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“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.

Methodology of economics --- Economics --- Business management --- Business economics --- financieel management --- bedrijfseconomie --- economie

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MOHAMED A. RAMADY SAUDI ARAMCO 2030: POST IPO CHALLENGES The decision by Saudi Arabia’s Crown Prince Mohammed bin Salman to launch the country’s ambitious and generational transformation program to wean the Kingdom away from oil under the Vision 2030 plan in 2016 was also an important milestone for Saudi Aramco. The Vision places an important role for the National Oil Company to play and enshrines some key objectives for the company:  ·      Transforming Aramco from an oil company to a global industrial conglomerate, ·      Using the proceeds of the IPO to transform the Public Investment Fund into the world’s largest Sovereign Wealth Fund, ·      Involving Aramco in a wide range of industrial enterprises and partnerships with a focus on localized local content, ·      Aramco to become a catalyst for  transparency and investor accountability The Author examines Aramco from its infancy in the 1930’s under the concession agreement, to where it is today in preparing for its new Vision 2030 expanded mandate and the planned IPO.  Topics discussed include a comparative analysis of the fortunes of four partly privatized National Oil Companies – Statoil, Rosneft , Petrobras and Sinopec -  and lessons learned from their experience ; Aramco’s  pivotal shift towards the  Asian and Far East markets and  its diversification into  the refining and petrochemical sector; Saudi Arabia’s energy efficiency  and renewable energy program;  Aramco’s  current  structure and its key asset, its people ; required governance  and other reforms  to meet different  international  listing  requirements , with their  listing criteria  examined in detail . Finally the Author estimates Aramco’s IPO valuation under different oil prices and key assumptions and scenarios , as well as Saudi Arabia’s future role in OPEC and  its oil policy. The Crown Prince has placed high expectations on a successful Aramco IPO as the fate of the Vision 2030 and the company is entwined. Getting it wrong is not an option for both. Mohamed Ramady is a former Visiting Associate Professor of Finance and Economics at King Fahd University of Petroleum and Minerals. He has written on OPEC and energy, the Saudi economy and GCC country risk analysis. He has also held senior positions with international financial institutions in the Arabian Gulf and Europe.

Politics --- Economic policy and planning (general) --- Economics --- petrochemie --- hernieuwbare energie --- economie --- economische politiek --- politiek --- Middle East --- North Africa

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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.

Macroeconomics --- Finance --- financieel management --- macro-economie