Holdings: The Saudi Arabian economy

The Saudi Arabian economy: policies, achievements, and challenges

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Bibliographic Details
Main Author:	Ramady, Mohamed A. (Author)
Format:	Book
Language:	English
Published:	New York, NY [u.a.] Springer 2010
Edition:	2. ed.
Subjects:	Wirtschaftsentwicklung Wirtschaft Wirtschaftspolitik Saudi-Arabien
Online Access:	Inhaltsverzeichnis
Physical Description:	XXII, 512 S. graph. Darst.
ISBN:	9781441959867

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Record in the Search Index

_version_	1804145570550382592
adam_text	IMAGE 1 CONTENTS PART I THE SETTING 1 OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 SETTING THE STAGE . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 THE FINANCIAL SECTOR . . . . . . . . . . . . . . . . . . . . . . . . . 5 THE HEART OF THE KINGDOM: THE HYDROCARBON SECTOR . . . . . . . . 6 THE FOREIGN SECTOR . . . . . . . . . . . . . . . . . . . . . . . . . . 8 MEETING FUTURE CHALLENGES . . . . . . . . . . . . . . . . . . . . . . 9 CONCLUSIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 PART II THE DEVELOPMENT PROCESS 2 REFORMS AND ECONOMIC PLANNING . . . . . . . . . . . . . . . . . . 15 DIFFICULT DECISIONS BEING TAKEN . . . . . . . . . . . . . . . . . . . 15 ECONOMIC DIVERSIFICATION REMAINS CRITICAL . . . . . . . . . . . . . . 15 REFORMS AT CENTRE STAGE . . . . . . . . . . . . . . . . . . . . . . 16 TRANSFORMING THE JUDICIAL SYSTEM . . . . . . . . . . . . . . . . . 18 NATIONAL ECONOMIC PLANNING: THE FRAMEWORK . . . . . . . . . . . . 18 STRATEGIC CHOICES . . . . . . . . . . . . . . . . . . . . . . . . . . 20 THE HISTORY OF SAUDI PLANNING . . . . . . . . . . . . . . . . . . . . 21 PLAN ACHIEVEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . 23 THE PERFORMANCE OF THE SAUDI ECONOMY . . . . . . . . . . . . . . . 27 ECONOMIC DIVERSIFICATION: REALITIES . . . . . . . . . . . . . . . . . . 29 COMPOSITION OF SAUDI GDP . . . . . . . . . . . . . . . . . . . . . . 32 THE CHALLENGES AHEAD . . . . . . . . . . . . . . . . . . . . . . . . 38 CONCLUSION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 SUMMARY OF KEY POINTS . . . . . . . . . . . . . . . . . . . . . . . . 41 3 PUBLIC FINANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 THE BUDGET - A BAROMETER OF THE NATION S HEALTH . . . . . . . . . . 43 OIL WEALTH VERSUS OIL POVERTY . . . . . . . . . . . . . . . . . . . . . 45 SAUDI WINDFALL GAINS AND LOSSES . . . . . . . . . . . . . . . . . . . 47 VII IMAGE 2 VIII CONTENTS OVERDEPENDENCE ON OIL VERSUS BUILDING TRUE WEALTH . . . . . . . . 48 THE SAUDI BUDGETARY SYSTEM: SIGNALS VERSUS REALITY . . . . . . . . 50 BUDGET SECTORAL ALLOCATIONS: GOVERNMENT INTENTIONS ARE REVEALED 52 CAPITAL EXPENDITURE ASSUMES MORE IMPORTANCE . . . . . . . . . . 53 LIMITED SOURCES OF INCOME IS KEY CONSTRAINT . . . . . . . . . . . 54 INCOME DIVERSIFICATION IS NOT EASY . . . . . . . . . . . . . . . . 57 DESPITE LOWER OIL PRICE, BUMPER EXPENDITURE CONTINUES . . . . . 60 FINANCING BUDGET DEFICITS: CYCLICAL OR STRUCTURAL DEFICITS? . . . . . 61 BURDEN OF INDEBTEDNESS AND DEBT-LED GROWTH . . . . . . . . . . . . 