Kristian Coates Ulrichsen documents the startling rise of the Arab Gulf States as regional powers with international reach and provides a definitive account of how they have become embedded in the global system of power, politics, and policy-making.

This is the first book-length empirical study of free zones (FZs) in Gulf Cooperation Council (GCC) countries. The volume systematically illustrates the development processes behind FZs in Gulf Arab states and assesses the impact of these commercial entities on regional integration, global trade and investment trends, and the Gulf’s foreign relations. In the process, the work maps how economic strategies involving FZs evolve alongside varying levels of resource availability and state capacity on a local level while also revealing how development paths in Gulf Arab states are linked to regional and global accumulation circuits. FZ development is an under-examined topic in the wider literature on the Gulf. The empirical findings and theoretical implications of the work therefore offer an original contribution to prevailing political economy discussions concerning the Gulf region.

The Persian Gulf has come to represent one of the most strategically significant waterways of the world. In terms of geography, geopolitics, resources, global political economy, and regional influence, the Gulf is perhaps home to the world’s most significant group of countries. Focusing on the complexities of the interplay between domestic-level changes and region-wide interactions, this book presents the reader with the first comprehensive survey of the dynamics of change in this crucial area. Systemic-oriented in its approach, the impact of war and revolution on the countries of the sub-region is discussed, and the ways in which these factors have shaped the security dilemmas and responses of the Gulf States is also explored. The role of oil is examined in terms of the impact of its income on these states and societies, and the manner in which oil has shaped the integration of these states into the global system. Oil has shrunk developmental time in these countries, and has accelerated generational shift. At the same time, it has created the dialectical relationship which now characterizes the difficult balance between prosperity and instability which is at the heart of the sub-region. Casting new light on the workings of a strategically significant part of the international system, this book will be an essential resource for students and scholars of international relations, international security and Middle Eastern politics.

An original and empirically grounded analysis of the Gulf monarchies and their role in shaping the political economy of the Middle East.

This book examines the political, economic and social transformation of the six member-states of the Gulf Cooperation Council (GCC) and the ways in which these states are both shaping, and being reshaped by, the processes of globalisation. Adopting a multidisciplinary approach, the volume combines thematic chapters focusing on issues such as globalisation, nationalism and identity, political thinking, and economic diversification and redistributive policymaking with empirical chapters studying specific aspects of reform and change: the emergence of governing markets the rise of Sovereign Wealth Funds Islamic Finance the relationship between energy and sustainability trends in foreign aid donorship, strategic and foreign policy formulation. Contributions from experts in the field provide cutting-edge snapshots of a region in flux and collectively offer a roadmap of its repositioning in the global order, examining the interaction between global processes and internal dynamics of change and resistance that inject new dimensions into debates over the loci of local and global transformations and the manner in which each plays off the other. Situating the Gulf States firmly within their global twenty-first century context, this book will hold particular appeal to theorists of globalisation as well as to scholars of comparative politics, international political economy and area studies.

The downhill slide in the global price of crude oil, which started mid-2014, had major repercussions across the Middle East for net oil exporters, as well as importers closely connected to the oil-producing countries from the Gulf. Following the Arab uprisings of 2010 and 2011, the oil price decline represented a second major shock for the region in the early twenty-first century – one that has continued to impose constraints, but also provided opportunities. Offering the first comprehensive analysis of the Middle Eastern political economy in response to the 2014 oil price decline, this book connects oil market dynamics with an understanding of socio-political changes. Inspired by rentierism, the contributors present original studies on Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The studies reveal a large diversity of country-specific policy adjustment strategies: from the migrant workers in the Arab Gulf, who lost out in the post-2014 period but were incapable of repelling burdensome adjustment policies, to Egypt, Jordan, and Lebanon, who have never been able to fulfil the expectation that they could benefit from the 2014 oil price decline. With timely contributions on the COVID-19-induced oil price crash in 2020, this collection signifies that rentierism still prevails with regard to both empirical dynamics in the Middle East and academic discussions on its political economy.

Using four Gulf sovereign wealth funds as case studies - Iran, Kuwait, Saudi Arabia and the UAE - this book examines and analyses the history, governance and structure, and investment strategies of the above mentioned funds, in the context of on-going debates about their transparency. The book discusses how most Gulf sovereign wealth funds were established under colonial rule, and have operated in the global financial system for many decades. With the increase of oil revenues, it goes on to look at how the funds have broadened their asset classes and their institutional development. Debate over the transparency of sovereign wealth funds has highlighted various global practices. Recently, organisational measures have been introduced for calculating possible risks from non-commercial investment incentives of funds, whose politically-driven investment strategies are viewed as potentially a major threat to the national security of their host countries. Highlighting a number of incidents that triggered the transparency debate, the book scrutinises the reaction of some of the Gulf sovereign wealth funds to these recent regulatory codes and strategies. It is a useful contribution to Development, Political Economy and Middle East Studies.

This book analyzes the recent development of Gulf capitalism through to the aftermath of the 2008 economic crisis. Situating the Gulf within the evolution of capitalism at a global scale, it presents a novel theoretical interpretation of this important region of the Middle East political economy.

This volume focuses on the role of the private sector in diversifying the economics of Gulf countries in the post-petrodollar era, when fluctuating and declining oil prices are negatively impacting national expenditures. It explores current policies of countries in the Gulf Cooperation Council and their efforts to shift their economies away from heavy dependence on hydrocarbons. The structural changes will create favorable conditions for the private sector to flourish, shift production dependence from public to private sector, and allow for more efficient resource allocation. Such changes will also allow local banks to provide financial support to small and medium enterprises, boost entrepreneurship for job creation, and strengthen organizational structure and efficiency. This is the first volume in Economic Diversification in the Gulf Region.