017 — The KFAED signed a KD 12 million loan agreement with Senegal to reconstruct a major highway.

2018 — Sheikh Abdullah Al-Salem Cultural Center won the Best Services Architecture Building award in the Middle East and North Africa. — KUNA

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