63 CROWDING OUT THE PRIVATE SECTOR . . . . . . . . . . . . . . . . . . 65 FACING THE CHALLENGES: SHORT- AND LONG-TERM SOLUTIONS . . . . . . . 67 THE TIME FOR RHETORIC IS OVER . . . . . . . . . . . . . . . . . . . . 69 HOPEFUL FUTURE . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 SUMMARY OF KEY POINTS . . . . . . . . . . . . . . . . . . . . . . . . 71 PART III THE FINANCIAL SECTOR 4 SAUDI ARABIAN MONETARY AGENCY (SAMA) AND MONETARY POLICY 75 LEARNING OUTCOMES . . . . . . . . . . . . . . . . . . . . . . . . . . 75 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 ASSERTING INDEPENDENCE . . . . . . . . . . . . . . . . . . . . . . . . 76 SAMA S STATED FUNCTIONS . . . . . . . . . . . . . . . . . . . . . . 78 SAMA S EVOLVING RESPONSIBILITIES . . . . . . . . . . . . . . . . . . 79 CENTRAL BANK MONETARY POLICY . . . . . . . . . . . . . . . . . . . . 81 STRUCTURE OF THE SAUDI FINANCIAL SYSTEM . . . . . . . . . . . . . . 82 CENTRAL BANK MONETARY POLICY: THE THEORY . . . . . . . . . . . . 83 SAUDI MONETARY POLICY IN PRACTICE . . . . . . . . . . . . . . . . . 84 THE CENTRALITY OF SAMA S EXCHANGE RATE POLICY . . . . . . . . . 87 SAUDI BANKS HAVE AMPLE RESERVES . . . . . . . . . . . . . . . . . . 90 RELIANCE ON OPEN-MARKET OPERATIONS . . . . . . . . . . . . . . . 91 MONEY SUPPLY CREATION AND MONETARY POLICY . . . . . . . . . . . . 93 COMPOSITION OF SAUDI ARABIA S MONEY SUPPLY . . . . . . . . . . . . 96 FINANCIAL DEEPENING OF THE SAUDI ECONOMY . . . . . . . . . . . . . 97 SAMA AND INF LATION CONTROL POLICIES . . . . . . . . . . . . . . . . . 98 THE ECONOMIC AND SOCIAL IMPACT OF INFLATION . . . . . . . . . . . . 101 MANAGING THE KINGDOM S RESERVES . . . . . . . . . . . . . . . . . . 103 FUTURE DEVELOPMENT AND CHALLENGES . . . . . . . . . . . . . . . . . 105 SUMMARY OF KEY POINTS . . . . . . . . . . . . . . . . . . . . . . . . 108 5 THE FINANCIAL MARKETS . . . . . . . . . . . . . . . . . . . . . . . 111 LEARNING OUTCOMES . . . . . . . . . . . . . . . . . . . . . . . . . . 111 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 THE SAUDI BANKING SECTOR . . . . . . . . . . . . . . . . . . . . . . 112 SAMA AND BANK SUPERVISION . . . . . . . . . . . . . . . . . . . . . 114 THE EARLY YEARS (1940S-1960S): INFANCY PERIOD . . . . . . . . . . 115 THE 1970S: THE ADOLESCENCE PERIOD . . . . . . . . . . . . . . . . 116 IMAGE 3 CONTENTS IX COMING OF AGE IN THE 1980S: YOUNG ADULTHOOD . . . . . . . . . . 117 THE 1990S AND THE PERIOD OF MATURITY . . . . . . . . . . . . . . . 118 2000 ONWARDS . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 SAUDI BANK SHAREHOLDER CONCENTRATION AND OWNERSHIP . . . . . . . 121 PERFORMANCE OF THE SAUDI BANKS . . . . . . . . . . . . . . . . . . . 123 CONCENTRATION RATIOS ARE WORRYING FOR COMPETITION . . . . . . . . . 126 THE RUSH TO SEGMENTATION . . . . . . . . . . . . . . . . . . . . . . 127 SAUDI BANKS LENDING PROFILE . . . . . . . . . . . . . . . . . . . . . 130 ASSET-LIABILITY MANAGEMENT IS A PROBLEM . . . . . . . . . . . . . . 132 SAUDI BANKS SECTORAL LENDING: CONSUMER LENDING TAKES OFF . . . . 134 THE EMERGENCE OF THE INSURANCE SECTOR . . . . . . . . . . . . . . . 136 FOREIGN PARTICIPATION IN THE INSURANCE SECTOR . . . . . . . . . . . . . 