Investment and the True Promise

Fouad Qabbani
Investment is a word with a musical ring; it resonates. Every official hopes to leave a mark by attracting productive projects and achieving a leap in services—but alas, the obstacles are many.
The Minister of Finance met with the relevant ministries to discuss and remove these obstacles. In my view, the meeting came late, though it is commendable in itself.
We have often spoken of the lack of planning and a clear strategy. I do not understand what prevents the Prime Minister from sitting down with experts and specialised scholars—of whom there are many—and drawing on the numerous studies prepared in recent years. Everyone dreams of contributing to the country’s revival so that it may catch up with the nations, yet all stand on the platform waiting for the train of reconstruction.
There are obstacles to investment, many of which I have mentioned in previous articles, foremost among them land ownership. To whom does the barren land allocated by the state to an investor actually belong? When an investor begins work, he is often confronted by multiple local entities and individuals claiming ownership. He then finds himself forced to appease all parties and pay levies without exception—after which the harassment begins. There are many examples of foreign investors who, after investing and paying up, found they had no option but to cut their losses and leave a country where they were wronged. There must therefore be a clear law transferring all barren and unclaimed land to the state, except for what lies on the fringes of villages and settlements.
We succeeded in the telecommunications sector and outpaced other countries, but we failed in transport and roads. Let us pave a nationwide road network from end to end under a Build-Operate-Transfer (BOT) system, and issue tenders. Tomorrow, we will find many willing to implement such projects and recover their costs through tolls. Today, sister Egypt has the best road network in Africa and the Middle East, and citizens pay willingly because the service is excellent.
We have failed in electricity, but this can be remedied through solar power plants or by upgrading hydroelectric systems. Global companies are ready to undertake such projects—just issue the tenders. There are abundant resources, including gold and other minerals, that can finance this.
We possess great wealth, yet what holds us back are greed, avarice, and envy. Above all, corruption is the greatest impediment today—the scourge that undermines any project and obstructs development and success. Its remedy lies in reviving the economy and development, and in ensuring that every worker and employee receives their rightful due. As Sayyiduna Umar (may Allah be pleased with him) suspended the hudud punishments during the Year of Famine—there is no accountability for one in need.
We have neglected education and abandoned noble values. We have taken to lying and stealing—so how can the shadow be straight when the stick itself is crooked?
The country will, God willing, return as we have hoped and dreamed: prosperous, flourishing, dignified, and guided by values. We need only be truthful in word, deed, and action. Tomorrow will be better and brighter… so stand upright—may God have mercy on you.

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