|
An
early picture of the late Sheikh Jabir ALSabah
taking the official vow to be the prime minister and
heir to Kuwait's thrown |
|
On November 1965, Sheikh
Jabir ALAhmed ALJabir ALSabah, was appointed by Kuwait’s 12th
Ruler, Sheikh Sabah ALSalem ALSabah, as Kuwait’s Prime
Minister and heir to the thrown. Following his appointment,
Sheikh Jabir’s efforts to lead the Kuwaiti society into a
more prosperous era continued to include the following
achievements:
Economical
Development
On the years
1967/1968 until 1971/1972 the first Kuwaiti 5-year
Economical-Social development plan was formed.
Throughout these years many strategic views were
discussed to later form one of the region’s most
powerful strategic plans.
On the year 1976,
and initiated by a vision of Sheikh Jabir himself, a 10
percent of the country’s yearly earnings were reserved
into a special account named the Future Generations
Fund. Moreover, all generated earnings of Kuwait's
foreign investments was to be accumulate to this fund plus 50 percent of the country’s
monetary reserve. The
vision of the late sheikh was based on the fact that the
oil, Kuwait’s most important source of income, will run
out in the future , and unless such reserve is
available, future Kuwaiti generations will not enjoy an
easy life. That vision was put to test during and after
the heinous Iraqi invasion of Kuwait in the year 1990, and
due to that Future Generations’ Reserve, the Kuwaiti Dinar stood strong during that disaster.
Social Developments
In the year 1975,
and due to the continuous efforts of the late sheikh
Jabir ALSabah, Kuwait National Committee for Housing was
formed to later transform into Kuwait Ministry of
Housing. The idea behind it was to redirect the wealth
of the country into ensuring a decent place to live for
every Kuwaiti citizen. Needles to say, that the idea of
such committee first came to life in 1951; yet, it
wasn’t put to action until the late Sheikh Jabir was
appointed Prime Minister.
Financial Development
In 1969,
Sheikh Jabir ALSabah proposed a law to form a central
monetary institution designated to overlooking and auditing the country’s
monetary operations. Moreover, that
institution was formed to ensure a continuous economical
strength of the country. Once that proposal was
approved, Kuwait Central Bank was formed.
Scientific
Development
Science in Kuwait
was strongly supported by Sheikh Jabir’s Administration.
It was in 1976 that Kuwait Institution for Advance
Science was formed to help Intellectual development of
Kuwaiti society advance in a proper environment. Sheikh
Jabir, once the institution was formed, headed its board
of directors to personally ensure that the institution
would fulfill its foreseen goals.
|