139 ISLAMIC FINANCE IN THE KINGDOM . . . . . . . . . . . . . . . . . . . 140 CONCLUSION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 SUMMARY OF KEY POINTS . . . . . . . . . . . . . . . . . . . . . . . . 142 6 THE SAUDI CAPITAL MARKET . . . . . . . . . . . . . . . . . . . . . . 145 LEARNING OUTCOMES . . . . . . . . . . . . . . . . . . . . . . . . . . 145 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145 ESTABLISHING A NATIONAL STOCK MARKET CARRIES WITH IT RISKS AND RESPONSIBILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . 146 SAUDI CAPITAL MARKET DEVELOPMENTS: A HISTORICAL PERSPECTIVE . . . 146 SAUDI CAPITAL MARKET OPERATION . . . . . . . . . . . . . . . . . . . 147 THE NEW CAPITAL MARKET LAW . . . . . . . . . . . . . . . . . . . . . 149 ORGANIZATION STRUCTURE AND OPERATIONS OF THE CMA . . . . . . . . . 152 REGULATORY SUPERVISION AND INHERENT BIASES . . . . . . . . . . . . . 157 THE SAUDI CAPITAL MARKET: ARAB WORLD S LARGEST . . . . . . . . . . . 158 FREE SHARE FLOAT IS AN ISSUE . . . . . . . . . . . . . . . . . . . . . . 161 SAUDI CAPITAL MARKET PERFORMANCE . . . . . . . . . . . . . . . . . . 162 SECTORAL PERFORMANCE OF THE SAUDI MARKET . . . . . . . . . . . . . . 164 INVESTOR BEHAVIOUR: IRRATIONAL EXUBERANCE AND HERD MENTALITY . . . 165 BOOSTING FOREIGN PARTICIPATION . . . . . . . . . . . . . . . . . . . . 169 SAUDI MUTUAL FUND MARKET GROWTH . . . . . . . . . . . . . . . . . . 171 CONCLUSION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173 SUMMARY OF KEY POINTS . . . . . . . . . . . . . . . . . . . . . . . . 176 PART IV THE DOMESTIC SECTOR 7 THE PRIVATE SECTOR: GLOBALIZATION CHALLENGES . . . . . . . . . . . 181 LEARNING OUTCOMES . . . . . . . . . . . . . . . . . . . . . . . . . . 181 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181 THE OPERATING FRAMEWORK . . . . . . . . . . . . . . . . . . . . . . 182 THE LEGAL SETTING . . . . . . . . . . . . . . . . . . . . . . . . . . . 182 THE CORPORATE SETTING . . . . . . . . . . . . . . . . . . . . . . . . . 184 THE ECONOMIC SETTING . . . . . . . . . . . . . . . . . . . . . . . . . 185 GOVERNMENT NATIONAL STRATEGY FOR INDUSTRY . . . . . . . . . . . . . . 187 IMAGE 4 X CONTENTS FOREIGN PARTICIPATION . . . . . . . . . . . . . . . . . . . . . . . . . 188 THE SMALL AND MEDIUM ENTERPRISES - SMES . . . . . . . . . . . . . 190 SME MODEL FOR GROWTH . . . . . . . . . . . . . . . . . . . . . . 194 SAUDI FAMILY BUSINESSES . . . . . . . . . . . . . . . . . . . . . . . 196 SAUDI WOMEN AND THE NATIONAL ECONOMY . . . . . . . . . . . . . . 200 ESTIMATING THE SIZE OF SAUDI WOMEN S INVESTMENTS . . . . . . . . 202 GOVERNMENT AND BUSINESS RELATIONS IN SAUDI ARABIA . . . . . . . . 205 PROMOTING PRIVATE SECTOR SELF-SUSTAINED GROWTH . . . . . . . . . . . 210 LOOKING AHEAD: A MODEL FOR COOPERATION . . . . . . . . . . . . . . 213 SUMMARY OF KEY POINTS . . . . . . . . . . . . . . . . . . . . . . . . 214 8 THE ENERGY SECTOR . . . . . . . . . . . . . . . . . . . . . . . . . . 217 LEARNING OUTCOMES . . . . . . . . . . . . . . . . . . . . . . . . . . 217 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217 OIL-BASED ECONOMIES: A THEORETICAL ANALYSIS . . . . . . . . . . . . 