In this unique text, Mohamed Ramady develops a framework for studying fundamental challenges to the modern Saudi Arabian economy. Public and private sector topics include: - The hydrocarbon and minerals sector, including a new model of mining privatization and cooperation - The impact of small and medium sized businesses - The evolving role of "family" businesses - The growing role of women in the Saudi economy - Shifting trade patterns - The Saudi "offset" technology transfer program The author offers an analysis of key challenges facing the Saudi economy, including the potential costs and benefits of privatization, globalization, and eventual membership in the WTO. Employment, education, economic and social stability, and Saudi Arabia’s place in the Gulf Cooperation Council are offered as keys to the consensus building needed to ensure the Kingdom’s healthy economic future. Mohamed Ramady teaches in the Department of Finance and Economics, King Fahd University of Petroleum and Minerals.
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.
RAMADy, Mahdi OPec in a sHALE oil world –where to NEXT? With PREFACE by Dr. Sadad Al Husseini , former Board Member and Executive Vice President , Saudi Aramco. "OPEC has played an important role since its founding and continues to do so, but it has to recognize that this role has now changed and the organization has to adapt to new challenges. This book provides some possible solutions" Abdulsamad Al Awadhi, former Kuwait National Representative at OPEC . "Authoritative, well-informed, and excellent account of the role of OPEC in managing the oil market, present, past, and future" Hassan Qabazard, former Director of Research Division , OPEC. ". The call for action by Mohamed Ramady and Wael Mahdy in this book makes it clear that time, and not oil, is the precious commodity that is running out fast on OPEC’s side", Sadad Al Husseini , former Board Member and EVP Saudi Aramco “OPEC is dead. Long live OPEC”. The organization is now going through a mid life crisis in its 54 years of existence trying to figure out where it goes next in a world where OPEC has been relegated from being the energy swing producer, and Saudi Arabia as the ‘Sultan of the Swing,’ to one where it now faces competition from both non- OPEC traditional well as non-conventional shale producers. The Authors examine how OPEC has had to come to terms with the reality that the earlier decades ‘call on OPEC’ has now been replaced by a ‘call on non-OPEC’ and that a new ‘swing’ has been identified- the producers of shale oil. Drawing upon the Authors combined academic and practical first hand insights on OPEC, the book discusses how a new OPEC paradigm has emerged following the oil price rout of 2014, whereby the organization’s principal concern is now protecting market share, without being in charge unlike earlier fleeting periods of the late 1970’s, which brought with it a lasting myth of the OPEC cartel. Mohamed Ramady is Visiting Associate Professor, King Fahd University of Petroleum and Minerals, Saudi Arabia; Wael Mahdi is Bloomberg OPEC Energy Correspondent.
The Middle East's digital turn has renewed hopes of socio-economic development and political change across the region, but it is also marked by stark contradictions and historical tensions. In this book, Mohamed Zayani and Joe F. Khalil contend that the region is caught in a digital double bind in which the same conditions that drive the state, market, and public immersion in the digital also inhibit change and perpetuate stasis. The Digital Double Bind offers a path-breaking analysis of how the Middle East negotiates its relation to the digital and provides a roadmap for a critical engagement with technology and change in the Global South.
“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.
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.
In this unique text, Mohamed Ramady develops a framework for studying fundamental challenges to the modern Saudi Arabian economy. Public and private sector topics include: - The hydrocarbon and minerals sector, including a new model of mining privatization and cooperation - The impact of small and medium sized businesses - The evolving role of "family" businesses - The growing role of women in the Saudi economy - Shifting trade patterns - The Saudi "offset" technology transfer program The author offers an analysis of key challenges facing the Saudi economy, including the potential costs and benefits of privatization, globalization, and eventual membership in the WTO. Employment, education, economic and social stability, and Saudi Arabia’s place in the Gulf Cooperation Council are offered as keys to the consensus building needed to ensure the Kingdom’s healthy economic future. Mohamed Ramady teaches in the Department of Finance and Economics, King Fahd University of Petroleum and Minerals.
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.
RAMADy, Mahdi OPec in a sHALE oil world –where to NEXT? With PREFACE by Dr. Sadad Al Husseini , former Board Member and Executive Vice President , Saudi Aramco. "OPEC has played an important role since its founding and continues to do so, but it has to recognize that this role has now changed and the organization has to adapt to new challenges. This book provides some possible solutions" Abdulsamad Al Awadhi, former Kuwait National Representative at OPEC . "Authoritative, well-informed, and excellent account of the role of OPEC in managing the oil market, present, past, and future" Hassan Qabazard, former Director of Research Division , OPEC. ". The call for action by Mohamed Ramady and Wael Mahdy in this book makes it clear that time, and not oil, is the precious commodity that is running out fast on OPEC’s side", Sadad Al Husseini , former Board Member and EVP Saudi Aramco “OPEC is dead. Long live OPEC”. The organization is now going through a mid life crisis in its 54 years of existence trying to figure out where it goes next in a world where OPEC has been relegated from being the energy swing producer, and Saudi Arabia as the ‘Sultan of the Swing,’ to one where it now faces competition from both non- OPEC traditional well as non-conventional shale producers. The Authors examine how OPEC has had to come to terms with the reality that the earlier decades ‘call on OPEC’ has now been replaced by a ‘call on non-OPEC’ and that a new ‘swing’ has been identified- the producers of shale oil. Drawing upon the Authors combined academic and practical first hand insights on OPEC, the book discusses how a new OPEC paradigm has emerged following the oil price rout of 2014, whereby the organization’s principal concern is now protecting market share, without being in charge unlike earlier fleeting periods of the late 1970’s, which brought with it a lasting myth of the OPEC cartel. Mohamed Ramady is Visiting Associate Professor, King Fahd University of Petroleum and Minerals, Saudi Arabia; Wael Mahdi is Bloomberg OPEC Energy Correspondent.
“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.
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