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‘5-year residency proposal to hit hard realty owners, banks’ Best solution is to apply law strictly on visa traders: Shaddad

KUWAIT CITY, Feb 7: A number of politicians, economic experts and owners of real estate demanded lawmakers to study their statements before issuing them. They indicated that the proposal to allot five-year residency to expatriates in Kuwait will negatively affect many owners of the real estates that are rented to expatriates.

They added that it will also affect financial companies and banks that have transactions with the expatriates. Chairman of Kuwait Construction Companies Union Dr Salah Bouresli said the proposals to repatriate 1,350,000 expatriates in five years and limit the residency of expatriate laborers to 5 years is aimed to just show off through media because such a proposal is not practical especially since Kuwait is currently witnessing a constructional boom.

He indicated that any move to implement the proposal of repatriating expatriate personnel will first harm the construction companies that depend heavily on expatriate laborers, adding that the daily wages of a laborer will become KD 50 per day if the proposal is carried out.

He revealed that minimum of 500,000 real estates are owned by Kuwaitis, asking, “What will happen if the expatriate laborers are repatriated from the country? How will the citizens pay back the loans that they borrowed from banks to build these real estates?” Dr Bouresli said the companies depend on many expatriate experts, technicians and engineers, wondering how it is possible to threaten the industry by launching such unstudied statements.

He stressed, “If a lawmaker wants to become distinguished, he has to first conduct necessary and precise studies to provide logical alternatives before launching such statements”. He also wondered how Kuwait can allow giving up personnel who gained experience from their work in Kuwait and let them to go to another country to implement that experience.

Meanwhile, Financial Analyst Ameer Al-Mansour said the step of deporting such large number of expatriates within five years clearly indicates that the individual who suggested it does not comprehend the extent of negative impact such a step will have on the Kuwaiti economy and nation.

He demanded the lawmakers to study issues thoroughly while tackling them because citizens do not give their votes to a lawmaker who did not consider all aspects of an issue that the latter tackled. He also demanded them to talk about matters in which they have experience, while a lawmaker who does not know how the wheel of economy is run must seek the assistance of economic experts in order to issue sensible statements.

In addition, a representative of a real estate company Abdulaziz Al- Shaddad said, “We do not know why such statements are launched without being studied. Many companies bring efficient legal experts, accountants and consultants into the country, so how is it possible to tell them that they can stay only for five years?” He affirmed that the best solution to control the phenomenon of the marginal personnel is to apply the law strictly and control the visa traders.

By: Najeh Bilal Al-Seyassah Staff

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