218 THE SAUDI PETROLEUM SECTOR . . . . . . . . . . . . . . . . . . . . 219 THE OPPORTUNITY COST OF MAINTAINING SPARE CAPACITY . . . . . . . 223 OIL PEAK DEBATES: SOONER OR LATER? . . . . . . . . . . . . . . . 223 SAUDI ARABIA, OPEC AND FAIR PRICING . . . . . . . . . . . . . . . 225 SAUDI OIL POLICY . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230 DILEMMA OF HIGH AND LOW PRICES . . . . . . . . . . . . . . . . . . 233 OIL AND SAUDI GDP CONTRIBUTION . . . . . . . . . . . . . . . . . . . 237 MAINTAINING THE FAR EAST PRICING PREMIUM . . . . . . . . . . . . . . 239 A NEW ENERGY STAR: THE GAS SECTOR . . . . . . . . . . . . . . . . . 241 FOREIGN INTEREST IN GAS PROJECTS . . . . . . . . . . . . . . . . . . . . 242 NEW PARTNERS STEP IN . . . . . . . . . . . . . . . . . . . . . . . . 243 OUTLOOK FOR SAUDI GAS SECTOR . . . . . . . . . . . . . . . . . . . . . 244 PETROCHEMICALS: ADDING VALUE . . . . . . . . . . . . . . . . . . . . 245 GENERATING SECONDARY INDUSTRIES . . . . . . . . . . . . . . . . . . . 247 FUTURE CHALLENGES . . . . . . . . . . . . . . . . . . . . . . . . . . . 248 THE MINING SECTOR: A HIDDEN GEM . . . . . . . . . . . . . . . . . . 249 ESTABLISHING A MODEL FOR MINING COOPERATION . . . . . . . . . . . 252 THE CHALLENGE OF ALTERNATIVE ENERGY . . . . . . . . . . . . . . . . . 252 CONCLUSION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255 SUMMARY OF KEY POINTS . . . . . . . . . . . . . . . . . . . . . . . . 255 PART V THE FOREIGN SECTOR 9 FOREIGN TRADE: CHANGING COMPOSITION AND DIRECTION . . . . . . 259 LEARNING OUTCOMES . . . . . . . . . . . . . . . . . . . . . . . . . . 259 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259 THE CAUSES OF TRADE . . . . . . . . . . . . . . . . . . . . . . . . . 260 SAUDI INDUSTRIAL AND EXPORT STRATEGY . . . . . . . . . . . . . . . . . 263 SAUDI ARABIA S TRADING PATTERNS: EXPORTS . . . . . . . . . . . . . . . 265 IMPORT DIVERSITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267 ORIGINS OF IMPORTS ARE CHANGING . . . . . . . . . . . . . . . . . . . 269 IMAGE 5 CONTENTS XI THE EXPORT SECTOR: OIL IS STILL KING . . . . . . . . . . . . . . . . . 271 ASIAN EXPORTS PREDOMINATE . . . . . . . . . . . . . . . . . . . . . . 272 EFFICIENCY AND COMPETITIVENESS . . . . . . . . . . . . . . . . . . . . 273 ACHIEVING COMPETITIVENESS . . . . . . . . . . . . . . . . . . . . 275 SAUDI COMPETITIVENESS PERFORMANCE . . . . . . . . . . . . . . . . 276 REDUCING COMPETITIVENESS OBSTACLES . . . . . . . . . . . . . . . 279 SAUDI ARABIA S COMPETITIVE ADVANTAGES . . . . . . . . . . . . . . 280 FOREIGN SECTOR TRADE DEVELOPMENT . . . . . . . . . . . . . . . . . . 282 DIRECT ASSISTANCE FOR EXPORTING FIRMS . . . . . . . . . . . . . . . 282 ASSIST ALL SIZES OF FIRMS TO EXPORT . . . . . . . . . . . . . . . . 283 ESTABLISH INSTITUTIONAL DEVELOPMENT PROGRAMMES . . . . . . . . . 283 DEVELOP INTERNATIONAL TRADE IN SERVICES . . . . . . . . . . . . . . 284 ADOPT BEST PRACTICES . . . . . . . . . . . . . . . . . . . . . . . . 284 CONCLUSION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285 SUMMARY OF KEY POINTS . . . . . . . . . . . . . . . . . . . . . . . . 286 10 SAUDI ARABIA AND THE WTO . . . . . . . . . . . . . . . . . . . . . 