Cambridge University Press 978-1-108-42914-6 — Money, Markets, and Monarchies Adam Hanieh Index More Information

Index

Abboud, Samer, 268 Al Baraka Bank, 189 Abdul Aziz bin Fahd, Prince, 229 Al Baraka Banking Group (Bahrain), 63, Abdulkadir Al Muhaidib and Sons Group 191 (Saudi), 85 Al Baraka Banking Group (Saudi), 191 Abdullah bin Abdulaziz al Saud, King, 260 Al Busaidi dynasty (Oman), 22 Abdullah bin Ali Al Thani, Sheikh, 248 Al Dahra (UAE), 124–127, 133, 139, Abdullatif & Mohammad Al Fozan Co., 85 182 Abraaj Capital (UAE), 122, 142–143, 194 Al Falih, Khalid bin Abdulaziz, 211–212, Abu Dhabi Commercial Bank, 197 216 Abu Dhabi Food Control Authority Al Fulaij Group (Kuwait), 103 (ADFCA), 126 Al Futtaim Group (UAE), 85, 110, 155 Abu Dhabi Fund for Development Al Ghafran clan (Qatar), 248 (ADFD), 165, 267 Al Ghanim Group (Kuwait), 71, 98 Abu Dhabi Investment Authority (ADIA), Al Ghosaibi Group (Saudi), 69 38–39, 126 Al Ghurair Group (UAE), 64, 103, 110, Abu Dhabi Investment Council, 38 112, 126–127, 139 Abu Dhabi Islamic Bank, 189, 197 Al Habtoor Group (UAE), 216 Abu Dhabi National Energy Co., 223 Al Hashim, Safa, 227 Abu Dhabi National Oil Co. (ADNOC), Al Hilal Bank (UAE), 197 71, 212, 214 Al Hobayeb family (Saudi), 190 Abu Dhabi Securities Exchange, 100 Al Homaizi family (Kuwait), 190 Adeptio (Saudi), 140 Al Homaizi, Suad, 190 Africa Middle East Resources (AMER), 86 Al Issa family (Saudi), 69 Aggad Group (Saudi), 159–160 Al Jomaih family (Saudi), 88 Aggad, Omar, 160 Al Khabeer Capital (Saudi), 216 Aggad, Tarek, 159 Al Khaleej Sugar, 126 Agility (Kuwait), 125, 182, 228, 264 Al Khalifa dynasty (Bahrain), 21–22, 246, agribusiness, Gulf, 26, 112–119, 124, 248 126–127, 129–130, 143, 145 Al Kharaﬁ Group (Kuwait), 64, 71, 88, 98, companies, 26, 112, 115, 128, 132–133, 103, 110, 112, 140, 142, 154 144 Al Maktoum family (UAE), 21 agro-commodity circuits, 112–123, Al Marai Group (Saudi), 116, 123, 129–130, 133, 140, 142, 144 127–128, 138, 140, 143, 210, 219 Agthia Group (UAE), 126–127, 129 Al Masira Investments, 190 Ahli United Bank, 189 Al Masri, Sabih, 158–159, 190 Airbus, 60 Al Muhaidib Group (Saudi), 103 Al Abbar, Mohammed, 86, 140 Al Nahyan family (UAE), 21 Al Ahli Bank (Kuwait), 189 Al Naimi, Ali, 211 Al Alﬁ, Moataz, 141 Al Obaid, Abdullah, 120 Al Araimi, Salim Saeed Hamad Al Fannah, Al Oula Real Estate Dev’t Holding Co. 85 (Saudi), 85 Al Bahar Group (Kuwait), 103 Al Rajhi Bank, 103, 189

