KUWAIT CITY: Kuwait’s Al-Kharafi Group, the firm run by one of the state’s most prominent merchant families, has appointed Fawzi Al-Kharafi as chairman of the business to replace his brother Jassim, who passed away earlier this month.

Al-Kharafi Group also appointed Mohannad Mohamed Al-Kharafi as deputy chairman, director at the company Bader Al-Kharafi said.

Loay Al-Kharafi, a board member, said that all other positions at the group remain as they were, reflecting the depth and stability of the business. The billionaire family has stakes in a number of high-profile Kuwaiti companies including telecommunications firm Zain and construction firm Kharafi National.