Minister Al-Fassam forms committee to ‘regulate use and dispose of’ state property
Minister of Finance and Minister of State for Economic Affairs and Investment, Eng. Noura Al-Fassam, has formed a committee to study and organize the exploitation and disposal of state-owned properties in Kuwait.
According to informed sources, the newly formed committee will be chaired by Counselor Khaled Al-Masoud of the Fatwa and Legislation Department. His deputy will be Abdullah Bousheiba, who currently serves as the Director of the State Property Department at the Ministry of Finance, reports Al-Rai daily.
The committee includes representatives from the ministries of Commerce and Industry, Justice, and Communications, as well as the Public Authority for Agriculture Affairs and Fisheries Resources, the Public Authority for Housing Welfare, and the Kuwait Municipality.
Minister Al-Fassam has outlined three primary objectives for the committee:
- Clarify Jurisdictions: Define and limit the responsibilities and powers of various ministries and governmental bodies concerning the management of public and private state properties.
- Review Legal Frameworks: Examine existing reports issued by the Contract Drafting Committee to ensure regulatory and procedural consistency.
- Unify Oversight: Assess the feasibility of consolidating the functions and responsibilities related to state property exploitation under a single governmental authority, thereby enhancing coordination and oversight.
The move is seen as part of a broader effort to strengthen governance, improve transparency, and maximize the efficiency of state asset management.
In other economic news, the price of a barrel of Kuwaiti oil dropped to $64.09, reflecting ongoing fluctuations in the global energy market. Additionally, a 14-hour-old decision has lifted the freeze on “good works” accounts, signaling renewed activity in charitable and developmental sectors.