295

296 Index

Al Rajhi Group (Saudi), 64, 103, 110, 112, banks, Gulf, 102–109, See also individual 116, 118, 122, 127, 139, 191, 203, 216 banks Al Rasheed, Madawi, 19 Bar, Shmuel, 254 Al Sabah family (Kuwait), 21, 190 Barclays (UK), 1, 39, 47 Al Saﬁ (Saudi), 143 Barwa Bank (Qatar), 197 Al Sager Group (Kuwait), 103 Barwa Real Estate, 86 Al Saghyir family (Saudi), 89 Baskin Robbins, 141 Al Saher, Kathem, 169 Bassens, D., 177 Al Saud dynasty (Saudi), 19–20, 86, 229 Batelco (Bahrain), 86, 89 Al Shathry, Khaled, 69 Bayat, A., 146 Al Shaya Group (Kuwait), 64, 99, 110 Bechtel engineering (US), 160, 207, 221 Al Shirawi, Hesham, 121 Bernstein, Henry, 115 Al Tayer Group (UAE), 98 Beyti (Egypt), 138 Al Thani dynasty (Qatar), 20–21, 101, 110, Biekart, K., 146 248 bin Fahad, Rashid Mohammed, 118 Al Thani, Jassim bin Mohammed, 20 Bin Laden family (Saudi), 86, 156 Al Thani, Tamin bin Hamad, 20, 247 Bin Laden Group (Saudi), 219–220 Al Waleed bin Talal, Prince, 47, 141, 229 Bin Laden, Bakr, 229 Al Wathba Production and Distribution bin Saeed Al Mansouri, Sultan, 121 Complex, 127 bin Suhaim Al Thani, Sultan, 248 ALBA (Bahrain), 72 Bisco Misr, 142 Aldar Properties, 101 Bishara, Azmi, 249 Algeria Blackstone Group, 1 ﬁnancial markets, 177–179, 187 Blair, Tony, 211 PWT projects, 162 Body Shop, The, 99 telecom business, 165, 168 Bogaert, Konrad, 152 Ali Reza Group (Saudi), 69, 86 bonds, Gulf, 102, 175, 193, 195, 202, Alibaba (China), 205 218–220 Alitalia (Italy), 47 Boston Consulting Group (BCG), 39, 207, Americana Group (Kuwait), 140–141 233 Amlak Finance (UAE), 85 Boubyan Petrochemicals, 216 Arab Monetary Fund, 184, 196 Brazil Arab Palestinian Investment Co., 143 agribusiness, 123 Arab Radio and Television (ART), 63 Foreign Direct Investment (FDI), 51 Arab uprisings (2011- ), 4, 22–23, 28, imports, 52, 54 162–164, 183, 240–242, 244, 247, mergers and acquisitions (M&A), 51 252, 255, 262 Brenner, N., 147 Arabi Group (Kuwait), 228 BRICS, 4, 49, 51 Arabian Industrial Fibers Co. (AIFC), 69 British Airways, 2, 47 Arabtec Construction (UAE), 154 Bsheer, Rosie, 7 ARASCO (Saudi), 128 built environment, 27, 32, 54, 66, 73–82, Arjomand Group (UAE), 85 85–86, 90, 111, 147–151, 154, Asia Global Technology (AGT) 156–158, 170–171, 183, 198 (Switzerland), 253 Bunge, 123, 142 ASTRA Group (Saudi), 143, 158 Burgan Bank, 189 Aujan Coca-Cola Beverages Co. (Saudi), 143 Burger King, 139 Bush, Ray, 134 Babtain Group (Kuwait), 71 Bahrain Petroleum Co. (BAPCO), 71 Camden Market, 2 Bahri Dry Bulk (BDB) (Saudi), 128 Campaign Against the Arms Trade, 60 Bamatraf, Hatem, 171 Canadian Wheat Board (CWB), 123 Bank Dhofar (Oman), 197 Canary Wharf, 2, 47 Bank of International Settlements (BIS), capital accumulation, Gulf, 7, 9, 12, 20, 43, 46 24–28, 32, 54, 62, 64, 67, 70, 82, 103, Bank of Sharjah, 189 111–112, 135, 147–148, 161, 174, Bank Sohar (Oman), 197 201, 214, 230, 234–235, 248

