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289 M.A. Ramady (ed.), The GCC Economies: Stepping Up To Future Challenges, DOI 10.1007/978-1-4614-1611-1, © Springer Science+Business Media New York 2012 Chapter 1 Working for a Sustainable GCC Future: Reflections on Policies and Practices Bahgat, B. “Sovereign Wealth Funds in the Gulf: An Assessment”, LSE Centre for the Study of Global Governance, 2011. Bahgat, G. “Education in the Gulf Monarchies: Retrospect and Prospect”, International Review of Education, Vol. 45, No. 2, pp. 128–129, 1999. Baldwin-Edwards, M. “Labour Immigration and Labour Markets in the GCC Countries: National Patterns and Trends”, LSE Centre for the Study of Global Governance, 2011. Barger, T. C. “Eastern Oil Since the Second World Middle War”, Annals of the American Academy of Political and Social Science, Vol. 401, No. 3, pp. 40–41, 1973. Booz & Co. Meeting the Employment Challenge in the GCC the Need for a Holistic Strategy, 2010. Davidson, C. M. “Dubai: The Vulnerability of Success, New York” Columbia University Press, 2008. De Boer, K & Turner, J. M. “Beyond oil: Reappraising the Gulf States”, The McKinsey Quarterly, 2007. http://www.mckinseyquarterly.com/Beyond_oil_Reappraising_the_Gulf_States_1902 (Accessed: 23 March, 2011). Economist Intelligence Unit, The GCC in 2020: The Gulf and its People, 2009. El Beblawi, H. “Gulf Industrialization in Perspective”, in J.-F. Seznec, & M. Kirk (Eds.), Industrialization in the Gulf a Socioeconomic Revolution: 205–203. Oxon: Routledge. 2011. Foley, S. “The Gulf Arab and the New Iraq: The Most to Gain and the Most to Lose?”, Middle East Review of International Affairs, Vol. 7, No. 2, pp. 24–43, 2003. Fox, J. W., Mourtada- Sabbah, N & Al-Mutawa, M. “The Arab Gulf Region: Traditionalism Globalized or Globalization Traditionalized?” in J. W. Fox, N. Mourtada-Sabbah and M. Al-Mutawa (eds.), Globalization and the Gulf, Oxon and New York: Routledge, 2006. Janardhan, N. “Expatriates Face a Changing Reality in Gulf Countries, published in The Daily Sta”r. http://yaleglobal.yale.edu/content/expatriates-face-changing-reality-gulf-countries (Accessed: 5 April, 2011), 2005. Kapiszewski, A. “Arab versus Asian Migrant Workers in the GCC Countries”, United Nations Expert Group Meeting On International Migration And Development in The Arab Region, Population Division, Department of Economic and Social Affairs, United Nations Secretariat, 2006. Kawach, N. “Combined GDP of GCC states to touch $1.15trn”, http://www.emirates247.com/ eb247/news/region/combined-gdp-of-gcc-states-to-touch-1-15trn-2008-08-07-1.224265 (Accessed: 8 September, 2011), 2008. Bibliography
Transcript

289M.A. Ramady (ed.), The GCC Economies: Stepping Up To Future Challenges,DOI 10.1007/978-1-4614-1611-1, © Springer Science+Business Media New York 2012

Chapter 1Working for a Sustainable GCC Future: Refl ections on Policies and Practices

Bahgat, B. “Sovereign Wealth Funds in the Gulf: An Assessment”, LSE Centre for the Study of Global Governance, 2011.

Bahgat, G. “Education in the Gulf Monarchies: Retrospect and Prospect”, International Review of Education , Vol. 45, No. 2, pp. 128–129, 1999.

Baldwin-Edwards, M. “Labour Immigration and Labour Markets in the GCC Countries: National Patterns and Trends”, LSE Centre for the Study of Global Governance, 2011.

