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Fahad Al-Shariaan, former Minister of Commerce and Industry, emphasized the importance of providing opportunities for the private sector to participate in development projects, as well as fostering harmony and compatibility between the public and private sectors, which is currently absent.
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Waleed Al-Shariaan, the CEO of Mabanee Company, pointed out the need to amend certain laws and legislation related to local and foreign investment so that the private sector, whether local or foreign, can be a real participant in development.
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Sabah Al-Jalawi, Chairman of the Board of Directors of the Accountants and Auditors Association, emphasized that one of the crucial steps the government must take to address deficits is attracting international companies to the Kuwaiti market through incentives.
With the Ministry of Finance announcing that the general reserve liquidity has eroded and reached a depletion stage of “less than KD two billion last March,” experts and economists emphasized the urgent need to accelerate development.
They highlighted the importance of presenting alternatives and optimally utilizing the state’s resources to diversify income sources. This should be done in tandem with expanding partnerships with the private sector and providing realistic solutions with set timetables, according to Al Rai newspaper.
In this context, Fahad Al-Shariaan, former Minister of Commerce and Industry, said, “The financial scene lacks serious evaluation and realistic analysis of the numbers. All our readings come after discovering defects or deficits, without being accompanied by realistic studies or appropriate hypothetical treatments. There is no plan, and there is no agreement between the numbers presented and the reality reflected in the budget.”
He pointed out that the absence of radical solutions will naturally lead to the accumulation of deficits in light of the lack of plans and alternatives. He emphasized the importance of providing opportunities for the private sector to participate in development projects, as well as fostering harmony and compatibility between the public and private sectors, which is currently absent.
He expressed his confidence that “if a coherent, thoughtful, and implementable plan is presented, and not an imaginary one, then the solutions will be available and the desired results will be achieved.”
For his part, Waleed Al-Shariaan, the CEO of Mabanee Company, stated that the first step to address the budget imbalance is to review the support items and direct them to those who deserve them. As the Minister of Finance said, “this will save more than two billion dinars, an amount that will alleviate the great pressure on the budget.”
He added that the second step is to genuinely involve the private sector in the development process through its participation in and implementation of large-scale projects. He pointed out the need to amend certain laws and legislation related to local and foreign investment so that the private sector, whether local or foreign, can be a real participant in development.
In turn, Jassim Hassan Zainal, the Vice Chairman and CEO of Arzan Financial Group for Financing and Investment, called for developing an effective plan that can be implemented on the ground.
He added, “The Ministry of Finance must begin implementing the necessary procedures and setting a scope for them, in addition to accelerating the pace of launching development projects through effective partnerships with the private sector.”
He stressed the importance of “respecting time and setting timetables for implementing projects,” and advised “setting a clock to measure completion rates according to the periods specified for each project, provided that this clock is available for daily viewing by the work team assigned to that project.”
In the same context, businessman Qais Al-Ghanim considered that the Minister of Finance had provided ‘temporary solutions, not radical ones,’ to address the deficits in the state budget. He noted that the government would resort to the easy way out by increasing prices of state property fees and services, which is a short-term solution but will ultimately impact the Kuwaiti consumer.
Furthermore, Sabah Al-Jalawi, Chairman of the Board of Directors of the Accountants and Auditors Association, commented that the Minister of Finance’s discussion of deficit and subsidy figures ‘was not clear.’
He emphasized that one of the crucial steps the government must take to address deficits is attracting international companies to the Kuwaiti market through incentives.
He also expressed confidence that Kuwait is capable of achieving a boom similar to Saudi Arabia’s, stating, “but we need to work on that and provide the appropriate business environment, supported by necessary laws and legislation.”