Index 297

Capital City Partners, 86 Danah Al-Safat (Kuwait), 143 capitalism, 7–14, 33, 61, 101, 113, 142, Danone, 142–143 174, 185 Dardari, Abdullah, 237 Arab capitalism, 3, 190 Deauville Partnership, 255 Egyptian capitalism, 16, 198 Debenhams, 99 global capitalism, 2, 4, 6, 16, 25, 30–32, Deloitte, 207 34, 43, 52, 61–62, 240 Depression (1929-32), 36 Gulf capitalism, 6, 25–28, 39, 52, 62, 69, Deutsche Bank, 1, 47 86, 109, 114, 118, 145, 147, 170, Disney-Jawa Enterprises, 86 172–173, 200, 228, 240, 245 Dos Santos, P., 175 neoliberal capitalism, 8–9, 31 Dow Chemicals (US), 68, 71 Carrefour franchise, 99, 142–143, 155 du telecom (UAE), 86–88, 110 CEPSA (Spain), 47 Dubai Aluminium (Dubal), 72 Chaaban, Jad, 191 Dubai Financial Market (DFM), 85, 100 Challenger fund, 39 Dubai Healthcare City, 216 Cheesecake Factory, The, 99 Dubai Hills Estate, 82 China, 2, 29–30, 36–37, 41–42, 54, 56, 61, Dubai Holding Commercial Operations 199 Group, 88 exports, 54 Dubai International Capital, 47 financial surpluses, 35, 51, 61 Dubai World, 47 Foreign Direct Investment (FDI), 29, 51 Eagle Hills, 86 imports, 29–30, 52, 59 Economic Zones World (UAE), 121 mergers and acquisitions (M&A), 51 Egypt, 134–143, 156–158 Chinese and Japanese (C&J) holdings, 42 Abdul Fattah Sisi, 139, 249, 260 Citigroup, 47 Agrarian Reform Law, 134 City of London, 34, 43–47 agribusiness, 136, 139–140, 142 class formation, Gulf, 7, 11, 15, 32, 52, 54, agro-commodities, 135 64, 70, 76, 81, 89, 109, 111, 143, 172, Al Burouj, 152 174, 177, 236 Anwar Sadat, 134 Clean Energy Strategy (UAE), 217 BNP-Paribas, 189 Colgate-Palmolive, 98 Cairo Amman Bank (CAB), 190 colonialism, 5, 16, 19 Cairo Poultry Co. (CPC), 140 British colonialism, 5, 19, 21, 102 Central Bank of Egypt (CBE), 249, 260 French colonialism, 17, 102 conflicts, 239, 241, 249, 262 commercial services, Gulf, 55–58, 215 construction projects, 151, 154 conflicts within Gulf, 246–251 Dream Farms, 152 and Qatar, 246–251 Egyptian Canning Co. (ECC), 140 construction business, 54, 58, 62, 70, 151, Egyptian Mortgage Refinance Co. 156, 160, 220–221, 223, 229 (EMRC), 184 construction companies, 65, 77, 81–82, Egyptian Starch and Glucose Co. 155, 161, 172, 221 (ESGC), 135, 140–141 construction projects, 46, 73, 77, 81, 85 exports, 130–131, 140–141 infrastructure construction, 46, 73 Farm Frites Egypt, 141 Costa Coffee, 141 financial markets, 177, 179–180, 183, Council for Economic and Development 185, 187, 189, 192, 261 Affairs (CEDA) (Saudi), 203, 210 Future Generation Foundation (FGF), Credit Suisse, 1, 47 141 cross-border capital flow, 2–3, 10, 21, 25, Gamal Mubarak, 141 31, 33, 36, 48–49, 51, 89, 150 Gen. Abdul Fattah Sisi, 261 Golden Pyramids Plaza Co., 157 Dae-oup Chang, 29 Hosni Mubarak, 134–135, 139, 141, Daimler, 47 155–156, 164, 171, 241, 249, 256, Dallah Al Baraka Group (Saudi), 63, 70, 259–260, 262 86, 103 Hussain Al Sajwani, 155 DAMAC Properties (UAE), 154, 219 imports, 133

298 Index

Egypt (cont.) European Bank for Reconstruction and Law 96, 134 Development (EBRD), 163, 256–259, Marissi, 152 265 Mivida, 152 European Union (EU), 52, 56, 164, 262 Mohammed Morsi, 249, 260–261 exports, 54 National Democratic Party, 141 Foreign Direct Inverstment (FDI), 48 National Société Générale Bank imports, 52 (NSGB), 189 mergers and acquisitions (M&A), 49 Nile River Bus, 164 Orascom Construction (OC), 161 Fahd, King, 63 Piraeus Bank, 189 Falcon Eye (UAE), 253 privatisation, 141, 164 financial crisis (2008-09), global, 36–38, Public-Private Partnerships (PPPs), 164 42, 45, 47, 52, 100, 109, 182, PWT projects, 162, 165 199–200, 233, 235 QNB-AlAhli, 192 financial markets, global, 31, 42, 205, 219 Rashidi El-Mizan, 139 financial markets, Gulf, 61, 64, 66, 85, real estate companies, 157 100–109, 174–177, 180, 182, 186, retail business, 142 188–189, 192, 195–196, 218–220 Rooya Group, 156 financial surpluses, Gulf, 1, 7, 25, 31–33, Sheikh Yusuf al-Qaradawi, 249 35–43, 45–46, 49, 52, 58, 61–62, 67, Sixth of October Development and 82, 100, 153, 207 Investment Co. (SODIC), 156 financial system, global, 42–43, 46, 51, 61, support from Gulf, 260 176 Talaat Moustafa family, 156 financialisation, 27, 36, 61, 174–186, Talaat Mustafa Group (TMG), 156 194–198, 219 telecom business, 165, 168 definition of, 174 The Arab Contractors, 161 indicators of, 178, 181 Toshka project, 139 of the non-financial, 175, 181–182, 214, Uptown Cairo, 152 219 Zuheir Garranah, 155 First Abu Dhabi Bank, 197 Emaar (UAE), 82–86, 101, 154 First Gulf Bank (UAE), 197 Emaar Malls, 85 fiscal measures, new, 225–228 Emaar Middle East, 85 FlyDubai, 246 Emaar the Economic City (EEC), 85–86 food exports, Gulf, 133 Emirates Airline, 246 food imports, Gulf, 130–133 Emirates Aluminium (Emal), 72 food security, 27, 115–123, 125–130, 139, Emirates Global Aluminium, 72, 214 144 Emirates International Foot Locker, 99 Telecommunications (EITC), 88 Foreign Direct Investment (FDI), 3, 29, 32, Emirates-NBD, 189 47–52, 111, 120, 159, 186, 260 employment/unemployment, 209, 220, French, S., 176 222–225, 229 Friedmann, Harriet, 115 women, 224 Fuccaro, Nelida, 5 youth, 225 Fujairah Strategic Grain Terminal, 127 Emrill Services (UAE), 85 Equate Petrochemical Co. (Kuwait), 71 G3 Global Grain Group, 123 Eships, 125 Galfar Engineering & Contracting Co. Eshki, Anwar, 253 (Oman), 85 Estée Lauder, 99 Genero Capital (UAE), 160 Etihad Airways (UAE), 47, 246 Ghadeer, 143 Etihad Rail (UAE), 223 Ghandour, Fadi, 194 Etisalat (UAE), 86–89, 101, 165–171, Ghurair family (UAE), 86, 126 219 Glencore, 2, 47 Etisalat Misr (UAE), 171 global financial system, 34 Eurobonds (Oman), 218 Global Pension Fund (Norway), 38 Euromarkets, 33–34, 43–44 Godiva chocolatier, 63