Barger, T. C. “Eastern Oil Since the Second World Middle War”, Annals of the American Academy of Political and Social Science , Vol. 401, No. 3, pp. 40–41, 1973.

Booz & Co. Meeting the Employment Challenge in the GCC the Need for a Holistic Strategy , 2010. Davidson, C. M. “Dubai: The Vulnerability of Success, New York” Columbia University Press, 2008. De Boer, K & Turner, J. M. “Beyond oil: Reappraising the Gulf States”, The McKinsey Quarterly ,

2007. http://www.mckinseyquarterly.com/Beyond_oil_Reappraising_the_Gulf_States_1902 (Accessed: 23 March, 2011).

Economist Intelligence Unit, The GCC in 2020: The Gulf and its People, 2009. El Beblawi, H. “Gulf Industrialization in Perspective”, in J.-F. Seznec, & M. Kirk (Eds.),

Industrialization in the Gulf a Socioeconomic Revolution : 205–203. Oxon: Routledge. 2011. Foley, S. “The Gulf Arab and the New Iraq: The Most to Gain and the Most to Lose?”, Middle East

Review of International Affairs , Vol. 7, No. 2, pp. 24–43, 2003. Fox, J. W., Mourtada- Sabbah, N & Al-Mutawa, M. “The Arab Gulf Region: Traditionalism

Globalized or Globalization Traditionalized?” in J. W. Fox, N. Mourtada-Sabbah and M. Al-Mutawa (eds.), Globalization and the Gulf , Oxon and New York: Routledge, 2006.

Janardhan, N. “Expatriates Face a Changing Reality in Gulf Countries, published in The Daily Sta”r . http://yaleglobal.yale.edu/content/expatriates-face-changing-reality-gulf-countries (Accessed: 5 April, 2011), 2005.

Kapiszewski, A. “Arab versus Asian Migrant Workers in the GCC Countries”, United Nations Expert Group Meeting On International Migration And Development in The Arab Region, Population Division, Department of Economic and Social Affairs, United Nations Secretariat, 2006.

Kawach, N. “Combined GDP of GCC states to touch $1.15trn”, http://www.emirates247.com/eb247/news/region/combined-gdp-of-gcc-states-to-touch-1-15trn-2008-08-07-1.224265 (Accessed: 8 September, 2011), 2008.

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290 Bibliography

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Kawach, N. “Meet to spur inter-GCC investment”, Emirates 24/7 . http://www.emirates247.com/news/meet-to-spur-inter-gcc-investment-2010-12-09-1.326964 (Accessed: 8 September, 2011), 2010.

Krause, W. “Gender and Participation in the Arab Gulf ”, LSE Centre for the Study of Global Governance, No. 4. 2009.

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Noreng, O . “The Predicament of the Gulf Rentier State, In D. Heradstveit and H. Hveem”, (eds.), Oil in the Gulf : pp. 9–40, Hants and Burlington, 2004.

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Chapter 2Deepening the GCC Debt Markets: The Saudi Arabian Experience

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Chapter 3GCC Economic Integration: Statistical Harmonization for an Effective Monetary Union

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Chapter 4E-Learning in the Arab Gulf: Responding to the Changing World of Education

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Chapter 5Energy Security in the EU from GCC Perspective

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Chapter 6Going Nuclear in the GCC Countries: Rationale, Challenges and Politics

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A Aabar investment , 253 Abdullah, King , xxi, xliii, 36, 63, 125, 150 Abu Dhabi , 4, 62, 67, 73–78, 80, 82, 238–240,

243, 253, 255, 257, 258, 262–267, 269, 273, 276, 280, 282–284

Abu Dhabi Future Energy Company (ADFEC) , 74

Abu Dhabi Investment Authority (ADIA) , 238, 239, 241, 253–255, 258, 262, 263, 266, 267, 269, 273, 276, 280, 282–284

ADFEC. See Abu Dhabi Future Energy Company (ADFEC)

