This book discusses the strategic shift in ownership of Aramco, the Saudi Arabian Oil Company, and its potential impact on Aramco's role in a post- privatized world. Scheduled to become an IPO in 2018, Aramco is on the verge of becoming the largest IPO on the market. As the world's largest oil and gas company, Aramco's impending privatization has important implications for the world's petroleum market. This book, therefore, undertakes an analysis of Aramco, examining its history, its current role in Saudi Arabia's economy, and its future role as an IPO. The chapters highlight the likely outcomes for Aramco in proceeding with its planned IPO and privatization, as well as the various policy options and models available to it by drawing on the privatization of other national oil companies in Norway , Russia, Brazil, and China. The book also explores the complexities that will be involved in transforming Saudi Aramco to a privatized company-albeit with significant government oversight and control-and addresses key questions on the issues likely to be faced, such as IPO pricing, the listing, domain, and market capacity, and potential stakeholders. As such, this book will be of interest to academic researchers studying energy economics, energy policy, and the political economy of the Middle East, as well as private sector decision makers in energy related fields, international organizations, international oil companies, energy commodity traders, and public sector energy policy makers with interest in Saudi Arabia and Aramco's IPO.

The term 'wasta stems from the Arabic root for 'middle' or 'medium' and describes the phenomenon of using 'connections' to find job, government services or other favors to circumvent bureaucracy or bypass the system as a whole. The effects of 'wasta' may be both positive or negative, and is not a phenomenon that is particular to the Arab or Muslim world, but also to many other cultures and regions of the world, with similar concepts popularly known as ubuntu, guanxi, harambee, naoberschop, or "old boy network" used in African, Chinese and European societies. By its very nature 'wasta' is an area of grey or even black information, and, like corruption to which it is most often associated, is hard to assess although country corruption perception indexes attempt to provide a quantifiable basis. In the final analysis such ratings are based on perceptions of corruption, and this perception may vary strongly depending on different societal structures and cultural modes, whether these are extended family systems, tribal, clans or more atomized societies where relationships are essentially transactional and rule based. In a western perspective where 'wasta' may be considered as a form of corruption, in other societies it may be perceived as something 'natural' and not criminal, and using one's 'wasta' in tribal societies to help clan members is seen as a duty. The difference stems from the 'innocent ' use of 'wasta' to make introductions, as opposed to its abuse in placing unqualified persons in positions .The volume brings together academics and professional experts to examine a range of multi-faceted social, economic and political issues raised by the use and abuse of social networking, covering various topics like: 'wasta' interpersonal connections in family and business ties, The relationship between inequality-adjusted human development and corruption perception indexes in the Gulf region, 'wasta' and business networking, assessing the economic cost of 'wasta', 'wasta' and its impact on quality oriented education reform and the perceptions of young people, The use of 'wasta' to overcome socio-cultural barriers for women and men The volume also offers insights into social relations and ethics, and how the use of 'wasta' contradicts with common held religious principles, along with some country studies on Islamic principles and the use of 'wasta'. Mohamed Ramady is a Visiting Associate Professor, King Fahd University of Petroleum and Minerals, Saudi Arabia.

The Saudi Arabian economy has changed almost beyond recognition since the oil boom days of the 1980s, and the Kingdom itself has changed too economically, socially, and demographically. In the second edition of The Saudi Arabian Economy, Mohamed Ramady uses several overlapping themes to establish and develop a framework for studying the fundamental challenges to the Saudi economy. Particular attention is paid to the benefits of short-term planning and long-term diversification intended to shield the economy from potentially de-stabilizing oil price fluctuations and the pace and diversity of domestic reforms. The author examines the core strengths and evolution of various financial institutions and the Saudi stock market in the face of globalization, before analyzing the private sector in detail. Topics discussed include: * The hydrocarbon and minerals sector, including the emergence of the competitive petrochemical sector * The impact of small and medium sized businesses and the evolving role of "family" businesses * The growing role of women in the Saudi economy * The role of privatization and FDI as engines of change and the position of public-private-partnerships * The establishment of a foundation for a knowledge-based economy Finally, the author offers an analysis of the key challenges facing the Saudi economy, paying particular attention to the potential costs and benefits of globalization, and membership in the WTO. Employment, education, economic and social stability, and Saudi Arabia's place in the Gulf Cooperation Council, as well as Saudi Arabia's evolving strategic economic relations with China and other countries are offered as keys to the consensus building needed to ensure the Kingdom's healthy economic future.

The 'Arab Spring' of 2011 has affected the countries of the region to varying degrees, including the Gulf Cooperation Council (GCC) members, comprising Saudi Arabia, Kuwait, Qatar, the United Arab Emirates, Oman and Bahrain. The GCC has become a significant regional bloc playing a vital economic and political role far beyond its shores, given its geopolitical strategic location, a preponderance of global energy reserves and a major international player through the use of accumulated financial reserves.

A new Gulf is rising, one that is more self assertive, looking to expand its membership to other Arab countries such as Jordan and Morocco, while at the same time strengthening the bloc's relationship with current and emerging trading and strategic partners in Europe, USA and Asia.

