he minister replied, “Mr. President, it is true that the land was purchased by a foreigner, but the construction and all work on the project are carried out by Spanish workers and employees. The guard, the cook, the greengrocer, and the service providers are all citizens. Therefore, the benefit accrues to all of Spain, not just one individual.” Franco responded, “Go ahead with your strategy, and pay no attention to the beneficiaries of the country’s closure.” This policy transformed Spain from the “land of the sunset,” as it was once called, into a distinguished tourist destination. Spain enjoyed substantial financial returns, which significantly boosted its GDP and helped it recover from the economic crises following World War II and the Spanish Civil War. This strategy helped Spain overcome the crises that affected Europe throughout the Cold War and turned it into a preferred destination for many Europeans and Westerners who chose to make it their home. Even today, Spain continues to benefit from this unique tourism policy, implemented during a period when many European and Western countries pursued policies driven by national and partisan interests.

In this regard, I recall, something I have mentioned in my articles more than once, an incident involving the late Ruler of Dubai, Sheikh Rashid bin Saeed Al-Maktoum (may God have mercy on him), in the early 1980s. Some residents of Dubai approached him to object to allowing Kuwaitis to own property in the emirate and construct buildings and homes. At that time, Sheikh Rashid said, “The Kuwaitis are building on barren land, and they will not take the buildings they have constructed with them when they leave. Therefore, this benefits Dubai and its people.” Today, Dubai, and indeed the entire UAE, is bustling with people of various nationalities, all working diligently. Dubai’s GDP alone reached 241 billion dirhams in the first half of last year.

Oman has also allowed foreign ownership of property and introduced several incentives, attracting significant foreign investment. Foreign direct investment in the country has risen to OMR 30.3 billion. Oman is pursuing a capital attraction strategy as part of its “Oman Vision 2040,” which focuses on economic diversification. Despite turbulent global events, all these countries are currently experiencing unprecedented economic growth. The region offers numerous opportunities, positioning it as one of the most stable for years to come. As a result, these nations have benefited from this growth to improve living standards for their citizens, while capital continues to flow in rapidly. By the way, when Britain raised property taxes, around 16,000 of its citizens emigrated to the UAE and Greece. These emigrants injected substantial capital into the local markets of both countries, fueling economic growth. Kuwait, as we have said before and reiterate today, has vast opportunities. It is more dynamic culturally, socially, and economically than many countries in the region. Its strategic geographic location gives it a competitive advantage, if it chooses to capitalize on it.

However, Kuwait lost valuable time by isolating itself, rejecting experienced professionals and small and mediumsized enterprises, and following the agenda of those who sought to impose further restrictions. Today, a golden opportunity exists to attract foreign capital and establish industrial and service projects in Kuwait. This can be achieved if the government realizes that time waits for no one. The government must accelerate the process of opening the country further. We should not be like the Merchant of Venice, waiting for oil prices to rise for temporary gains. Birds must fly to secure their food, while we risk staying on the platform, waiting like the characters in Samuel Beckett’s play “Waiting for Godot.”