‘Time now to diversify economy’

‘Prudent investment of funds needed’

“WHAT prevents us from taking part in the dream of the Kingdom of Saudi Arabia of establishing a sovereign fund with a paid up capital of $2 trillion which was disclosed the day before yesterday by the Saudi Crown Prince of the Saudi Heir Apparent and the Minister of Defence Prince Mohammed Ben Salman in investments, that are not based on oil revenues,” columnist, the dean of the Public Authority for Applied Education and Training’s (PAAET) College of Technological Studies and the Deputy Chairman of the Islamic Heritage Revival Society (IHRS) wrote for daily Sunday.

“In a statement Prince Mohammed said the first step is to put up part of the shares of the huge Aramco into public offering in 2017 and the conversion of its shares to the Public Investment Fund. He explained the goal is to transform the Saudi economy over the next twenty years into an economy that does not depend on oil alone.

“Apart from the above, some Saudi sources said the move will enable Saudi Arabia to buy companies Apple and Google and Microsoft and Yorkshire Hatshaway, the four largest companies in the world.

“Given the above, one may suggest that the State of Kuwait can establish a sovereign fund similar to that of the Saudi project with a big paid up capital, particularly since we know that during the past years of prosperity, we have managed to save billions of dollars, but unfortunately, the government has not revealed the volume of the relevant savings nor given a hint of where and how the money has been invested and what is the size of the revenues.

“In this context, we say the Kuwaiti investments are estimated to be worth $6 billion according to the lowest estimate of the State sovereign fund. Such being the case, if we presume that this money was invested at five percent only per annum, then we expect this money would double in twenty years.

“With regard to the privatization of state enterprises, which the government has declared several times we did not see anything on the ground. However, it is needless to say the privatization of the relevant corporations will be enough to bring billions of dollars into the ‘government pocket’.

“Consequently, the State of Kuwait will be in a position to have tremendous investments through its various sovereign funds and the government will be in a position to develop the same accordingly. It is noteworthy to say Kuwait was the first to introduce the sovereign fund in the Arab world and it was the State of Kuwait that has established a fund for development (Kuwait Fund for Arab Economic Development -- KFAED).

“Meanwhile, we would like to refer to the Norwegian experiment in the field of investment -- the country that has successfully managed to use its petrodollars in the form of a sovereign fund with a paid up capital of $850 billion, given the fact this experiment is something important and calls for a deep study.

“In conclusion, we wonder up to what time we shall depend on the crude oil as the sole source of our income, particularly since we know that we at the moment are selling this commodity at a very cheap price but we were behaving like lazy people without making any efforts to develop our potentials and increase our revenues.

“But the big problem doesn’t rest only in our inability to invest properly our funds and bringing luxury for our people, the problem rather rests in appointing some suspicious people to manage the most significant Kuwaiti investments including those related to the Public Institute for Social Security and the Kuwait Investment Authority (KIA). I say suspicious because some of the officials working at these institutions have been referred to the concerned authority after they were accused of manipulations in the national wealth and funds.”

Al-Hassawi

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“At last Iran sent its envoy to Kuwait to convey its desire to open a new page in relations with the Gulf Cooperation Council (GCC) member States,” columnist

wrote for

daily. “We have no doubt that the GCC member States are peaceful countries and have no desire to create tensions in the region or maintain tense relations with its neighbors.

“As a matter of fact this is quite evident that the GCC countries have always sought to have good relations with its neighbors and the past 60 years is evidence during which none of the GCC countries were involved in a conflict or tension with any country in the world.

“But it is needless to say when the GCC countries feel their security and stability are facing imminent external threat and danger, then these countries will certainly have no choice but to hasten to protect the security of their citizens and it this case the countries reserve the right to defend their entities and dependence.

“What Iran has done over the past thirty years to destabilize the security of the GCC countries is crystal clear and the records of the Public Prosecution, the courts and the testimonies given by those who were involved in collaboration with Iran have given enough evidence to nail Tehran.

“This is in addition to the media that has constantly reported of Iran’s support for the Houthi rebels who have taken arms against the legitimate Yemeni government and its involvement in suppressing those who are demanding freedom in Syria.

“Not just that, the reports show Tehran’s involvement in supporting the Popular Mobilization Militias in Iraq and the latter’s involvement in killing Sunnis in that country.

“Anyway, if Iran wants to weave amicable relations with the GCC countries, then it should give up its practices which promote instability throughout countries where Iran’s involvement is seen or its involvement in those countries’ internal affairs.

“I hope Iran will be in a position to give us at least one example where its involvement in the internal affairs of any country has brought any type of stability or any kind of economic boom.

“However, if Iran is really serious about establishing good relations with the GCC member States, then it should stop its intervention in the internal affairs of other countries. Apart from the above, Iran should without delay, withdraw from the three United Arab Emirates (UAE) islands and return them to their rightful owners.

“If the above is realized, then the GCC countries will not hesitate to establish good relations with Tehran provided these relations are based on reciprocal respect and mutual interests between the two parties.

