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Abdullah Al-Salloum

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Abdullah Al-Salloum
عبد الله السلوم
Born (1981-08-28) August 28, 1981 (age 43)
CitizenshipKuwait
EducationMaster of Business Administration MBA, BS in Computer Science BSCS, Certified International Project Manager CIPM.
Alma materGulf University for Science and Technology, American Academy of Financial Management.
Occupation(s)Economist, entrepreneur, investor and author.
Organization(s)Kuwait Economic Society, Kuwait Information Technology Society.
Known forPublic domain dedication of new accounting techniques and publications on the principles of political economics.
Notable workIruSoft, Dhammin, Sultan of Najd, Kuwait of the Sustainability, Kingdom of the Vision and The Currency of Mount Serenity.
FamilyAl Salloum, Wuhiba, Banu Tamim.
Websitehttp://abdullah.com.kw
Signature

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]

Early life and education

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Al-Salloum was born on August 28, 1981, in Kuwait.[10] He earned his master's degree in business administration and his bachelor's degree in computer science from Gulf University for Science and Technology. He's also earned a certification of international project management from the American Academy of Financial Management.[1][9][10][11]

Career

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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]

Al-Salloum led the transformation of supervision on the insurance sector by establishing IruSoft; an in-house implemented platform that introduces unique supervision-technology (suptech), insurance-technology (insurtech) and regulatory-technology (regtech) modules, by which the unit requires less resources to ensure fairness, transparency and competition and to prevent conflicts of interest in the sector.[12][13][14][15]

Views

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COVID-19 pandemic

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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

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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

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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

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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

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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

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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 distributed Decision-making process made by democracy, following those leads to have an effective economic reform must have a prior political reform.[1]

Early retirement bill

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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

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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

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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

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Books

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  • Sultan of Najd (Arabic: سلطان نجد): (Subtitled: The throne advocating for fair wealth distribution - Arabic: الحكم المناصر لعدالة توزيع الثروة) (ISBN 978-1732537569) 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]
Al-Salloum presents Kuwait of the Sustainability vision to the Prime Minister of Kuwait, Sheikh Jaber Al-Mubarak Al-Sabah.
  • Kuwait of the Sustainability (Arabic: كويت الاستدامة): (Subtitled: Vision of a people, from and to them. - Arabic: رؤية شعب، منه وإليه.) (ISBN 978-1732537538) 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) (ISBN 978-0692144862) 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) (ISBN 978-9996617980) 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]

Studies

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Articles

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Dhammin

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Al-Salloum has founded Dhammin (Arabic: ضمّن); a smart political platform that manages candidates' electoral campaigns for the National Assembly, Municipal council or Cooperative Society councils. It has been stated in news reports and interviews that the platform is the first within the field to apply distributed-systems' methodologies.[41][42][43]

Accounting techniques

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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

