Yaqoub Al-Rifai

Overview

Yaqoub Al-Rifai reached Kuwait’s Finance Ministry through an unusual route: more than three decades in academic administration and banking education rather than politics or the sovereign-wealth establishment. According to the Finance Ministry’s official biography of him — published as a press release on Amiri Decree No. 11 of 2026 and republished by the Kuwaiti daily Al-Anba — he was Dean of the College of Business Studies from July 1994 to September 2000, Director General of the Public Authority for Applied Education and Training from 17 December 2006 to 16 December 2010, Director General of the Institute of Banking Studies from 21 December 2010 to 30 July 2022, adviser to the chairman of the Institute’s board (adviser to the Central Bank of Kuwait governor) from 1 August 2022 to 29 February 2024, and Secretary General of the Kuwait Banking Association from 1 March 2024 until 1 February 2026, the day before his ministerial appointment (Al-Anba). No English-language source consolidates this full sequence; the ministry biography is its only published record, which is why this profile foregrounds it.

Education and academic background

The same biography states that Al-Rifai holds a PhD and a master’s degree in public administration from Claremont University in the United States, and an MBA from U.P.A — all earned while he was a PAAET scholarship delegate under the supervision of the cultural office in Washington — plus a bachelor’s degree in administrative sciences (business administration, marketing) from Kuwait University (Al-Anba). It adds that he holds consultancy certificates in leadership-skills, consulting and time-management programmes, authored scientific research papers, took part in conferences and training workshops in administrative, financial and economic fields, and served as a member or chair of numerous boards of directors, higher committees and associations, chairing several advisory teams and committees (Al-Anba).

Appointment and first budget

On February 2, 2026, Emir Sheikh Meshal reshuffled eight cabinet posts, naming Yaqoub Al-Rifai Finance Minister and Sheikh Jarrah Jaber Al Ahmad Al Sabah Foreign Minister; Osama Boodai took Commerce and Industry and Abdullah Bouftain took Information and Culture (The National). The National noted that the Kuwaiti cabinet has undergone several reshuffles and parliamentary dissolutions in recent years amid political disputes (The National).

Eight days later, Al-Rifai unveiled the draft state budget for FY2026-27, projecting a deficit of KD 9.8 billion (about USD 31.9 billion) — a sharp 54.7 percent rise over the current fiscal year’s deficit (KUNA). Total expected revenues were estimated at KD 16.3 billion (about USD 53.1 billion), down 10.5 percent year on year, with oil revenues budgeted at KD 12.8 billion (about USD 41.7 billion) — a 16.3 percent contraction — while non-oil revenues were expected to rise 19.6 percent to KD 3.5 billion (about USD 11.4 billion) (KUNA). Total expenditure was projected at KD 26.1 billion (about USD 85 billion), with salaries and subsidies comprising 76 percent, capital expenditures 11.8 percent and other expenditures 12.2 percent (KUNA). The budget assumed a conservative oil price of USD 57 per barrel, while the fiscal break-even price stood far higher at USD 90.5 per barrel (KUNA).

Ministry restructuring and reform agenda

In July 2026, Al-Rifai issued ministerial decrees appointing four new directors general: Mohammed Noah Al-Osaimi for Financial and Tax Affairs, Saad Mohammed Al-Rashidi for Economic Affairs, Bader Nasser Al-Salal for Public Services, Storage and Procurement Systems, and Abdullah Hamoud Abu Shaiba for State Property Affairs (Times Kuwait). The ministry framed the appointments as completing its leadership structure and strengthening national talent in senior roles to improve the quality of financial and administrative services (Times Kuwait).

Later, in a weekly Cabinet meeting, Al-Rifai and the Minister of State for Economic Affairs and Investment, Abdulaziz Al-Marzouq, presented a review of the state’s financial position up to March 31, 2026 and a first-quarter report on the implementation of ministries’ FY2026/27 budgets, which showed notable growth in non-oil revenues driven by ongoing financial reforms (Kuwait Times). At that meeting the Cabinet approved a draft decree law on government sukuk and referred it to the Amir, describing the reforms as charting a path toward a more sustainable and competitive economy (Kuwait Times).

Sukuk law and sovereign financing

Al-Rifai described Law No 90 of 2026 on government sukuk as an important step in developing Kuwait’s sovereign financing framework and diversifying its funding sources, saying the law allows sukuk to be included in the sovereign financing structure alongside conventional debt instruments, improving financing flexibility and broadening the domestic and international investor base (Kuwait Times). He said the law also supports capital-market development, improves the management of financial liabilities and aligns with fiscal sustainability goals while preserving the strength of Kuwait’s financial position (Kuwait Times). Faisal Al-Muzaini, director of the public debt department at the Ministry of Finance, said the law completes the tools needed to implement an integrated public debt management strategy and that government sukuk issuance would help develop the local debt market and establish a sovereign sukuk yield curve across maturities, improving pricing efficiency and providing a benchmark for issues by companies and financial institutions (Kuwait Times).

Multilateral and regional activity

In June 2026, Al-Rifai led Kuwait’s delegation to the 47th Ministerial Council meeting of the OPEC Fund for International Development in Vienna, where member states discussed strategies for global economic challenges; the meeting was attended by Waleed Al-Bahr, Acting Director General of the Kuwait Fund for Arab Economic Development (Times Kuwait). He congratulated the Fund on its 50th anniversary and affirmed that Kuwait, as a founding member, takes pride in its continued contribution to the Fund’s mission (Times Kuwait). Kuwait expressed support for a Saudi proposal for an independent review of the structure and operational mechanisms of the Fund’s Board of Governors (Times Kuwait). On the sidelines he held discussions with OPEC Fund President Dr Abdulhamid Al-Khalifa on capacity-building cooperation, national-competency development and technical-expertise exchange, and met Kuwaiti professionals working at the Fund (Times Kuwait).

In September 2026, he participated in the 11th annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank in Doha, held under the theme “Infrastructure for Tomorrow: Impact and Innovation” (Times Kuwait). On the sidelines of that meeting, Qatar and Kuwait signed a memorandum of understanding on financial cooperation — signed by Qatar’s Minister of Finance Ali bin Ahmed Al-Kuwari and Al-Rifai — aimed at strengthening cooperation in the financial sector, exchanging expertise and information, and exploring new opportunities to expand areas of cooperation (Qatar Tribune). Al-Rifai said the MoU reflected the depth of fraternal relations between the two countries and their commitment to strengthening financial cooperation based on mutual trust and partnership (Qatar Tribune).

Earlier, in September 2026, he had represented Kuwait at the 15th AIM Investment Summit in Dubai, held at the Dubai World Trade Centre under the patronage of UAE Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum under the theme “Reshaping Global Prosperity: Unlocking New Investment Paths Towards a Sustainable and Inclusive Future” (Times Kuwait).

What this profile does not claim

The full sequence of his pre-ministerial posts and education rests on the Finance Ministry’s own press release as republished by Al-Anba; no independent English-language source corroborates each date. The AIM Investment Summit article I read states Kuwait’s participation but does not quote or describe any specific action he took there. This profile does not cover ministerial activity after September 2026, does not adjudicate among the several English spellings of his name used by the cited outlets, and does not cover his predecessor or any parliamentary context around the 2026 reshuffle.