Index 299

Grain Silos Organisation (GSO) (Saudi), 129 of agro-firms, 26 Great Recession. See financial crisis of capital, 10, 26, 46, 61–62, 109–112, (2008-09), global 120, 127, 129, 133–140, 142–143, Green Valley Group Real Estate (UAE), 155 147–148, 153–156, 159, 165, 171, greenfield investments, 48–49 186–193, 195, 234 Gulf Air, 246 of construction business, 81 Gulf Finance House (Bahrain), 197, 216 of production, 34, 36, 126 of real estate business, 157 H&M, 99 of telecom business, 89 Halwani Brothers (Saudi), 139 Internet of Things (IoT), 170–171 Hamad bin Jassim Al Thani, Sheikh, 39 Investcorp Bank (Bahrain), 160 Hamas, 247, 249 Iran, 244, 247 Hamed bin Zayed Al Nahyan, Sheikh, 125 conflicts, 59, 238, 240, 243, 247, 252 Hardees, 141 exports, 29 Harrods, 2 Iraq-Iran War, 243 Hart, Gillian, 17 Iraq, 143, 238, 243 Harvey Nichols, 99 Asiacell, 169 Harvey, David, 147, 172 conflicts, 238–239, 244, 247 Hassad Foods (Qatar), 120 exports, 29 Henderson, Christian, 141 financial markets, 187–188 Hezbollah, 243, 245 imports, 133 Hokair Group (Saudi), 99, 154 invasion of, 247 humanitarian issues, 239–240, 263–266 Iraq-Iran War, 243 Humpty Dumpty (Abu Dhabi), 109 Korek Telecom, 182 hydrocarbon industry. See oil and gas Prime Minister Haider al Abadi, 247 industry reconstruction of, 266–267 telecom business, 165–169 Ibn Saud, 19–20, 202 Islamic finance (IF), 219 Hussa Sudairi, 20 Islamic Development Bank (Saudi), 165, Sudairi Seven, 20 265, 267 Independent Water and Power Projects Islamic finance (IF), 177, 188, 195–198 (IWPPs), 215 banks, 197, 219 India bonds (sukuk), 195, 202, 218–219 exports, 55 Islamic bonds (sukuk), 219 imports, 52, 54, 59 Islamic debt issuance, 219 mergers and acquisitions (M&A), 51 Islamic Financial Services Board, 188, remittances, 222, 235 195, See also individual banks Industrial Property Authority (MODON) Israel, 192, 233, 240–241, 246, 251–255 (Saudi), 211 and Bahrain, 254 Internally Displaced Persons (IDPs), Dore Gold, 253 238–239 and Egypt, 253 International Bank of Qatar (IBQ), 197 Elbit Systems, 254 international banking system, 31, 34, 43, Intuview, 254 46, 51 Iron Dome, 254 international financial institutions (IFIs), Logic Industries, 253 240, 255–260, 262, 268 Prime Minister Benyamin Netanyahu, 254 International Humanitarian City (IHC) and Saudi Arabia, 253 (UAE), 264 and UAE, 252–253 International Labour Organization (ILO), 81 Yaakov Amidor, 237 International Monetary Fund (IMF), 37–38, 177, 200, 208, 220, 255–256, Japan, 37, 41–42, 52 260–261 financial surpluses, 35, 51, 61 International Renewable Energy Agency imports, 52, 54 (IRENA) (UAE), 217, 252 mergers and acquisitions (M&A), 49 internationalisation Jawa, Ahmed Bin Jamal Bin Hassan, 86 of agribusiness, 115–119, 123, 129, 133 Jebel Ali Free Zone, 127

