This opinion is absolutely correct and could benefit Kuwait in all areas. It is time to break free from the cycle of recycling programs and plans while the outcome is “zero”. The Kuwaiti economy, since the establishment of the modern state, has been based on individual initiatives supported by past laws. Unfortunately, decisions and laws issued in recent years have hindered this trend. This has led to a noticeable decline in various fields. Kuwait was once a pioneering country, not only in the Gulf region but throughout the entire region. Individual economic initiatives helped give Kuwait a global presence.
For example, Kuwait has invested in major international companies for decades and established leading projects in numerous countries. At the same time, it has pursued a local economic path that has yielded substantial benefits, too numerous to list in this article. Today, there is a significant opportunity for development following the cessation of hostilities and the beginning of a major regional settlement. Projects, particularly in the tourism sector, are expected to form the backbone of the future. Kuwait has a valuable opportunity, due to its unique strategic location, to become an attractive investment hub, provided the government improves its approach to achieve the necessary balance.
The second condition is to remove the decisions that have hindered progress; otherwise, stagnation will continue. Recently, a decision was issued prohibiting the rental and investment of chalets. Some time ago, a decision was also issued preventing beneficiaries from disposing of industrial plots and prohibiting agricultural holdings owners from developing certain areas of their farms for tourism.
What was the result? First, more citizens and residents travel outside Kuwait for vacations and weekend getaways in neighboring countries, where they spend large sums on leisure and entertainment. This has led to a loss of significant purchasing power for Kuwait. Second, investment in the services sector has declined. Third, commercial activity throughout Kuwait has weakened.
In February 2014, the Cabinet approved a project to develop Kuwait’s islands through a public-private partnership. The project included the development of Boubyan Island, Failaka Island, Warbah Island, Miskan Island, and Awhah Island, transforming them into integrated free economic and tourism zones. Over the past 12 years, no projects have been implemented on these islands. In the years following this decision, Kuwait has lost over KD 40 billion, spent by citizens and residents abroad on tourism.
Indeed, Al-Rai daily was right in stating that the private sector is a partner, not an adversary, of the government. Do ministers understand this? Will they move quickly to cancel the decisions and laws that are contributing to the decline in domestic spending? Will they free investment from restrictions? Developing the national product requires developing welfare projects.