289 LEARNING OUTCOMES . . . . . . . . . . . . . . . . . . . . . . . . . . 289 KEY CHALLENGES . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289 GLOBALIZATION: THE THEORETICAL ARGUMENTS . . . . . . . . . . . . . . 290 BENEFITS AND COSTS OF TRADE LIBERALIZATION . . . . . . . . . . . . . . 293 THE WORLD TRADE ORGANIZATION . . . . . . . . . . . . . . . . . . . . 293 HISTORICAL OVERVIEW OF GATT AND WTO . . . . . . . . . . . . . . 295 WHAT NEXT FOR THE WTO? . . . . . . . . . . . . . . . . . . . . . . 298 SAUDI ARABIA S WTO ACCESSION: A LONG AND HARD ROAD . . . . . . 299 THE WTO AGREEMENTS: IMPLICATIONS FOR SAUDI INDUSTRY . . . . . . 301 WTO AND DISPUTE SETTLEMENT . . . . . . . . . . . . . . . . . . . . . 312 THE HYDROCARBON SECTOR AND WTO ACCESSION . . . . . . . . . . . . 313 WTO AND SAUDIZATION . . . . . . . . . . . . . . . . . . . . . . . 316 THE WTO AND SAUDI LEGAL SYSTEM . . . . . . . . . . . . . . . . . . 317 CONCLUSION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320 SUMMARY OF KEY POINTS . . . . . . . . . . . . . . . . . . . . . . . . 320 PART VI KEY CHALLENGES 11 PRIVATIZATION AND FOREIGN DIRECT INVESTMENT . . . . . . . . . . . 323 LEARNING OUTCOMES . . . . . . . . . . . . . . . . . . . . . . . . . . 323 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 323 TAKING THE FIRST STEPS FOR PRIVATIZATION . . . . . . . . . . . . . . . . 324 PRIVATIZATION: KEY CONCEPTS . . . . . . . . . . . . . . . . . . . . . . 325 ROUTES TO PRIVATIZATION . . . . . . . . . . . . . . . . . . . . . . . . 327 SAUDI ARABIA S BASIC PRIVATIZATION OBJECTIVES . . . . . . . . . . . . 329 PRIVATIZATION EFFORTS BY SECTOR: MIXED RESULTS . . . . . . . . . . . . 330 OBSTACLES TO PRIVATIZATION . . . . . . . . . . . . . . . . . . . . . . . 336 FOREIGN DIRECT INVESTMENT (FDI): THEORETICAL BASIS . . . . . . . . . 338 SAUDI FDI: ESTABLISHING THE OPERATIONAL FRAMEWORK . . . . . . . . . 339 IMAGE 6 XII CONTENTS SAUDI FDI: A SCORE SHEET . . . . . . . . . . . . . . . . . . . . . . . 342 SAUDI FDI FLOWS: ON THE RISE . . . . . . . . . . . . . . . . . . . . 342 CONCLUSION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 349 SUMMARY OF KEY POINTS . . . . . . . . . . . . . . . . . . . . . . . . 349 12 POPULATION AND DEMOGRAPHICS: SAUDIZATION AND THE LABOUR MARKET . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351 LEARNING OUTCOMES . . . . . . . . . . . . . . . . . . . . . . . . . . 351 OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351 POPULATION AND DEMOGRAPHICS . . . . . . . . . . . . . . . . . . . . 352 HUMAN RESOURCES AND EMPLOYMENT: THEORETICAL ANALYSIS . . . . . . 355 STRUCTURE OF THE SAUDI LABOUR MARKET AND TRENDS . . . . . . . . . . 356 THE DUALITY OF THE SAUDI WAGE MARKET . . . . . . . . . . . . . . . 361 SAUDIZATION : A VIABLE SOLUTION? . . . . . . . . . . . . . . . . . . . 363 SAUDIZATION : GOVERNMENT MEASURES AND RESPONSES . . . . . . . . 366 PRIVATE SECTOR SAUDIZATION ISSUES . . . . . . . . . . . . . . . . . 368 REGULATING FOREIGN LABOUR . . . . . . . . . . . . . . . . . . . . . . 369 AN INCENTIVE-BASED SAUDIZATION STRATEGY . . . . . . . . . . . . . 373 LABOUR PARTICIPATION - A MODEL FOR NEW ENTRANTS . . . . . . . . . . 