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The Financial Markets of the Arab Gulf - Power, Politics and Money (Hardcover)
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The Financial Markets of the Arab Gulf - Power, Politics and Money (Hardcover)
Series: Routledge International Studies in Money and Banking
Expected to ship within 12 - 17 working days
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Financial markets across the Arabian Peninsula have gone from being
small, quasi-medieval structures in the 1960s to large world-class
groupings of financial institutions. This evolution has been fueled
by vast increases in income from oil and natural gas. The Financial
Markets of the Arab Gulf presents and analyzes the banks, stock
markets, investment companies, money changers and sovereign wealth
funds that have grown from this oil wealth and how this income has
acted as a buffer between Gulf society at large and the newfound
cash reserves of Gulf Cooperation Council states (Saudi Arabia, the
United Arab Emirates, Qatar, Kuwait, Oman and Bahrain) over the
last fifty years. By assessing the development of institutions like
the Abu Dhabi Investment Authority, the Saudi Arabian Monetary
Authority, the Public Investment Fund and the National Bank of
Kuwait, The Financial Markets of the Arab Gulf evaluates the growth
of the markets and provides a detailed, critical, snapshot of the
current form and function of the Gulf's financial markets. It
argues that the markets have been controlled by various state
institutions for socio-political reasons. In particular, the Saudi
state has used its sophisticated regulatory regime to push for
industrialization and diversification, which culminated in the
Vision 2030 plan. The UAE, Qatar, Kuwait, Bahrain and Oman have
also been strongly involved in establishing modern markets for
similar purposes but have done so through different means, with
varying results, and each in line with what has been considered
their respective comparative advantages. Along with critically
surveying these institutions and their role in global finance, the
book also presents case studies depicting transactions typical to
the region, including the highly profitable documentary credits of
commercial banks, the financial scandal of certain financiers and
their regulatory arbitrage between Bahrain and Saudi Arabia, a
review of the Dubai's trade miracle, and an assessment of the value
and importance of the privatization of Saudi Aramco.
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