⁍ Sheikh Sabah, 91, had ruled the oil-producing Gulf Arab country since 2006.
⁍ His designated successor is his brother, Crown Prince Sheikh Nawaf al-Ahmad al-Sabah.
– Kuwait’s emir has died at the age of 91, Reuters reports. Sheikh Sabah al-Ahmad al-Sabah had ruled the oil-producing Gulf Arab country since 2006. His designated successor is his brother, Crown Prince Sheikh Nawaf al-Ahmad al-Sabah. The news sent the Kuwaiti stock market into a tailspin, with the benchmark index dropping 2.2% in its biggest intraday fall since April. Three-month dollar/Kuwaiti dinar forwards jumped as high as 84 points, a nearly four-month high, according to Refinitiv data. “Succession should be relatively smooth with the Crown Prince, who has stood in for the Emir before, assuming office,” said Raza Agha, head of emerging markets credit strategy at Legal & General Investment Management. Kuwait, which has accumulated enormous wealth thanks to oil exports, is facing a liquidity squeeze this year that it struggles to pass a law allowing it to issue international debt. Moody’s Investor Service downgraded Kuwait last week by two notches to A1 from Aa2, citing higher liquidity risks and weaker governance and institutional strength.
Source: https://www.reuters.com/article/kuwait-emir-currency-int/kuwaiti-stocks-plunge-dinar-down-in-forward-market-as-emir-dies-idUSKBN26K2M3