Economics
New Kuwait Emir Takes Over Economy Constrained by Politics
- Sheikh Nawaf, 83, comes to power as Kuwait’s deficit soars
- Parliament has blocked government from borrowing amid crisis
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Kuwait’s new leader, Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah, 83, has taken the reins of one of the world’s wealthiest countries as it faces a financial crisis made worse by internal political wrangling.
Sheikh Nawaf succeeds his half brother, Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah, who died on Tuesday at the age of 91. Sheikh Nawaf, the crown prince since 2006, had been serving as acting head of state since July, when the emir was flown to the U.S. for medical treatment. He took the oath as Kuwait’s 16th emir in parliament on Wednesday.