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References

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  1. ^ a b c d e f g h i j Kuwait Times, Newspaper (September 2, 2018). "Kuwaiti economist explains how Kuwait can benefit from Saudi's vision in new book – Kuwait Times". kuwaittimes.com. Retrieved September 6, 2018.
  2. ^ a b Aljarida, Newspaper (July 31, 2017). "The Currency of Mount Serenity: Mixture of Fiction and Reality". aljarida.com (in Arabic). Retrieved August 13, 2017.
  3. ^ a b Al-Jazira, Newspaper (August 14, 2017). "The Currency of Mount Serenity Hits Bestseller on Jamalon". al-jazirah.com (in Arabic). Retrieved August 14, 2017.
  4. ^ Alqabas, Newspaper (December 18, 2019). "Value-Added Tax Supports State Budget". Alqabas.com (in Arabic). Retrieved March 27, 2020.
  5. ^ a b Alqabas, Newspaper. "Workshop To Train Entrepreneurs Create Advanced Feasibility Studies". alqabas.com (in Arabic). Retrieved December 8, 2017.
  6. ^ a b Aljarida, Newspaper. "Al-Salloum: Developing Feasibility Study Tool for Entrepreneurs". aljarida.com (in Arabic). Retrieved December 12, 2017.
  7. ^ a b Aljarida, Newspaper (April 30, 2017). "New Technique Reduces The Difficulties of Feasibility Studies". aljarida.com (in Arabic). Retrieved August 14, 2017.
  8. ^ a b Almnatiq, Newspaper (April 30, 2017). "Feasibility Studies for Small Businesses". almnatiq.net (in Arabic). Archived from the original on September 11, 2018. Retrieved August 13, 2017.
  9. ^ a b c d e f Alqabas, Newspaper (November 20, 2018). "Abdullah Al-Salloum: Knowledge for the Public Benefit". alqabas.com. Retrieved November 26, 2018.
  10. ^ a b c "Who Is Abdullah Al-Salloum?". Aliqtisadi (in Arabic). Retrieved January 8, 2019.
  11. ^ Aljazeera, Network. "Bitcoin Star in Kuwait Sky". aljazeera.net (in Arabic). Retrieved January 8, 2019.
  12. ^ Editorial, Economics. "Insurance Regulatory Unit Establishes IruSoft". Kuwait News Agency.
  13. ^ CNBC, Arabia. "IruSoft to Automate Actions Governed by Insurance Regulatory Unit's Bylaw". CNBC Arabia (in Arabic). Archived from the original on June 23, 2021. Retrieved July 21, 2021.
  14. ^ Alanba, Newspaper. "The Insurance Regulatory Unit Establishes its Digital Platform IruSoft" (in Arabic). Archived from the original on July 21, 2021. Retrieved July 21, 2021.
  15. ^ Alqabas, Newspaper. "Ensuring Management and Supervision on the Sector, Insurance Regulatory Unit Introduces IruSoft". Archived from the original on July 21, 2021. Retrieved July 21, 2021.
  16. ^ Abumalih, Abdulrahman. "COVID-19 on GCC's Economy". Thmanyah Productions (in Arabic). Retrieved September 4, 2020.
  17. ^ a b Albuaini, Assim. "Kuwait During COVID-19: Consensus for Public Debt Bill". Awalan News.
  18. ^ a b Alfaifi, Ziad (August 20, 2020). "The Truth Behind Kuwait's Budget Deficits". Independent Arabia (in Arabic). Retrieved September 5, 2020.
  19. ^ Abu Rizq, Mohammad. "Kuwait's Option to Avoid Wages Shortage". alkhaleejonline.net (in Arabic). Retrieved September 5, 2020.
  20. ^ Alqabas, Newspaper. "Abdullah Al-Salloum: Economy of Kuwait Is Driven By Out-of-Control Variables". alqabas.com. Retrieved August 11, 2019.
  21. ^ Al-Salloum, Abdullah. "The truth behind Kuwait's budget deficits" (PDF). Kuwait Times. Archived from the original (PDF) on March 27, 2020. Retrieved March 27, 2020.
  22. ^ Alanba, Newspaper. "Al-Hajraf: 7 Features Of Early Retirement And No Less Rights". alanba.com.kw (in Arabic). Retrieved January 11, 2019.
  23. ^ Alrai, Newspaper (January 8, 2019). "Al-Hajraf: 90% Is The Consensus On "Early Retirement"". alraimedia.com. Retrieved January 8, 2019.
  24. ^ Alqabas, Newspaper. "Kuwait Economic Society Hosts Seminar On Early Retirement". alqabas.com (in Arabic). Retrieved January 8, 2019.