300 Index

Jebel Ali Port, 3, 161, 264 Kuwait Health Assurance Co. (KHAC), Jenaan Investment Co. (UAE), 126–127 228 Jones,Toby, 60, 115, 119 Kuwait Investment Authority, 38, 47 Jordan, 151–152, 262, 264–265 Kuwait Oil Co. (KOC), 68 Abdali Project, 152 Kuwait Projects Co. (KIPCO), 228 agribusiness, 143 Kuwait Projects Holding Co., 219 Amman Development Corridor, 165 Amman Stock Exchange, 184 land grab, 26, 119–123 Arab Bank, 190 Lapavitsas, C., 175 Arab Potash Co., 182 Lebanon Aramex, 194 agribusiness, 143 Central Bank of Jordan, 183 Audi family, 190 conflicts, 239 Bank Audi, 189–193 construction projects, 151, 154 Bankmed, 190 exports, 130–131 Central Bank of Lebanon, 192 financial markets, 177, 179–180, 184, conflicts, 158, 239, 244 187–188, 190 construction projects, 151, 154 Housing and Urban Development Credit Libanais, 198 (HUDC), 151 Eurobonds, 193 Housing Bank for Trade and Finance exports, 130–131 (HBTF), 192, 198 Fahd Hariri, 190 imports, 131, 133, 141 financial markets, 177, 179–180, 184, Jordan Islamic Bank (JIB), 191 188, 191 Marsa Zayed Project, 152 FRH Investment Holding, 190 Mortgage Refinance Co. (JMRC), 184 Hariri family, 160, 190, 192, 229, 245 privatisation, 167 imports, 133 Public-Private Partnerships (PPPs), 164 Lebanese Civil War, 243 PWT projects, 162, 164 Marwan Ghandour, 192 real estate companies, 157 Prime Minister Sa’ad Hariri, 190, 229, Saraya Aqaba, 154 245 telecom business, 165–169 privatisation, 168 JP Morgan Chase (US), 211, 219 PWT projects, 162, 165 International Council, 211 Rafic Hariri, 160, 228 Raymond Audi, 192 Kamel, Saleh Abdullah, 63–64, 70, 191, real estate business, 160 229 Saradar Group, 190 Al-Suq (The Market), 63 Solidere, 152, 160 Kanna, Ahmed, 6, 209 telecom business, 168 Kellogg’s, 142 Lefebvre, Henri, 12, 15 KFC, 141 Libya, 246 Khalifah bin Hamad Al Thani, Sheikh, 248 conflicts, 236, 239, 242 Khalili, Laleh, 162 financial markets, 178–179, 187 King Abdullah Economic City, 85 PWT projects, 162 King Abdullah Initiative for Saudi reconstruction of, 237, 266–267 Agricultural Investment Abroad telecom business, 168 (KAISAIA), 120–121 London Stock Exchange, 2, 47 King Salman Energy Initiative (Saudi), 216 London Stock Exchange Group, 47 Kingdom Group (Saudi), 139, 141, 154, 216 Lootah Group (UAE), 85 Kissinger, Henry, 211 Loulis Mills (Greece), 125 Kochavi, Mati, 253 Lulu Group International (UAE), 99 Kollsman Inc. (US), 254 Lulu Hypermarkets, 99, 142 Kosik, Karel, 16–17, 64 Kuwait Finance House, 216 MA Kharafi & Sons (Kuwait), 193 Kuwait Fund for Arab Economic Ma’aden Aluminium (Saudi), 72 Development (KFAED), 165, 267 Mabanee Development Co. (Kuwait), 99