Al Maktoum , 257 Arab Spring , xxi, xxii, xxvi, xxxiii, xli,

xlv, xlvi, xlvii, xlviii, 84, 250, 270, 278, 287

Arab stock market , 14, 119

B Bahrain , xxi, xxii, xxix, xxxii, xxxiii, xxxiii,

xxxv, xxxviii, xxxix, xli, xliii, 4, 6–8, 13, 15, 23, 24, 28, 29, 34, 44, 51, 59, 64, 66, 89, 90, 92, 94, 96, 104, 106, 107, 109, 112, 115, 117–120, 122, 126–128, 132–134, 138, 139, 141, 142, 144, 145, 153, 162, 168, 179–184, 186, 190, 217–227, 238, 239, 241, 277, 279, 286

Bahrain Monetary Agency , 180, 190, 238 Boom years , 5 Bureaucracy , 103, 110, 112, 128, 213 Business cycles , 22–24, 243

C Capital adequacy , 178, 192, 264 Capital in fl ows , 118 Capital intensive projects , 148 Capital investment , 118 Capital market , 13, 15, 151, 177, 189, 190,

192, 196, 202, 207, 283 Capital Market Authority (CMA) , 16, 189,

196, 197, 202 Capital market law , 151 Capital surplus , 259 Carbondioxide (CO

2 ) emissions , 51, 54, 73,

74, 82 China , xxviii, 38, 65, 67, 71, 165, 239–242, 252,

253, 255–259, 263, 268, 276, 277, 286 China Investment Corporation , 252, 253, 263,

268, 276 China yuan , 255 Cluster development , 124, 128, 155, 156 CMA. See Capital Market Authority (CMA) CO

2 emissions. See Carbondioxide (CO

2 )

emissions Common currency , 22, 23, 115, 146 Companies regulation , 192–199, 202 Consumer protection , 92, 212 Corporate disclosures , 154, 177–187 Corporate governance , 154, 177–179,

189–203, 243, 270 Country risk , 101–114 Crowding out effect , 172, 288

D Debt service , 103 Delta Two , 255

Index

320 Index

Demographics , 6, 19, 34, 37, 43, 88, 92, 94, 116, 210, 223, 224, 274

Demographic structure , 94, 274 Devaluation , 24, 25, 27, 28, 30, 32 Development , 3, 12, 22, 34, 55, 60, 69, 87,

115, 132, 147, 157, 166, 177, 189, 205, 218, 229, 238, 252, 262, 273

DFM. See Dubai fi nancial market (DFM) DIFX. See Dubai International Financial

Exchange (DIFX) Discount rate , 26 Diversi fi cation

economic , xxi, 74, 98, 147–156, 206, 207, 242, 273, 285–287

exports , 286 options , 73, 273, 280, 285–288 revenues , 60, 120, 121, 147–151, 153,

206–208, 287, 288 DP World. See Dubai Ports World’s (DP World) Dubai , 5, 7–9, 17, 34, 36, 37, 39, 40, 42–45,

61, 189, 238–240, 256–258, 262, 282–284

Dubai Financial Market (DFM) , 257 Dubai International Financial Exchange

(DIFX) , 257 Dubai Istithmar , 256, 283 Dubai Ports World’s (DP World) , 258

E Economic

growth , 5, 6, 19, 32, 70, 73, 115, 118, 135, 149, 152–154, 165, 205, 207, 234, 241, 244, 249, 273, 286, 288

planning , 70, 98, 155 ECSSR. See Emirates Center for Strategic

Studies and Research (ECSSR) Education

budget allocation , xxvii infrastructure , 3, 5, 8, 34–37, 39, 42, 47,

65, 81, 92, 96, 121, 124, 126, 127, 152, 154, 155, 166, 168, 206, 212, 234, 244, 274

E-learning , xxvii, 33–45, 47, 48 Emirates Center for Strategic Studies and

Research (ECSSR) , 36 Emirates Nuclear Energy Corporation

(ENEC) , 59, 62, 63, 67 Energy security , 51–57, 69–73, 252 Entrepreneurship , 6, 7, 69, 72–73, 77, 124,

