Kuwait: proposal to establish Jaber al-Ahmad Fund for the present generation
Kuwait, Politics, 2/16/2006

Five Kuwaiti parliamentarians on Tuesday proposed the foundation of a new fund with the mission of distributing billions of dollars annually to citizens.

The proposal states to allocate sums deposited for the reserves "the next generations funds" which was established in 1976 to spend from it on the state activities after oil expires. Deposits estimated at $ 100 billion, in addition to 25% of the net profits for the state's general reserve investments, in a new fund they named "Jaber al-Ahmad Fund for the present generation."

The proposal which needs the consent of the Kuwaiti Ummah council (parliament) and the signature of the ruler of Kuwait Sheikh Sabah al-Ahmad al-Sabah states the fund to distribute these sums annually and equally on all Kuwaitis.

As for children's assets, they would be deposited in special bank accounts until they are 18 years old. The parents will have no power to use these sums.

Previous Stories:
  Kuwait renews rejection of offending prophet Mohammad   (2/14/2006)
  Ruler of Kuwait announces the new ministerial formation   (2/10/2006)
  Kuwait stock market at highest level due to oil   (9/14/2005)
  Kuwaiti parliament approves budget with a $10.5 billion deficit   (6/30/2005)
  Kuwait to invest $ 4 billion in developing transport sector   (5/19/2005)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search