Index 301

Madinah Airport, 202–204 CIH Bank, 196 Majid Al Futtaim Group (UAE), 98–99, construction projects, 151, 154 142–143, 154, 219 exports, 130–131 Makhlouf, Mouayed, 265 financial markets, 177, 179–180, 184, manufacturing activities, 65, 71, See also 186–187 petrochemical industry Green Valley Project, 155 aluminium production, 65, 71–73 Maroc Telecom, 167, 169 cement production, 72–73 privatisation, 164, 167 steel production, 72–73 Public-Private Partnerships (PPPs), 154, Marshall, S., 142 164 Marston, S.A., 13 PWT projects, 162 Marx, Karl, 9, 198, 201 real estate companies, 157 Masayoshi Son, 1 telecom business, 165–170 Mashreq Bank (UAE), 103 Mossack Fonseca law firm, 40 Masraf Al Rayan (Qatar), 197 Mothercare, 99 Mass Food Group, 142 Motorola, 160 McKinsey & Co., 2, 206, 208 Mumtalakat, 48 McKinsey Global Institute, 33, 38 Muslim Brotherhood (MB), 247–249 McLaren Group, 47 McMichael, Philip, 114 National Bank of Abu Dhabi, 197 McNally, David, 4 National Bank of Kuwait (NBK), 103, 189 Mecca Metro (Saudi), 204 National Bank of Ras Al-Khaimah (UAE), MENA Transition Fund, 184 223 mergers and acquisitions (M&A), 2–3, National Commercial Bank (Saudi), 189, 49–52, 111, 186, 197, 216 216 Mezzadra, Sandro, 23 National Project Management Organization migrant labour, 23–24, 27, 81, 201, (NPMO) (Saudi), 207, 221 221–224, 235, 265 National Transformation Program (NTP) deportation of, 221–223, 229, 235 2020 (Saudi), 204, 206–207, 212, 223 remittances, 222, 235 neoliberalism, 9–10, 111–112, 134, 146, military hardware, importation of, 32, 149–151, 163, 171, 175, 209, 240, 58–61 251, 263, 265 millionaire households, 39, 234 neoliberal globalisation, 11, 35, 46, 62 Minister of State for Happiness (UAE), 87 urban effect, 27, 146–150, 153–154 Ministry of Economy and Planning (MEP) Nestle, 142–143 (Saudi), 207 neXgen advisory firm, 170 Ministry of Energy, Industry and Mineral Nixon Administration (US), 34 Resources (MEIMR) (Saudi), 211 Norfield, Tony, 43–45 Mirow, Thomas, 259 North America, 52, 56 Mitchell, Timothy, 33, 58, 118 financial markets, 186 Mobily (Saudi), 86, 88 Foreign Direct Investment (FDI), Mohammed bin Abdulaziz, Prince, 202 48 Mohammed bin Nayef, Crown Prince, 203 imports, 52 Mohammed Bin Rashid Al Maktoum, mergers and acquisitions (M&A), 49 Sheikh, 85, 87–88, 161, 167 Mohammed bin Salman al-Saud (MBS), offshore financial centres, 21, 34, 39–43, Crown Prince, 1, 203, 205, 210–211, 46, 50, 103, 178, 234 229, 234, 243 Cayman Islands, 34, 41–42, 60 Mohammed Bin Saud Al Kabeer Al Saud, oil and gas industry, 22, 65, 68, 72, 159 Sultan, 127 exports, 3, 29–30, 41, 43, 67, 71 Mohammed bin Zayed bin Sultan Al reserves, 2, 21–22 Nahyan, Crown Prince, 243 resources, 68, 199 Mohammed Hussein Al Amoudi, Sheikh, revenues, 22, 30, 36, 118, 189, 199–201, 122 262 Morocco, 130, 143, 170 Ojjeh, Mansour, 48