128, 156, 205–215, 217, 220, 221, 224, 227, 260

ETFs. See Exchange Traded Funds (ETFs)

European Union (EU) , xxviii, 51–57, 71, 83, 136, 137, 140, 141, 172, 249, 259

Exchange rates fi xed , 21, 24, 30 fl oating , 11 managed , 25

Exchange Traded Funds (ETFs) , 17 Expatriate labor , 5, 6, 38, 81 Expenditure

capital , 148, 242, 285 current , 207 government , 7, 93, 148–150, 243, 266, 285

Exports , 30, 55, 56, 60, 61, 64, 66, 83, 86, 88, 90, 96, 102, 103, 114, 117, 118, 120, 121, 126, 138, 147, 148, 151, 157–159, 206, 221, 222, 238, 251, 252, 262, 273, 274, 277, 278, 286, 287

competitiveness , 30, 55, 118, 120, 121, 126, 147, 151, 158, 206

performance , 120, 121, 126, 138, 151, 179

F FANR. See Federal Authority for Nuclear

Regulation (FANR) FDIs. See Foreign direct investments (FDIs) Federal Authority for Nuclear Regulation

(FANR) , 62, 67, 68 Financial deepening , 11–13, 15, 18, 19, 120 Financial disintermediation , 12, 116 Financial globalization , 179 Financial instruments , 181, 185, 186, 237, 274 Financial markets , 11, 16, 18, 19, 21, 73, 121,

156, 247, 257, 259, 260, 266, 271 Financial modernization , 190 Financial system , 11, 18, 73, 245, 261, 264,

265, 270 Fiscal discipline , 171–172, 174 FNMA , 19 Food security , xxxii, 85–98 Foreign direct investments (FDIs)

in fl ow , 118, 119, 155, 166, 167, 169, 174 out fl ow , xxxvi

Foreign investment , 4, 10, 114, 118, 119, 135, 149, 152, 155, 158, 159, 163, 164, 166, 187, 242, 249, 281–283, 285

Foreign Investment Capital Of fi ce , 118 Foreign Investment Law , 166 Foreign labour , 148, 152 Free Trade Agreements (FTAs) , 133,

138, 140, 222 Free Trade Zone , 119, 121 FTAs. See Free Trade Agreements (FTAs)

321Index

G GAAP. See Generally Accepted Accounting

Practices (GAAP) Gas , 4, 22, 34, 51–57, 60–68, 71, 73, 75,

101, 115, 116, 119, 148, 151, 166, 208, 222, 238, 240, 252, 254, 256, 266, 277, 285, 286

GCC. See Gulf Cooperation Council (GCC) GDP. See Gross domestic product (GDP) Generally Accepted Accounting Practices

(GAAP) , 179 Global competitiveness ranking , 125, 153, 166 Global fi nancial crisis , 4, 57, 83, 238, 249,

273, 283, 285, 288 GNEII. See Gulf Nuclear Energy

Infrastructure Institute (GNEII) GNMA , 19 Gosaibi group , 190, 191, 201, 203 Governance , 3, 46, 71, 90, 95–97, 154,

177–179, 189–203, 243, 245–247, 261–271, 279

Government contracts , 5, 16 expenditure , 148, 149

Gross domestic product (GDP) , 5, 7, 22–24, 28–30, 32, 34, 51, 60, 61, 64, 65, 103, 109, 111–113, 115–117, 121, 122, 125, 147–151, 154, 167, 170–172, 206, 207, 222, 253, 255, 256, 277, 283, 285, 286

Gross investment , 255, 285 Gulf Cooperation Council (GCC)

banking sector , 120 capital markets , 13, 15, 177, 189, 190 country settings , 26, 32, 63, 88, 268 crude oil exports , 278 economic diversi fi cation , 74, 98, 285 economic indicators , 117 economic integration , 21–32, 115, 156 fi nancial sectors , 180, 237, 242 gas reserves , 55, 60, 68, 238, 256 labor market , 120, 126, 127

