Abdullah Al-Salloum (Arabic: عبد الله السلوم; Tribe: Wuhiba,
Banu Tamim; born Abdullah Salim Abdullah Al-Salloum, August 28, 1981) is a Kuwaiti economist, entrepreneur, investor and author, who is known for his publications on the principles of political economics[1][2][3][4] as well as for originating new accounting techniques that have been dedicated to public domain as part of
social responsibility.[5][6][7][8][9]
After a decade in the
private sector, Al-Salloum joined the
public sector in 2021 as advisor to the Minister of Commerce and Industry and then appointed director of the Center of Strategic Research and Development in the
Insurance Regulatory Unit.[10]
In an interview on
Thmanyah in March 2020, Al-Salloum speculated an unprecedented
economic depression to take place in July 2020. The rationale was based on the paralysis of daily life caused by
Lockdowns, where curfews caused a real decrease in
consumption levels. Accordingly, the global economy was negatively affected as a result of a series of decreases in demand on
energy-products as well as many others. On the same interview, he mentioned how the global economy, including the
economy of the United States, would benefit from lowering oil prices during the pandemic, which contradicted the United States' presidential political view on oversupplying the
oil markets.[16]
As for regional economies,
Kuwait's in particular, Al-Salloum warned that generous economic packages for the
private sector will not be feasible for the economy when viewed in a
macroeconomic perspective. He believes the
private sector does not weigh enough Export-driven value in the
gross-domestic-product's equation.[17] In terms of 2020 budget deficit in
Kuwait, he believes the pandemic was not the real cause, but an accelerator.[18] He also believes a conditional Public Debt Bill would be the best available option when other reforming Legislations pass in parallel, in particular, the ones designated to accelerate the Export-based
private sector.[17][19]
Economy of Kuwait
In a study he has published in
Alqabas newspaper, as well as in other interviews, Al-Salloum illustrated how the
economy of Kuwait is driven by formulas whose heavy-weighted variables are out of local control. He demonstrated how the factors of those variables are changing in an
exponential manner; pressuring future economic circumstances to be even more severe. He concluded that future economy-related decisions must consider a sustainable positive outcome for the gross domestic product equation, which only occurs by stimulating exports, shortening imports, or both concurrently.[20][18]
Budget deficits in Kuwait
In another study he has published in
Kuwait Times newspaper, Al-Salloum concluded that financial waste, corruption, isolation of returns of sovereign funds or insufficient government operational management are not the real cause of state budget deficits but the inability to overcome macroeconomic-related issues, such as transforming the state economy to an economy that is led by an exports-based private sub-sector.[21]
Kuwaiti vision 2035
Al-Salloum believes that Kuwaiti Vision 2035 has not followed the minimum standards of the
sustainable development vision concept. His rationale was based on the insufficient methodology used to set the goals of that vision; by which a vision is just a collection of goals that will definitely be achieved once previously planned giant and large projects are executed. Hence, this vision would not require a real strategy to follow other than waiting.[1]
Saudi vision 2030
Unlike Kuwaiti Vision 2035, Al-Salloum sees
Saudi Vision 2030 as a vision that follows reasonable standards of the
sustainable development vision concept; defending most of its strategies in a book of six chapters.[1] The reason behind having Al-Salloum focusing on the
Saudi Arabian economy is the belief that
Kuwait's economy, once sustainable, will be attached to the closest largest economy,
Saudi Arabian.[1]
Diversified economy
Al-Salloum's advised that following the leads of
macroeconomic theories will be of an added value in moving the
GCC economy from oil-based to diversified. Except for
Kuwait, the
decision-making process in all other
GCC is
centralized, where following those leads – in a direct manner – can be feasibly accomplished. For
Kuwait's case, however, and because of the very
distributedDecision-making process made by democracy, following those leads to have an effective economic reform must have a prior political reform.[1]
Early retirement bill
Despite the 90% government-parliament consensus on Early Retirement Bill, Al-Salloum believes such a bill should be disregarded unless there will be real political outcomes exceeding future economic losses. He sees that, if the bill passes, the
Public Institution For Social Security will accelerate towards an
actuarial deficit that is predicted in 2067; making it less independent and more reliant on
government treasury to cover its shortages. Al-Salloum's advised that the presence of
actuarial figures in governmental-parliamentary committees would fill in the gap between the two authorities in this matter. He also advised that inefficient
financial management and corruption within governmental institutions must not be an excuse to pass such bills, including Loans Dropping Bill. Legislations should consider those issues instead.[22][23][24]