Regional and international realities, especially the uncertainties unleashed by the 'Arab Spring', are forcing Gulf leadership to initiate new policies involving closer cooperation amongst GCC countries to address emerging challenges.

This volume brings together thirty renowned academics and specialists to examine a range of multifaceted social, political and economic issues facing the GCC in key areas such as:

. Diversification from a high dependency on a narrow hydrocarbon base

. Social transformation, youth employment and effective gender participation

. Outward and inward foreign direct investment flows

. Prospects for education reforms and e-learning.

. Sustainable security in oil, renewable energy (including nuclear) and food

. Corporate governance, transparency and enhancing the private sector's operating environment

. The role and governance of Gulf Sovereign Wealth Funds in investing their surpluses.

The volume also offers insights for challenges facing the GCC in monetary union, expanding the regional debt market and "Sukuk "issuance, GCC intellectual property rights application, detailed assessments of individual GCC country risk analysis, as well as the sustainability of long term government fiscal stimulus programs at the expense of private sector involvement.

"

"Decades go by and nothing happens; then weeks go by and decades happen." This apt saying encapsulates the dramatic convulsions taking place across the Arab world that first erupted in 2011 in Tunisia and which rapidly spread to other countries. These events have affected the lives of ordinary citizens in many more ways than had been intended when the 'Arab Spring' broke out, with the endgame still not very clear as demonstrated in countries like Egypt, Syria and Libya.

By comparison, with some exceptions, the six countries comprising the Gulf Cooperation Council have been relatively unaffected by the general turbulence and uncertainties lapping around them. However, geopolitical shifts involving global superpower rivalries, combined with revolutionary breakthroughs in the non-conventional hydrocarbon energy sector are threatening to challenge the importance of the Arabian Gulf as the world's leading suppliers of energy, putting their economies under fiscal stress. The author examines such challenges by:

Providing the first in-depth statistical analytical assessment of the GCC countries using monthly data over the period 2001 -2013 for the three risk categories- economic, financial and political risks- and their sub -components so as to enable policymakers enhance components with low risk, while addressing components with perceived higher risk,
Assessing FDI and capital inflows and outflows before and after the "Arab Spring," and how to encourage FDI inflows,
Inter -Arab and GCC trade and synergies in power transmission, transportation links and establishing new hubs of centers of manufacturing excellence,
Exploring private sector-led growth models to reduce forecasted unemployment.

Being complacent is not an option for the GCC. The aim of the book is that having a better understanding of each of the GCC countries' individual risk parameters will enable the GCC meet future challenges and reduce the chances of a negative 'Arab Spring' occurring in the region.
Mohamed Ramady is a Visiting Associate Professor at the Department of Finance and Economics, King Fahd University of Petroleum and Minerals. His main research interests are the economics of the Middle East and Saudi Arabia in particular, as well as money and banking He also held senior positions with international financial institutions in the Arabian Gulf and Europe."

The 'Arab Spring' of 2011 has affected the countries of the region to varying degrees, including the Gulf Cooperation Council (GCC) members, comprising Saudi Arabia, Kuwait, Qatar, the United Arab Emirates, Oman and Bahrain. The GCC has become a significant regional bloc playing a vital economic and political role far beyond its shores, given its geopolitical strategic location, a preponderance of global energy reserves and a major international player through the use of accumulated financial reserves.

A new Gulf is rising, one that is more self assertive, looking to expand its membership to other Arab countries such as Jordan and Morocco, while at the same time strengthening the bloc's relationship with current and emerging trading and strategic partners in Europe, USA and Asia.

Regional and international realities, especially the uncertainties unleashed by the 'Arab Spring', are forcing Gulf leadership to initiate new policies involving closer cooperation amongst GCC countries to address emerging challenges.

This volume brings together thirty renowned academics and specialists to examine a range of multifaceted social, political and economic issues facing the GCC in key areas such as:

. Diversification from a high dependency on a narrow hydrocarbon base

. Social transformation, youth employment and effective gender participation

. Outward and inward foreign direct investment flows

. Prospects for education reforms and e-learning.

. Sustainable security in oil, renewable energy (including nuclear) and food

. Corporate governance, transparency and enhancing the private sector's operating environment

. The role and governance of Gulf Sovereign Wealth Funds in investing their surpluses.

The volume also offers insights for challenges facing the GCC in monetary union, expanding the regional debt market and "Sukuk "issuance, GCC intellectual property rights application, detailed assessments of individual GCC country risk analysis, as well as the sustainability of long term government fiscal stimulus programs at the expense of private sector involvement.