Gulf Nuclear Energy Infrastructure Institute (GNEII) , 63

Gulf War , 141, 252

H Hajj , 4 Hawkamah Institute , 189 HDI. See Human Development Index (HDI) Human capital , 71, 78, 125, 151, 152, 154,

212, 285 Human Development Index (HDI) , xxxiv, 70, 123

Hydrocarbon projects , 52, 148 sector , 252

I ICT. See Information and communications

technology (ICT) IFRS. See International Financial Reporting

Standards (IFRS) Ijarah , 14 IMF. See International Monetary Fund (IMF) Imports , 28, 52–57, 60, 85, 86, 88,

91–96, 179 Income fl ows , 116, 119, 254, 256 Indebtedness , 102 India , 34, 38, 61, 65, 67, 165, 241, 256 Individual proprietorships , 101 Industrialization , 88, 148, 274 In fl ation , 6, 11, 23, 25, 26, 28–30, 32, 86, 90,

92, 103, 109, 116–118, 128, 148, 156, 208, 252, 283

Information and communications technology (ICT) , xxvii, 33, 34, 37, 41, 42, 48, 208, 209, 212, 229–234

Insider trading , 194 Insurance sectors , 64, 166, 211 Intellectual property , 78, 124, 131–146, 212 Intelligent transport , 78, 79 International Financial Reporting Standards

(IFRS) , 179, 180, 184, 186 International Monetary Fund (IMF) , 190, 241,

242, 245, 254, 255, 261, 266, 270, 277, 280, 286

International Petroleum Investment Company (IPIC) , 238, 253, 257, 262, 276

International reserves , 68, 261 International trade , 88, 120, 124, 136, 164,

174, 227, 229 Internet , 33–37, 43, 44, 47, 48, 138, 160, 230 Investment income , 254, 273, 274 IPIC. See International Petroleum Investment

Company (IPIC) IPOs , 213 Iran , 38, 44, 55, 59, 66, 68, 141, 239, 252, 256 Islamic banking , 12–13, 64 Islamic fi nance , 6, 12

J Jabal Ali Free Trade Zone , 121 Jordan , xxii, 6, 9, 43, 59, 138 Judicial system , 140

322 Index

K King Abdullah City for Atomic and

Renewable Energy , 63 King Abdullah University of Science and

Technology , 125 KNNEC. See Kuwait National Nuclear Energy

Commission (KNNEC) Knowledge based economies , 59, 150, 152 Korea Investment Corporation , 252, 276 Kuwait , 4, 7, 8, 13, 15, 16, 23, 24, 28,

29, 51, 59–61, 64, 88, 89, 92–94, 96, 104–111, 114–118, 120, 122, 126–128, 133, 134, 136, 139, 140, 149, 166, 168, 180–184, 186, 238, 239, 245, 252–256, 258, 262–265, 276–279, 286

Kuwait Investment Authority (KIA) , 239, 252, 253, 255–257, 263, 273, 276, 282–284

Kuwait National Nuclear Energy Commission (KNNEC) , 60

Kyoto protocol , 71, 75

L Labor market , 120, 126, 127, 151, 168, 210,

215 Labor participation rates , 210, 211 Legal structure , 245 Libya , 44, 239, 276, 277 Literacy , 7, 35, 65

M Majlis Al Shoura , xxii Malaysia , 14, 15, 17, 18, 44, 165, 239, 276,

277, 286, 287 Manufacturing , 37, 82, 152, 157, 159–161,

163, 169, 171, 174, 211, 221, 258, 287 Masdar , xxx, 69–84

capital , 76–77 carbon , 75, 76 city , 67, 74–75, 77–82

Masdar Institute , 75, 76, 80, 81 Massachusetts Institute of Technology (MIT) ,

44, 45, 47, 76 Mergers and acquisitions (M&A) , 165, 193 MIT. See Massachusetts Institute of

