Abdullah Al-Salloum | |
---|---|
عبد الله السلوم | |
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Born | August 28, 1981 |
Citizenship | Kuwait |
Education | Master of Business Administration MBA, BS in Computer Science BSCS, Certified International Project Manager CIPM. |
Alma mater | Gulf 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 for | Public domain dedication of new accounting techniques and publications on the principles of political economics. |
Notable work | IruSoft, Dhammin, Sultan of Najd, Kuwait of the Sustainability, Kingdom of the Vision and The Currency of Mount Serenity. |
Family | Al Salloum, Wuhiba, Banu Tamim. |
Website | http://abdullah.com.kw |
Signature | |
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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]
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]
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]
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]
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]
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]
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]
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]
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]
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]
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]
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]
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]
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]
Abdullah Al-Salloum | |
---|---|
عبد الله السلوم | |
![]() | |
Born | August 28, 1981 |
Citizenship | Kuwait |
Education | Master of Business Administration MBA, BS in Computer Science BSCS, Certified International Project Manager CIPM. |
Alma mater | Gulf 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 for | Public domain dedication of new accounting techniques and publications on the principles of political economics. |
Notable work | IruSoft, Dhammin, Sultan of Najd, Kuwait of the Sustainability, Kingdom of the Vision and The Currency of Mount Serenity. |
Family | Al Salloum, Wuhiba, Banu Tamim. |
Website | http://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]
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]
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]
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]
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]
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]
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]
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]
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]
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]
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]
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]
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]
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]