"

The Saudi Arabian economy has changed almost beyond recognition since the oil boom days of the 1980s, and the Kingdom itself has changed too economically, socially, and demographically. In the second edition of The Saudi Arabian Economy, Mohamed Ramady uses several overlapping themes to establish and develop a framework for studying the fundamental challenges to the Saudi economy. Particular attention is paid to the benefits of short-term planning and long-term diversification intended to shield the economy from potentially de-stabilizing oil price fluctuations and the pace and diversity of domestic reforms. The author examines the core strengths and evolution of various financial institutions and the Saudi stock market in the face of globalization, before analyzing the private sector in detail. Topics discussed include: * The hydrocarbon and minerals sector, including the emergence of the competitive petrochemical sector * The impact of small and medium sized businesses and the evolving role of "family" businesses * The growing role of women in the Saudi economy * The role of privatization and FDI as engines of change and the position of public-private-partnerships * The establishment of a foundation for a knowledge-based economy Finally, the author offers an analysis of the key challenges facing the Saudi economy, paying particular attention to the potential costs and benefits of globalization, and membership in the WTO. Employment, education, economic and social stability, and Saudi Arabia's place in the Gulf Cooperation Council, as well as Saudi Arabia's evolving strategic economic relations with China and other countries are offered as keys to the consensus building needed to ensure the Kingdom's healthy economic future.

The term 'wasta stems from the Arabic root for 'middle' or 'medium' and describes the phenomenon of using 'connections' to find job, government services or other favors to circumvent bureaucracy or bypass the system as a whole. The effects of 'wasta' may be both positive or negative, and is not a phenomenon that is particular to the Arab or Muslim world, but also to many other cultures and regions of the world, with similar concepts popularly known as ubuntu, guanxi, harambee, naoberschop, or "old boy network" used in African, Chinese and European societies. By its very nature 'wasta' is an area of grey or even black information, and, like corruption to which it is most often associated, is hard to assess although country corruption perception indexes attempt to provide a quantifiable basis. In the final analysis such ratings are based on perceptions of corruption, and this perception may vary strongly depending on different societal structures and cultural modes, whether these are extended family systems, tribal, clans or more atomized societies where relationships are essentially transactional and rule based. In a western perspective where 'wasta' may be considered as a form of corruption, in other societies it may be perceived as something 'natural' and not criminal, and using one's 'wasta' in tribal societies to help clan members is seen as a duty. The difference stems from the 'innocent ' use of 'wasta' to make introductions, as opposed to its abuse in placing unqualified persons in positions .The volume brings together academics and professional experts to examine a range of multi-faceted social, economic and political issues raised by the use and abuse of social networking, covering various topics like: 'wasta' interpersonal connections in family and business ties, The relationship between inequality-adjusted human development and corruption perception indexes in the Gulf region, 'wasta' and business networking, assessing the economic cost of 'wasta', 'wasta' and its impact on quality oriented education reform and the perceptions of young people, The use of 'wasta' to overcome socio-cultural barriers for women and men The volume also offers insights into social relations and ethics, and how the use of 'wasta' contradicts with common held religious principles, along with some country studies on Islamic principles and the use of 'wasta'. Mohamed Ramady is a Visiting Associate Professor, King Fahd University of Petroleum and Minerals, Saudi Arabia.

The book examines in depth, the centrality of the Saudi fixed currency regime to the US dollar, SAMA's monetary tools, macro prudential policies and its supervision of the Saudi commercial banking sector and new sectors such as insurance, the emerging Fin Tech industry as well as a closer examination of SAMA's investment policies as custodian of the local currency. Saudi Arabia has long been associated with its central role in the global energy market, with its decisions on production volumes affecting the global financial markets. However, the Kingdom has also emerged as a significant global financial player due to its large holdings of international currency, its dominance of the regional Gulf and Arab world capital markets, and the aspirations of its Sovereign Wealth Fund, the Public Investment Fund. The G20 Presidency in 2020 has also placed Saudi Arabia on the global stage for the country to showcase progress in many and opening up its financial market to foreign investors. But the path to financial regulation and liberation to unleash Saudi Arabia's potential has not come overnight, but through incremental steps and learning by doing. The results speak for themselves as this book examines: * The Saudi Capital Market and the evolution of its main Tadawul and parallel NOMU stock markets following the inclusion of Tadawul in the FTSE Russell, MSCI and S&P EM Indexes * The centrality of the Saudi fixed peg exchange regime as well as a closer examination of SAMA's investment policies as custodian of the local currency * SAMA's rebranding in 2020 as a Central Bank, its monetary and macro prudential policies and the re entry of foreign banks to the Saudi market, reversing previous Saudization of foreign bank branches in Saudi Arabia. The Author offers an analysis of the key challenges facing Saudi Arabia in an age of financial globalization, FinTech and digitization. The challenges faced by the Saudi regulators in the COVID 19 era are examined, along with the country's financial sector objectives as part of the Vision 2030 program, SME financing now a central plank in the country's Vision 2030 program, the role of FDI in economic growth, the reasons behind Saudi Arabia languishing behind other countries in attracting FDI given the size of its economy and rising domestic and foreign debt levels. It has been an incredible journey for a young country, and by all indications, the journey for expanded global partnership continues as Saudi Arabia also puts into practice its version of the circular carbon economy, its commitment to climate change, and being at the forefront of a new global digital economy.