Technology (MIT) Monetary policy instruments , 274 Money supply , 11 Morocco , xxii, 6, 9, 259

Mortgage law , 19 market , 19

Muaqqib , 226, 227 Mubadala Development Company , 74, 238,

257, 262 Mubadala Investment Company , 239, 243 Mumtalakat , 239, 241

N Net investment , 121 Non oil exports , 167 Non oil GDP , 149 Non oil revenue , 120 Non oil sector , 5, 121, 149, 151, 167 Norway , 151, 239, 252–255, 259, 268, 276, 277 Nuclear energy , xxix, 59, 61–66, 68

O Oil

companies , 37 crude oil export , 148, 278 producers , 22, 65, 79, 208, 238, 252, 253 production , 22, 148, 149, 208, 258 reserves , 22, 55, 61, 64, 88, 156, 166, 170,

171, 173, 263 revenues , 18, 24, 85, 90, 116, 118, 121, 126,

147–151, 207, 208, 255–257, 270, 278 Oman , 6, 13, 23, 24, 28, 29, 34, 37, 40, 41, 45,

51, 59, 64, 88–90, 92–94, 104, 107, 109, 112, 113, 115–120, 122, 123, 126–128, 132–134, 138, 139, 142, 145, 168, 180–182, 184, 186, 189, 190, 220, 238–241, 277

OMX , 256–258, 284 OPEC. See Organization of the Petroleum

Exporting Countries (OPEC) Organization of the Petroleum Exporting

Countries (OPEC) oil output , 51

P Per capita income , 51, 61, 116, 122, 208, 255 Petrochemicals , 56, 119, 121, 123, 128,

152, 161 diversi fi cation , 152

PIF. See Public Investment Fund (PIF) Planning , 63, 64, 70, 74, 81, 89, 98, 115, 155,

212, 248

323Index

P&O , 258 Political risk , 101–107, 109–114, 265,

269–270 Population

unemployment , 274 young , 5, 34, 152, 206, 209

PPP. See Purchasing power parity (PPP) Private sector , 3, 5, 15, 38, 71, 81, 120, 147,

149, 151, 154, 155, 207, 208, 242, 249, 287, 288

Privatization , 46, 120, 137, 150, 165, 207, 238, 252, 262, 274

Public Investment Fund (PIF) , 19, 240, 262, 273 Public sector , 5, 36, 38, 89, 90, 120, 225 Pull factors , 165, 219 Purchasing power parity (PPP) , 116, 117, 122,

126, 129, 287 Push factors , 169

Q Qatar , 4, 6–8, 13, 15, 23, 24, 28–31, 43, 51,

55, 59, 61, 64, 89, 92–94, 96, 104, 106, 107, 109, 111, 114–122, 124, 126–128, 134, 140, 143, 144, 153, 162, 168, 180–182, 184, 186, 190, 222, 238, 241, 242, 245, 254, 255, 257, 258, 262–266, 269, 276–278, 282, 286

Qatar Investment Authority (QIA) , 239, 241, 252, 253, 255, 263, 276, 282, 284

Qur’an , 132

R Rabigh , xxxvi Ras Al Khaimah Investment Authority , 240, 262 Rating , 12, 17, 18, 102–103, 105–107,

109–114, 212, 213, 266 R&D. See Research and development (R&D) Reforms

economic , 57, 150, 153, 218, 288 legal , 120

Regulatory sectors , 15, 16, 20, 154 Renewable energy , 4, 51, 52, 63, 69–84 Research and development (R&D) , 76, 81,

124, 215, 234, 240 Revenue

diversi fi cation , 60, 120, 121, 147–151, 153, 206–208, 287, 288

sources , 118, 147 Riba , 12, 13 Russia , 53, 55, 57, 61, 96, 239, 258, 259, 276, 277

