Isn’t it a conspiracy against the economy of our country?

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EITHER Kuwait has had enough and no longer needs more investment … Or greed has blindly controlled the insight of those in charge of economic decision-making … Or there are some individuals who are working to undermine it due to ulterior motives.

The appropriateness of this statement is the application of Article 8 of Law No. 74/1979 regulating the ownership of real estate by non-Kuwaitis. It stipulates the prohibition of the ownership of real estate by commercial companies in which non-Kuwaiti partners participate, and that these companies must be committed to ensuring there is no foreign shareholder in the list of shareholders in the company.

This law, which was issued 44 years ago, is outdated, especially considering that Kuwaitis own properties in all parts of the world, and that the neighboring Gulf countries approved the right of ownership for foreigners, which helped in increasing the investment movement in them.

Kuwait refused to develop and adhered to closing in on itself, as if the “Garden of Eden” is confined to Kuwaitis only, and that they are entitled in other countries to what others are not entitled to here. In other words, reciprocity is prohibited in Kuwait.

In the world, a Kuwaiti can buy any property, even the Buckingham Palace or the White House, if it is offered for sale in those countries.

When a country closes its economy in this manner, it is suffocating itself, especially since all countries are working to develop their investment tools and enhance their financial movement.

For instance, a foreigner can own property in the United States of America, Australia, Britain, Germany, and other countries, with vast areas of land, even if he is not a resident there. Just like in the Arab world, many countries allow non-citizens to own properties without any conditions.

As for the Gulf, some countries have developed their laws, as is the case in Qatar, the Emirates, the Kingdom of Saudi Arabia and Bahrain, to allow foreigners to own real estate without any conditions.

I remember the time in the 1980s when the late ruler of Dubai Sheikh Rashid bin Saeed Al Maktoum had issued a decree that allowed foreigners to own real estate in Dubai. When some objected to the decree, he said his famous phrase, “This will help in the development of the country. A resident who buys real estate will not take it with him when he leaves the country.”

This decision was the first step in opening up the Emirate, which today has become a global destination for an investment movement that is unparalleled in the region. This was reinforced by the decree issued by Sheikh Mohammed bin Rashid in 2002, which allowed owning of real estate up to 100 percent in some parts of the country. The same happened in some other Gulf countries, the latest of which is Saudi Arabia.

These countries work to attract investments from all over the world, and are not subject to a limited vision. This is because its goal is to strengthen its economic immunity, which is part of its sovereign power.

As for us, it seems that the “foreigner complexity” has reached the point of phobia at a time when our governments are still raising the slogan of “New Kuwait 2035 vision”, which is a development plan announced in 2017.

This plan aims to transform the country into a regional financial, commercial and cultural center that attracts investment by 2035. However, it remains ink on paper because all the laws and decisions that are being issued undermine this vision.

Faced with this reality, we ask – Will we be blessed with a government and an executive body that achieves this dream? Or is “New Kuwait 2035 vision” just a summer night’s dream?

By Ahmed Al-Jarallah

Editor-in-Chief, the Arab Times

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