Kuwait's prolonged period of isolation resulted in the loss of huge development opportunities. This isolation, driven by influential figures in the National Assembly who exerted control, prevented the country from benefiting from its strategic location to become a major economic hub and compete regionally.
This led to national stagnation and regression in exchange for minimal gains, a poor trade-off for a nation endowed with vast yet underutilized wealth. The announcement of a new openness by the Ministry of Interior was therefore met with widespread enthusiasm among Kuwaitis.
However, the public still anticipates further comprehensive measures to fully revitalize economic and commercial activity. The ultimate goal is to strategically position the country for regional competitiveness across all sectors, thereby compensating for the extensive development opportunities lost over the years.
In many countries, tourists and visitors are warmly welcomed because they spend their money there and thus contribute to the economy, and to some extent, as some have noted, they are “spoiled.” In Kuwait, however, the experience is different. While many visitors do come, they encounter a lack of essential elements related to tourism, entertainment, and comfort.
This is largely due to infrastructure that still requires significant development and a major overhaul, including the removal of dilapidated structures and the construction of modern facilities. Achieving this also requires amending laws related to investment, tourism, and other sectors to enable Kuwait to become a major player in the regional economic arena.
Therefore, we reiterate that there are enormous sovereign wealth funds, perhaps exceeding the capacity of the local economy to absorb. However, investing a significant portion of these funds domestically has become essential for implementing industrial, agricultural, service, and infrastructure projects. It is also crucial to develop trust funds that hold surpluses that are not being utilized effectively, so they can fulfill their intended developmental role.
Many funds continue to operate under outdated investment strategies, such as investing in high-risk foreign stocks or real estate in countries experiencing economic recession. Redirecting these funds toward domestic investment could significantly enhance returns. For example, both the Public Institution of Social Security and the Zakat House are legally permitted and have the capacity to invest in profitable domestic projects, but they require encouragement from the government and access to incentives comparable to those available internationally.
The Social Security institution currently supports approximately 200,000 retirees, a number that increases annually and is expected to reach around half a million beneficiaries within a few years. Given the ongoing global inflation, maximizing financial returns has become essential. Therefore, the institution must urgently begin developing profitable investment programs to secure the future of its growing number of beneficiaries. Kuwaiti funds possess substantial potential for local investment along with their existing foreign ventures.
Important local opportunities include participation in major projects such as Mubarak Al-Kabeer Port and the new airport, the development of much-needed entertainment facilities, and investment in the northern economic zone. To maximize the country’s GDP, a clear strategic vision is required, including the establishment of a southern economic zone for these funds.
In addition, investments should be directed toward infrastructure, the digital sector, and strategic industries in politically and economically stable Arab countries that maintain strong ties with Kuwait. Capitalizing on this potential requires a proactive and sophisticated marketing strategy that mirrors the global efforts of other successful nations.
Opportunities are time-sensitive, making decisive action essential to secure long-term economic benefits. The marketing approach must be flexible, incentive-based, and attractive, with streamlined procedures. It is also essential to avoid excessive rigidity and scrutiny that could hinder economic activity and negatively affect people’s livelihoods.