  25. ^ "Interview: BRI lessens Kuwait's reliance on oil exports – Kuwaiti expert – Xinhua | English.news.cn". www.xinhuanet.com. Archived from the original on March 7, 2019. Retrieved July 14, 2019.
  26. ^ "Belt and road initiative lessens GCC's reliance on oil exports". China Network News. Retrieved July 14, 2019.
  27. ^ "Interview: U.S. crackdown on Chinese imports typical economic bullying – expert – Xinhua | English.news.cn". www.xinhuanet.com. Archived from the original on May 27, 2019. Retrieved July 14, 2019.
  28. ^ Team, Editorial (August 18, 2020). ""Sultan of Najd": A New Economic Fiction". Alqabas Newspaper (in Arabic). Retrieved September 3, 2020.
  29. ^ Aljamaan, Salma (August 19, 2020). "Al-Salloum publishes "Sultan of Najd"". Alroeyah News (in Arabic). Archived from the original on September 3, 2020. Retrieved September 3, 2020.
  30. ^ Al-Tuwairqi, Duaa. ""Sultan of Najd", A New Political Economic Fiction". Adasaat News (in Arabic). Retrieved September 3, 2020.
  31. ^ Al-Salloum, Abdullah (July 25, 2020). Sultan of Najd (in Arabic). ISBN 9781732537576.
  32. ^ Nasr, Muhaab (August 22, 2020). ""Sultan of Najd": The Third Bestseller on Amazon". Alqabas Newspaper (in Arabic). Retrieved September 3, 2020.
  33. ^ Alqabas, Newspaper. "Al-Salloum issues "Kuwait of the Sustainability"". alqabas.com (in Arabic). Retrieved November 26, 2018.
  34. ^ Al-Seyassah, Newspaper (November 14, 2018). "Kuwait of the Sustainability: National vision for a real economic reform". al-seyassah.com. Retrieved November 26, 2018.
  35. ^ DasmanNews, Newspaper (November 24, 2018). "Abdullah Al-Salloum Issues The Title "Kuwait of the Sustainability"". dasmannews.com. Archived from the original on November 27, 2018.
  36. ^ Kuwaiti Almada, Newspaper (November 24, 2018). "Abdullah Al-Salloum issues "Kuwait of the Sustainability"". almada.cc. Archived from the original on November 26, 2018.
  37. ^ Aljarida, Newspaper (July 20, 2018). ""Kingdom Of The Vision" Observes Economic Changes In Saudi Arabia". aljarida.com (in Arabic). Retrieved July 20, 2018.
  38. ^ Newspaper, Alqabas. "Kingdom Of The Vision: For A Sustainable Development" (PDF). Alqabas Newspaper. Edition 16218 – Thursday, July 26th, 2018: 14.
  39. ^ Okaz, Newspaper (August 6, 2017). "Al-Salloum Narrates History of The Monetary System Through The Currency of Mount Serenity". okaz.com.sa (in Arabic). Retrieved August 13, 2017.
  40. ^ Alyaum, Newspaper (August 7, 2017). "The Currency of Mount Serenity: Mixture of Economics and Literature". alyaum.com (in Arabic). Retrieved August 13, 2017.
  41. ^ Omar, Faten (July 11, 2019). "App aims to help candidates get elected in Kuwait". Kuwait Times Newspaper. Retrieved July 14, 2019.
  42. ^ Al-Mutairi, Yousif (June 27, 2019). "Al-Salloum to Alqabas: Dhammin manages political campaigns with less costs". Alqabas Newspaper. Retrieved July 14, 2019.
  43. ^ Jawahiri, Ahmed. "Kuwaiti researcher founded a smart platform for political campaigning". Sabr News (in Arabic). Retrieved July 14, 2019.
  44. ^ Shula, Newspaper (April 30, 2017). "Youth Startups: The Importance of Feasibility Studies". shulanews.com (in Arabic). Archived from the original on April 30, 2017. Retrieved August 13, 2017.
  45. ^ Alqabas, Newspaper. "Al-Salloum Develops A Business Valuation Technique". Alqabas.com (in Arabic). Retrieved February 20, 2018.
  46. ^ a b Kuwait News Agency, KUNA. "Youth Volunteer And Humanitarian Initiatives Forum Honors Winners".
  47. ^ a b "Forum of Youth Initiatives Honors Winners". www.aljarida.com (in Arabic). November 11, 2019. Retrieved November 11, 2019.
  48. ^ a b Alrai, Newspaper. "Media Forum Honors Arab Volunteer Initiatives".
  49. ^ a b Alanba, Newspaper. "Winners In Youth Volunteer and Humanitarian Initiatives Forum". alanba.com.kw (in Arabic). Retrieved November 11, 2019.
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