375 SAUDI UNEMPLOYMENT . . . . . . . . . . . . . . . . . . . . . . . . . 377 INCREASING THE LABOUR PARTICIPATION RATE: OIL BOOM BABY BOOMERS 379 EDUCATION AND LABOUR PARTICIPATION LEVELS . . . . . . . . . . . . . . 381 EDUCATED UNEMPLOYED . . . . . . . . . . . . . . . . . . . . . . 382 CONTROLLING THE PUBLIC SECTOR FREE RIDE . . . . . . . . . . . . . . 383 FEMALE LABOUR PARTICIPATION . . . . . . . . . . . . . . . . . . . . . 386 COUNTING THE COST OF UNEMPLOYMENT . . . . . . . . . . . . . . . . . 389 SAUDI LABOUR MODEL: UNIQUE TO SAUDI ARABIA? . . . . . . . . . . . . 390 CONCLUSION: EXPECTATIONS, REALISM AND ADAPTATION . . . . . . . . . 391 SUMMARY OF KEY POINTS . . . . . . . . . . . . . . . . . . . . . . . . 393 13 EDUCATION: A TOOL FOR A KNOWLEDGE-BASED ECONOMY . . . . . . . 395 LEARNING OUTCOMES . . . . . . . . . . . . . . . . . . . . . . . . . . 395 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395 MEETING THE GLOBALIZATION CHALLENGES . . . . . . . . . . . . . . . . 396 EDUCATION IN SAUDI ARABIA . . . . . . . . . . . . . . . . . . . . . . 398 THE SAUDI EDUCATIONAL STRUCTURE . . . . . . . . . . . . . . . . . . . 405 SAUDI EDUCATION AND EMPLOYMENT . . . . . . . . . . . . . . . . . . 411 RESTRUCTURING THE SAUDI EDUCATION SYSTEM . . . . . . . . . . . . . . 414 LOOKING TOWARDS THE FUTURE . . . . . . . . . . . . . . . . . . . . . 416 IN PURSUIT OF ACADEMIC EXCELLENCE: ESTABLISHING WORLD-CLASS UNIVERSITIES . . . . . . . . . . . . . . . . . . . . . . . 418 KAUST: A NEW SAUDI EDUCATION PARADIGM . . . . . . . . . . . . . 423 CONCLUSION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 427 SUMMARY OF KEY POINTS . . . . . . . . . . . . . . . . . . . . . . . . 427 IMAGE 7 CONTENTS XIII 14 SAUDI ARABIA S GLOBAL RELATIONS: GCC AND BEYOND . . . . . . . 429 LEARNING OUTCOMES . . . . . . . . . . . . . . . . . . . . . . . . . . 429 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 429 THE RATIONALE FOR REGIONAL BLOCKS . . . . . . . . . . . . . . . . . . 430 THE FIRST MILESTONE: THE GCC . . . . . . . . . . . . . . . . . . . . 430 STATES OF THE GCC: THE SETTING . . . . . . . . . . . . . . . . . . . 432 THE GCC IN A SNAPSHOT . . . . . . . . . . . . . . . . . . . . . 434 ECONOMIC DIVERSIFICATION AND ECONOMIC INTEGRATION . . . . . . . . . 437 DIVERSIFYING THE ECONOMIC BASE . . . . . . . . . . . . . . . . . . 442 THE GCC FINANCIAL SECTOR: SURVIVING THE GLOBAL TURMOIL . . . . . . 445 THE REGULATORY FRAMEWORK . . . . . . . . . . . . . . . . . . . . . . 448 DEVELOPMENT OF OFFSHORE AND ISLAMIC BANKING . . . . . . . . . . . . 452 THE GCC CAPITAL MARKETS . . . . . . . . . . . . . . . . . . . . . . 454 GCC TRADE: NON-REGIONAL BOUND . . . . . . . . . . . . . . . . . . 459 GCC DEMOGRAPHICS AND THE LABOUR MARKET . . . . . . . . . . . . . 461 GCC MONETARY UNION: A LONG AND HARD ROAD . . . . . . . . . . . 464 TO PEG OR NOT TO PEG AGAINST THE DOLLAR? . . . . . . . . . . . . . . . 467 THINKING WEST BUT MOVING EAST: SAUDI ARABIA S NEW STRATEGIC PARTNERSHIPS . . . . . . . . . . . . . . . . . . . . . . . . . 470 ENERGY SECURITY AT THE HEART OF ASIAN RELATIONSHIPS . . . . . . . . . 471 SAUDI-INDIAN RELATIONS: TECHNOLOGY AND TRADE . . . . . . . . . . . 