302 Index

Olayan Group (Saudi), 47, 98, 103, 110, Peck, Jamie, 14 129, 139, 154 Pepsi-Cola, 138, 143 Oldendorff Group (Germany), 125 Petrochemical Industries Co. (Kuwait), Oliver Wyman & Co., 207 71 Ollman, Bertell, 15 petrochemical industry, 30, 68, 70, 72 Oman Oil Co. (OOC), 71 companies, 68, 70–71, 88, 110 Omatel (Oman), 86 exports, 30, 68 Ooredoo (Qatar), 86, 89, 166–171, 219 manufacturing, 68, 70–71, 73 Ooredoo Oman, 86 petrodollar recycling, 34, 58, 60, 102 Orange (France), 167, 169 Pizza Hut, 141 Otaiba, Yusef, 247 power, water and transport (PWT), 27, 148, 162–164 P&O, 2, 47 infrastructure, 165, 171 Palestine, 158–160 projects, 162, 164 Abdali Project, 160 PricewaterhouseCoopers LLP, 207 Al Shawa family, 193 Prince Mohammed bin Abdulaziz Amar Real Estate, 158 International Airport. See Madinah Bank of Palestine, 193, 198 Airport Bashar al Masri, 159, 184 private equity (PE) business, 1, 38, 101–103, capital accumulation, 254 109, 122, 138, 140, 160, 193–194 conﬂicts, 158 privatisation, 9, 129, 164–165, 178, Consolidated Contractors Co. (CCC), 213–214, 217, 220, 223, 256 160 of agro-food sector, 128–129, 134–135 EDGO, 159 of banks, 184, 188, 261 ﬁnancial markets, 188 of education, 215–216 Khoury family, 184, 190 Egypt, 164, 262 Masri family, 158, 160, 168, 184, 190 Jordan, 167, 265 Massar International, 158–159 Kuwait, 212 Mohammed Mustafa, 159 of land, 149, 151, 155 Munib Masri, 158 of medical services, 216, 227 Palestine Development and Investment Morocco, 164, 167 Corp. (PADICO), 158, 167, 190 Oman, 212 Palestine Investment Fund (PIF), Palestine, 167 159–160 of PWT, 163–164, 171, 211, 227 Palestine Liberation Organisation (PLO), Saudi Arabia, 202–206, 212 252 of telecom, 165 Palestine Mortgage & Housing Corp. Tunisia, 167 (PMHC), 184 Public Institution for Social Security Palestine Mortgage and Housing Corp. (Kuwait), 103 (PMHC), 158 Public Investment Fund (PIF) (Saudi), 38, Palestine Real Estate and Investment Co. 69, 140, 159, 206, 212 (PRICO), 158, 190 Public-Private Partnerships (PPPs), Palestinian Authority, 158 163–164, 203–205, 214–218, 220, PALTEL, 190 223, 227, 259, 261, 266 privatisation, 167 Jordan, 265 Rawabi City, 152, 159 legislation, 215, 256 real estate companies, 157–158 Morocco, 154 refugees, 254 Oman, 212 Samer Khoury, 160 Sovereign Wealth Fund, 159 Qaboos, Sultan, 22 telecom business, 165–169, 190 QATALUM, 72 Wataniya (National), 169 Qatar Air, 47 Palloix, Christian, 10 Qatar International Islamic Bank (QIIB), Panama Papers, 40 195 Panda Retail Co., 99, 142 Qatar Investment Authority, 38–39, 47

Index 303

Qatar National Bank (QNB), 189, 192, Savola Group (Saudi), 99, 112, 116, 127, 197–198 138, 140, 142 Qatar National Food Security Programme Sayer, Derek, 15 (QFNSP), 120 Schmid, C., 147 Qatar Petroleum, 71, 223 Sharbatly, Abdulrahman, 157 Qatar Rail, 223 Shard, the, 2 Qatar Stock Exchange (QSE), 101 Shi’a Muslims, 22, 243–244 Qatari Diar, 82, 86, 154, 159 SHUAA Capital, 197 Siemens, 160 Ramos, Stephan, 161 Siniora Food Industries, 116 real estate business, 27, 150, 156 SIPRI Arms and Military Expenditure companies, 82, 85, 88, 148, 156–157, Programme, 59 170 Smart City concept, 87, 89, 170, 253 development, 65, 77, 81–86, 99, 110, Smart City concept (Dubai), 87–88 152–156 Dubai Design District, 88 refugees, 77, 238, 263–266, See also Higher Committee for Smart Cities, Internally Displaced Persons (IDPs) 87 Rentier State, 67 Smart Dubai Platform, 87 retail business, 66, 70, 89–100 SoftBank Vision Fund (SVF), 1–2, 170 companies, 91 Sohar Aluminium Co. (Oman), 72 Rice, Condoleezza, 211 Sovereign Wealth Funds (SWFs), 31–32, RSH retail, 86 38–40, 47, 82, 110, 140, 206 Rum Agricultural Co., 143 Stacher, J., 142 Russia Starbucks, 99 exports, 59 Starling Group, 86 imports, 52, 54 Sultan Qaboos Medical City (Oman), mergers and acquisitions (M&A), 51 216 Sunni Muslims, 22, 243 Sainsbury’s, 2 Supporting Syria & the Region Conference Salam Bank (Bahrain), 86 (2016), 264 Saline Water Conversion Corp. (Saudi), 205 SWF Institute, 38 Salman bin Abdulaziz Al Saud, King, 202, Syria, 238, 268 210, 229, 243 Bashar Al Assad, 243, 245, 268 Salman’s Royal Decrees, 211 conﬂicts, 4, 131, 236, 239, 242, 244 Saudi Agriculture and Livestock Company exports, 130 (SALIC), 120, 122 ﬁnancial markets, 178–179, 187–188 Saudi Arabia Monetary Authority, 38 PWT projects, 162 Saudi Aramco, 68, 205–206, 211–212, 254 reconstruction of, 237, 266–267 Saudi Basic Industries Corp. (SABIC), refugees, 263–266 68–71 telecom business, 165 Saudi British Bank, 103, 160 Saudi Electricity Co., 205, 211 Taanayel Les Fermes, 143 Saudi Fund for Development (SFD), 165, Tadawul (Saudi), 100 267 Taliban, 249 Saudi Grains Organisation (SGO), 205 TAV (Turkey), 202 Saudi Industrial Development Fund Tecom, 88, 110 (SIDF), 211 Teeba, 143 Saudi Landbridge, 204 telecom business, 7, 65, 86–89, 110, 165–171 Saudi Oger, 160, 203, 220, 228–229 companies, 86–89, 149, 166 Saudi Postal Authority, 205 infrastructure, 165, 171 Saudi Railway, 204 networks, 148, 162, 171–172 Saudi Star conglomerate, 122 privatisation of, 167 Saudi Telecom, 86, 89 TGI Friday’s, 141 Saudi-UAE axis, 24, 81, 117, 233, 236, Tomich, Dale, 16–17, 64 240, 243, 247–248, 251–252, 254 Tradewinds Corp., 86