S Saad Group , 190, 191, 201, 203 SABIC. See Saudi Basic Industries

Corporation (SABIC) SAGIA. See Saudi Arabian General

Investment Authority (SAGIA) SAMA. See Saudi Arabian Monetary Agency

(SAMA) SANABEL , 238, 240, 241 Santiago Principles , 245, 246, 262, 264–267,

269, 270, 279 Saudi Arabia

family businesses , xl fi nancial markets , 11, 16, 18, 19 Foreign Investment Law , 166 petroleum sector , 147 private sector challenges , 147, 149, 151,

154, 155 privatization , 150, 165, 207

Saudi Arabian General Investment Authority (SAGIA) , xxxvi, 119, 153, 155, 166, 221

Saudi Arabian Monetary Agency (SAMA) , 170, 180, 238, 240, 241, 253, 262, 273, 276, 282, 283

Saudi Aramco , xxv, xxxvi, xxxviii, xlviii Saudi Basic Industries Corporation

(SABIC) , 14, 17, 91, 259 Saudi Credit Bank , 12 Saudi Development Fund , 241 Saudi Industrial Development Fund , 19 Saudi Organization for Certi fi ed Public

Accountant (SOCPA) , 180, 181, 184, 185, 196

Saudi stock exchange , 17, 192 Saudization , 38, 152, 154, 207, 208 Savings funds , 262, 263, 267 SEC. See Supreme Economic Council (SEC) Shariah , 6, 12–17, 19 Small-and medium-sized enterprises (SMEs) ,

xxxvi, 73, 205, 207–209, 224, 226, 227, 229–234

SOCPA. See Saudi Organization for Certi fi ed Public Accountant (SOCPA)

South Korea , 111, 112, 117, 289, 306 Sovereign wealth funds (SWF’s)

compliance , 247 governance , 246 impact , xxiii, 243, 252, 270 strategy , 268, 280, 283

Spillover effect , 151, 174 Stabilization funds , 239–241, 243, 251, 262 Subsidies , xxxii, 5, 89–91, 120, 213, 215

324 Index

Sukuks , xxv, 13–15, 17, 19 Sunna , 132 Supreme Economic Council (SEC) , 207 SWF’s. See Sovereign wealth funds (SWF’s)

T Tadawul , 16, 201 Technology transfer , 135 Temasek Holding , 239, 252, 263, 276 Trade surpluses , 251 Transparency , 8, 10, 16–18, 97, 129, 156, 177,

190–192, 195–197, 200, 203, 233, 237, 239, 240, 243, 244, 249, 250, 259, 264, 265, 269, 275, 279, 280

Turkey , 15, 59, 256

U Umma , 36, 48 United Arab Emirates (UAE) , xxix, 4, 6, 8, 9,

13, 15, 23, 24, 28–30, 34–37, 39, 44, 45, 59, 61–64, 66–68, 73–76, 79–82, 88, 89, 93, 94, 96, 104, 105, 107, 109, 110, 115–122, 124, 126–128, 134, 140, 143, 144, 153, 162, 166, 180–182, 184, 186, 190, 239, 240, 254, 255, 257, 259, 262, 276–279, 286

United Nation Development Program (UNDP) , 34, 70, 90, 95, 123

USA , 15, 23, 62, 63, 65, 66, 68, 91, 116, 166, 177, 180, 191, 218, 222, 239, 240, 270, 273, 276, 277, 285

V Venezuela , 240, 252

W Wasta , 39, 41, 42 Water ef fi ciency , 78 Welfare state , 89 Women participation , 224, 225 Work ethics , 36, 128 World Bank , 29, 40, 86, 89, 97, 102, 153, 190,

203, 207 World Trade Organization (WTO) , xxxiv,

88, 119, 131–134, 136–140, 151, 153, 166, 174, 207

Y Yemen , 35, 43, 66, 70, 131, 133,

134, 136, 141


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