“We say the above, because the current phase requires peace in the region by sorting out all types of tensions and violence and to achieve this Iran must turn its back on its scheme of exporting its revolution.

“In the meantime, we would like to pinpoint that anybody who threatens the country of the Two Holy Mosques -- the Kingdom of Saudi Arabia --must keep in mind that millions of people from all over the Muslim world will rush to defend the Muslims holy places. We pray to Almighty Allah to help us.”

“What the government has proposed in terms of electricity and water tariff which was published by some newspapers has caught the citizens unawares in the midst of a sea of confusion because what has been suggested is too high and does not go well with the potential of most citizens,” columnist

wrote for daily.

“The head of the National Assembly’s Economic and Financial Affairs Committee MP Faisal AlShaye has announced yesterday the committee will meet next Sunday to discuss government projects. Meanwhile, he pointed out the general consumption average in some houses is 12,000 kilowatt per month with a total cost of KD 24 and according to the government proposal a citizen must pay KD 120 for his consumption.

“It is true the government proposal is not final, and it is subject to many amendments, may be the best solution rests in the rationalization of consumption.”

“The Touristic Enterprises Company and the tourism sector which are affiliated to the Ministry of Information has not offered anything new to tourism,” columnist

wrote for

daily. “There is no need to prove a point here, but anyone who visits the website or the touristic company page on the Internet will realize that in the area of touristic development Kuwait has achieved nothing and that the development stopped in the 1980s.

“The late Saleh Shihab – we pray to Almighty Allah to have mercy on him – played a vital role in making several accomplishments in the touristic movement in Kuwait.

“Now everything seems to have stopped – the entertainment city no longer offers any entertainment, the dance fountain seems to have lost its rhythm and even the cemetery has become a ‘resting’ place for felines and rodents.

“The swimming pool complex no longer attracts holiday goers and the green island is no longer green because all that you can see is barren land infested with restaurants.”

“In his speech during the legislative session on March 29, MP Adnan Abdulsamad explained that expressing his objection to the ruling on the Al-Abdally cell case by walking out of the session is natural and he even compared the act to that of someone who resorts to the Court of Cassation to file a petition against the verdict,” columnist

wrote for daily. “We agree, but Mr Adnan, your objection was neither an appeal nor a petition while walking out of the parliamentary session is not considered a form or petition or appeal. It was merely an agitation against the court verdict.

“Adnan also defended MP Abdulhameed Dashti saying, ‘Dashti attacked Saudi Arabia and Bahrain, praised the governance of the jurist in Iran and the regime of Bashar al-Assad. Such acts do not deserve calls for the cancellation of the citizenship of Dashti and his parliamentary membership. If the Ministry of Interior proves that he is a mercenary, then it should apply the law on him.’

“We then ask Adnan, ‘What did the government do with the Abdally Cell? Did the government hang members of the cell in public squares similar to what Iran, whose regime you praised, has done? Did it apply the law and grant all legal rights to the cell members?

“We ask about the reasons behind Adnan’s determination and enthusiasm in defending the cell accused of working towards the collapse of the regime by using force in spreading violence and instigating chaos. The members of the Cell confessed their crimes and admitted receiving financial support from Iran and Hezbollah.

“We have the right to ask why we did not notice your enthusiasm in defending those accused of bombing Al-Sadeq Mosque. You remained silent when the citizenship of Soliman Bo-Ghaith was cancelled and now you are repeatedly talking about the cancellation of the citizenship of Dashti although nobody has touched this issue.”

“In his book, ‘Strategic Depth: the Site of Turkey and its International Role’, Turkish Prime Minister Ahmet Davutoglu said Turkey lost strong strategic fences in the Middle East in the first quarter of the 20th century. Today, Turkey needs to reevaluate its relationship with countries in the region,” Nassaer wrote for

daily. “The book, which was first issued in 2001, was republished for 44 times. Davutoglu called on his country to improve its relations with other countries through a pragmatic strategy, away from the ideology that could be worrisome for many nations. He pointed out the current Turkey is different from the Ottoman Turkey which was responsible for all Muslim countries.

“He stressed the need for Turkey to develop its points of view for it to cope with the changes that Arab countries have been witnessing in all fields – social, political and cultural. He said this is the first step towards the formation of Turkish diplomacy. He believes that geographical and historical factors are essential in ensuring geo-static balance in the region.

“He asserted this balance will be achieved through the triangle consisting of Turkey, Egypt and Iran. He said the outer balance of this triangle can be formed through the net of relations overlapping the triangle of Iraq, Syria and Saudi Arabia. He also mentioned a smaller triangle consisting of Jordan, Palestine and Lebanon.

“The book stressed on Turkey being the ‘heir-apparent’ of the last body which put the entire region into one union. It highlighted the right way for Turkey to play an active role regionally and internationally – by following a flexible strategy with tactics suitable for each stage.”

— Compiled by Zaki Taleb