304 Index

transportation business, 56, 58, 62 United States (US), 8, 34, 46, 51, 61, infrastructure, 62, 150, 204, 220 240–241, 247, 252 Travelodge Hotels, 47 balance of payments, 51 Tristar (UAE), 125 banks, 34, 36, 43 Trucial States, 5 Barack Obama, 244 Tunisia, 130, 143, 151, 249–251 debt, 31, 34, 40, 51 and Qatar, 250 exports, 54, 59–60 and Saudi Arabia, 250 financial markets, 35, 46 Ben Ali, 241–242, 249, 256 Foundation for the Defense of conflicts, 239, 249 Democracies (FDD), 247 construction projects, 151, 154 military, 162 Ennahda party, 249–250 Pres. Donald Trump, 244, 247, 251–252 exports, 130–131 Rex Tillerson, 251 financial markets, 177, 179–180, Robert. Gates, 247 183–184, 187–188 Treasury International Capital (TIC), 40, Leila Trabelsi, 242 42 Mohamed Sakher El Materi, 242, 250 Treasury securities, 34, 36, 40, 42, 47 Moncef Marzouki, 250 US Shale Gas, 71 National Housing and Savings Fund USAID, 184 (CNEL), 151 Nidaa Tounes party, 250 Valeri, Marc, 22 Pres. Beji Caid Essebi, 144 Vision 2030 (Saudi), 203–204, 206–208, privatisation, 167 216, 223, 227 Public-Private Partnerships (PPPs), Viva Bahrain, 86 164 Vivendi (France), 167 PWT projects, 162 Vodafone Qatar, 86, 89 real estate companies, 157 Volkswagen, 2, 47 Salem Abd El Jalil, 250 telecom business, 165–169 Wahhabism, 19–20, 243, 250 Tunis Financial Harbour, 152 Wataniya Telecom (Kuwait), 86 Tunisia Economic City, 250 Weberian assumptions, 15, 67 Tunisian Central Bank, 250, 262 Wessal Capital, 154 Tunisie Telecom, 88, 167, 169 World Bank, 35, 129, 145, 151–152, Turki al Faisal, Prince, 253 164–165, 168, 184, 196, 200, 208, Turner, Mandy, 268 255, 262, 265–266 Twitter, 2, 47 International Finance Corp., 265

Ulrichsen, Kristian Coates, 39 Yemen, 145, 238, 244 Ultra-High Net Worth (UHNW) Abd Rabbuh Mansour Hadi, 244, 246 individuals, 233 Ali Abdullah Saleh, 242, 244 Unilever, 98 Ansar Allah, 244 Union National Bank (UAE), 197 conflicts, 4, 59, 230, 236, 239, 242, 244, United Kingdom (UK), 42, 60, See also 246 City of London exports, 130–131 banks, 31, 43–44, 46 financial markets, 187 David Cameron, 265 Houthis, 244, 246 exports, 59–60 imports, 131, 133 financial markets, 35, 41, 43, 46 reconstruction of, 237, 266–267 mergers and acquisitions (M&A), 2 United Nations High Commissioner for Zain (Kuwait), 86, 88–89, 168, 170–171 Refugees (UNHCR), 264 Ziadah, Rafeef, 263