Belt and road initiative
In an interview with
Xinhua, Al-Salloum stated that the
Belt and Road Initiative can help create jobs, increase
net exports, and attract even more
foreign investments, which by the end increase the overall gross domestic product. In the interview, he stated that China has the expertise, manpower and industrial and logistic production ingredients, which crave entering a market or creating a new one. Kuwait, on the other hand, according to his opinion, has a good location that can be used to create mutual interests for both countries. Hence, he sees cooperation with China will have a positive impact on the development in
Kuwait and leads the country to be more exposed and to prompt legislations to facilitate international trade.[25][26]
U.S. Chinese tariffs
In another interview with
Xinhua, Al-Salloum showed his visualization of China overcoming the tariffs crisis as its products are no longer globally seen as second-class, which can be justified by the improved use of expertise and research and development it has. He brought up
Apple as an example where products are marketed as designed in California and assembled in China.[27]
Publications
Books
Sultan of Najd (Arabic: سلطان نجد): (Subtitled: The throne advocating for fair wealth distribution - Arabic: الحكم المناصر لعدالة توزيع الثروة) (
ISBN978-1732537569) is a political economic novel that interprets –within the ancient
Ukhaydhariya State– a series of events that exposed what was unknown by the throne, not only within the monetary scope, but the state politics, where the Emir gets introduced to reforming schemes meant to achieve the state's sustainability.[28][29][30][31] The title was ranked the third bestseller on
Amazon's Arabic Literature and Fiction category.[32]
Kuwait of the Sustainability (Arabic: كويت الاستدامة): (Subtitled: Vision of a people, from and to them. - Arabic: رؤية شعب، منه وإليه.) (
ISBN978-1732537538) A political economic book that extensively highlights the
Kuwaiti economy in particular, aiming at clarifying the concept of sound economic vision through radical solutions targeting
macro-economic issues of the state. In this title, which is introduced with appraisals by Prof. Ghanim Al-Najjar – the political science professor at Kuwait University –, Ali Al-Sanad, PhD – the Islamic studies professor at the General Authority for Applied Education and Training –, and Mr. Mohammed Al-Yousifi – the historical researcher and political analyst –, Al-Salloum looks forward to raise the awareness of the economic sense; in a way that makes individuals see and understand the consequences of political and administrative decision-making outcomes, build their own view and critical opinion while being fully aware of the subject matter. The title concludes that moving Kuwait from rent to sustainability requires a major reform at the
macro-economic level, a reform whose impact would wipe all
political,
organizational behavioral, and
micro-economic obstacles facing the state.[1][9][33][34][35][36]
Kingdom of the Vision (Arabic: مملكة الرؤية): (Subtitled: Within The Conflicts Of Sustainability And Rent - Arabic: بين مصارع الريعية والاستدامة) (
ISBN978-0692144862) An economic book that extensively elaborates on
Saudi Arabia's Vision 2030; linking its strategy to macroeconomics' theories.[1][9][37] The title was ranked as best-seller on
Jamalon – middle-east's largest online book retailer – as well as on
Amazon's Arabic books' category.[1][38]
The Currency of Mount Serenity (Arabic: مال جبال السكينة): A novel (Subtitled: The monetary system: from favor to post-tar-inar eras - Arabic: النظام المالي بين حقبتي الامتنان وما بعد الزفتينار) (
ISBN978-9996617980) that interprets – in a virtual world – the historic development eras of the real monetary system. The title was ranked as best-seller on
Jamalon; middle-east's largest online books retailer.[2][3][9][39][40]
Al-Salloum receiving the Award of Youth Volunteer and Humanitarian Initiatives Forum. Shows Mr. Al-Khamees, forum secretary general and Dr. Al-Matouq, the advisor of the Kuwaiti Emir.
Al-Salloum has developed – then dedicated to public domain – new accounting techniques using an
open-source code and gave it a –
CC0 – license to be developed and republished as part of
social responsibility.[1] The techniques help
businesspeople to easily create qualified and advanced
feasibility studies (managerial,
technical, financial and market feasibility, as well as
pricing mechanism) by inserting basic information. These techniques also assist Households rationalize their
Expenses, to either raise savings or lower liabilities, with a minimum lifestyle change.[7][8][44] The techniques have expanded to determine the valuation of running businesses for the purpose of acquisition or sale; creating more efficient negotiation outcomes.[45] Al-Salloum has given free workshops on how such techniques can be used to get more realistic and reasonable results.[5][6][9]
In November 2019, Al-Salloum, as the author of these accounting techniques, received the Award of Youth Volunteer and Humanitarian Initiatives Forum, along with 14 others out of 620 initiatives participating from 16 different Arab countries.[46][47][48][49]
Awards
Award of Youth Volunteer and Humanitarian Initiatives Forum[49][46][47][48]