Kuwait Has the Funds and the People, Needs Swift Decision-Making

During World War II, then-US Secretary of Defense George Marshall was quoted as saying, “When you hear the rumble of cannons, you must begin planning for reconstruction and revitalizing the economy; sell when you hear the music of peace.”

It is worth noting that with the onset of the global financial crisis in 2008, Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched the Dubai Media City project and other urban developments. Prior to that, several projects had already been initiated in the emirate. At the time, some of his close economic advisors objected, but he told them, “On the contrary, construction begins now, and we must seize the opportunity.”

In the following years, with the launch of Dubai Metro in 2009, the emirate’s economy rebounded. Within a few years, Dubai recovered the costs of this strategic project and began planning to expand its vital transit lines. Additionally, expansions at Al Maktoum International Airport were launched to achieve an initial capacity of 260 million passengers annually.

The returns from these projects enabled Dubai to pay off its debts, and more importantly, the UAE’s economic momentum, despite the war crisis, has quickly overcome the obstacles left by the downturn. The UAE is currently the fastest-growing economy, having achieved a qualitative leap in recent months thanks to bold development plans and a shift away from relying solely on oil as its primary revenue source. Today, 77 percent of the national GDP is derived from non-oil sectors.

In the same vein, the Kingdom of Saudi Arabia has been undergoing major modernization for several years through comprehensive planning under “Vision 2030” across all sectors. It has enacted laws attracting investment, whether by granting foreigners property ownership rights or through free zones where expatriates can operate freely, even with government support. Meanwhile, it has invested in attracting non-Saudi talent and capital by granting them citizenship and permanent residency.

Oman is following a similar path, having granted citizenship to those who own residential units or land, while facilitating all means for them to invest throughout the Sultanate without restrictions. Qatar has also taken similar steps, enacting a law allowing non-citizens to own real estate and establish businesses with up to 100 percent foreign ownership, achieving significant non-oil revenues last year.

In the Kingdom of Bahrain, the law granting foreigners property ownership rights has contributed to economic dynamism, demonstrating its effectiveness during the recent crisis. Despite the war, Bahrain achieved growth of 4.6 percent in the first quarter of this year.

All these projects across the five countries were implemented through public-private partnerships, consolidating economic stability, which serves as the foundation for social stability. Nations build for the future by leveraging their capabilities and history, utilizing infrastructure to create conditions that sustain ongoing development.

Kuwait possesses all the potential to compete with neighboring countries through major projects involving private sector participation, generating revenue from them, and diversifying its national GDP.

While other countries import labor from abroad, Kuwait has the “Bedoon” population—those whose citizenship has been revoked—who require vocational training for jobs needed by the state, as well as resident expatriate workers. All these groups can help build a modern state if progressive laws are enacted to harness their potential, reduce restrictions on both citizen and foreign investors, and restore freedom of usufruct rights, which previously facilitated an economic dynamic that served as a model for other countries in growth, modernization, and activity.