It would be hard for any country to turn these plans into reality, but Kuwait has a particularly poor record. In the past, politics and bureaucracy have hindered progress.

There are signs that this is changing. With the refinery at Al-Zour and the massive Sabah al-Ahmed Future City, long-term plans are finally being turned into reality.

Maintaining this momentum has been made easier by recent legislative changes.

A new tax law should encourage foreign investment by reducing the tax burden on non-GCC companies doing business in Kuwait. In 2006, Kuwait attracted only 0.3 per cent of all foreign direct investment in the GCC.

A new law covering build-operate-transfer contracts, which was passed by parliament in mid-January, will offer further help. Private sector confidence was dealt a blow in 2007 when the government unilaterally cancelled several contracts with logistics firm Agility. The new law clearly defines the relationship between the government and the private sector, and should ensure delayed projects go ahead.

There is still a long way to go, but 2008 could be when Kuwait finally starts to realise more of its potential.