474 CONCLUSION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 474 SUMMARY OF KEY POINTS . . . . . . . . . . . . . . . . . . . . . . . . 475 PART VII CONCLUSION 15 THE CHALLENGES AHEAD . . . . . . . . . . . . . . . . . . . . . . . . 479 SO RICH AND YET SO POOR . . . . . . . . . . . . . . . . . . . . . . . 479 MANAGING EXPECTATIONS AND REFORMS . . . . . . . . . . . . . . . . . 480 SOCIAL COHESION AND POVERTY REDUCTION . . . . . . . . . . . . . . . 482 THE CHALLENGES AHEAD . . . . . . . . . . . . . . . . . . . . . . . . 483 REGIONAL AND INTERNATIONAL RELATIONS . . . . . . . . . . . . . . . . . 484 EDUCATION: QUALITY, NOT QUANTITY . . . . . . . . . . . . . . . . . . . 485 WOMEN S ISSUES WILL BE IMPORTANT . . . . . . . . . . . . . . . . . . 486 STAKE IN SOCIETY . . . . . . . . . . . . . . . . . . . . . . . . . . . . 487 BIBLIOGRAPHY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 489 INDEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 505
any_adam_object	1
author	Ramady, Mohamed A.
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dewey-search	330
dewey-sort	3330
dewey-tens	330 - Economics
discipline	Politologie Wirtschaftswissenschaften
edition	2. ed.
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spelling	Ramady, Mohamed A. Verfasser aut The Saudi Arabian economy policies, achievements, and challenges Mohamed A. Ramady 2. ed. New York, NY [u.a.] Springer 2010 XXII, 512 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Wirtschaftsentwicklung (DE-588)4066438-7 gnd rswk-swf Wirtschaft (DE-588)4066399-1 gnd rswk-swf Wirtschaftspolitik (DE-588)4066493-4 gnd rswk-swf Saudi-Arabien (DE-588)4051788-3 gnd rswk-swf Saudi-Arabien (DE-588)4051788-3 g Wirtschaftspolitik (DE-588)4066493-4 s Wirtschaftsentwicklung (DE-588)4066438-7 s DE-188 Wirtschaft (DE-588)4066399-1 s 1\p DE-604 SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=022453657&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk
spellingShingle	Ramady, Mohamed A. The Saudi Arabian economy policies, achievements, and challenges Wirtschaftsentwicklung (DE-588)4066438-7 gnd Wirtschaft (DE-588)4066399-1 gnd Wirtschaftspolitik (DE-588)4066493-4 gnd
subject_GND	(DE-588)4066438-7 (DE-588)4066399-1 (DE-588)4066493-4 (DE-588)4051788-3
title	The Saudi Arabian economy policies, achievements, and challenges
title_auth	The Saudi Arabian economy policies, achievements, and challenges
title_exact_search	The Saudi Arabian economy policies, achievements, and challenges
title_full	The Saudi Arabian economy policies, achievements, and challenges Mohamed A. Ramady
title_fullStr	The Saudi Arabian economy policies, achievements, and challenges Mohamed A. Ramady
title_full_unstemmed	The Saudi Arabian economy policies, achievements, and challenges Mohamed A. Ramady
title_short	The Saudi Arabian economy
title_sort	the saudi arabian economy policies achievements and challenges
title_sub	policies, achievements, and challenges
topic	Wirtschaftsentwicklung (DE-588)4066438-7 gnd Wirtschaft (DE-588)4066399-1 gnd Wirtschaftspolitik (DE-588)4066493-4 gnd
topic_facet	Wirtschaftsentwicklung Wirtschaft Wirtschaftspolitik Saudi-Arabien
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