Al-Fassam Minister has resigned following a productive term in office.
Noura Al-Fassam, Kuwait's Minister of Finance and Minister of State for Economic Affairs and Investment, has left an indelible mark on the country's economic landscape during her tenure. Her reforms, aimed at economic diversification and fiscal sustainability, have been instrumental in addressing Kuwait's persistent budget deficits and reducing its reliance on oil revenues.
One of Al-Fassam's most significant achievements was the issuance of Kuwait’s first public debt law in years, allowing for borrowing up to KD 30 billion. This move paved the way for new sources of financing, essential for funding infrastructure development and stimulating economic growth.
Another key reform involved imposing a 15% tax on the profits of multinational enterprises, expected to raise KD 250 million annually. This measure, along with efforts to attract around $33 billion in private and foreign investment, was a crucial step towards diversifying Kuwait's revenue sources.
Al-Fassam's vision extended beyond financial reforms. She spearheaded transformative changes in the state property management sector, one of the country's most critical economic pillars. Under her leadership, the ministry advanced from mere regulatory oversight to actively addressing long-standing stagnation in legislative frameworks.
Moreover, Al-Fassam drove the implementation of a new administrative structure for government agencies, focusing on integrating overlapping institutions to enhance efficiency, cut costs, and eliminate jurisdictional conflicts. This reform aimed to improve government performance and strengthen public trust in administrative systems.
Al-Fassam's strategy to address Kuwait's fiscal deficit included improving the state's sovereign credit rating, boosting public revenues, and controlling the national budget. She believed that if the ministry's internal framework isn't sound, the country's economic machinery can't function effectively.
Her reforms had substantial impacts. They enabled public debt issuance after years, initiated new tax revenues from multinationals, and set groundwork for significant state-led investment. These measures aimed at economic diversification and fiscal sustainability for Kuwait's economy heavily reliant on oil revenues.
Al-Fassam's tenure was marked by dynamic reforms, tireless dedication, and major institutional changes. Her focus on driving internal organization and governance within the ministry, as well as her efforts to reduce expenditures while preserving essential services and investments, were noteworthy.
Noura Al-Fassam, often referred to as "The Engineer," resigned from her position in August 2025. Her contributions received formal appreciation from the Kuwaiti Cabinet for her dedicated service and reform efforts. Many acknowledge her lasting contributions and wish her continued success, good health, and peace after an intense and productive chapter of public service. Her supporters and observers have praised her for her integrity, strategic vision, and perseverance.
Al-Fassam's reforms were aligned with the "New Kuwait 2035" vision, which aims to diversify the economy and reduce dependence on oil. Her initiatives, focused on boosting Kuwait’s infrastructure development and global competitiveness, will undoubtedly continue to shape the country's economic future.
In the realm of politics and general news, the resignation of Noura Al-Fassam, referred to as "The Engineer," marks the end of a productive chapter in Kuwait's economic history. Her reforms, aligned with the "New Kuwait 2035" vision, have significantly impacted the business sector by promoting economic diversification and fiscal sustainability, notably through strategies such as the issuance of public debt, imposing a 15% tax on multinational enterprise profits, and reducing the nation's reliance on oil revenues. These financial measures have opened up new sources of funding for infrastructure development and stimulated economic growth.
