The Economic Statecraft of the Gulf Arab States: Deploying Aid, Investment and Development Across the MENAP

Description

This book is a study of a shift in the politics and finance of development from one centered in the institutions and ideas of the post-World War II global political economy to the emergence of South-South economic ties and the rise of authoritarian or state capitalism as an alternative model of development. This is a study of the economic statecraft of the Gulf Arab states, specifically the deployment of aid, investment, and direct support from some of the wealthiest petrostates of the world to their surrounding sphere of influence within the Middle East, Horn of Africa, and West Asia. These new models of development finance, aid, and intervention include distinct institutional designs and ideological bases. For the United Arab Emirates, Saudi Arabia, and Qatar, the preference for state-led and often state-owned development is a strategic priority in the energy sector, a mechanism for domestic economic growth and consolidation of wealth among leadership and ruling families. Exporting that agenda as a foreign economic policy tool continues all of the domestic benefits, while also affirming broader regional political goals. Cover Epigraph Title page Middle East Institute Policy Series Title page Copyright page Dedication CONTENTS ILLUSTRATIONS ACKNOWLEDGMENTS INTRODUCTION 1 POLITICAL ECONOMYOF DEVELOPMENT FROM BRETTON WOODS TO AUTHORITARIAN CAPITALISM 2 THE GULF IN THE GLOBAL ECONOMY: GEARING UP FOR A POST-OIL ERA Development States by Design Diversification for a Post-Oil Economy GCC Economic Policy Response to the Twin Crises The Gulf-China Synergy Competition and Transition: The Future of Gulf-China Economic Relations The Gulf States in Multilateral Finance 3 BEST CASE SCENARIOS? CASE STUDIES OF GULF FINANCIAL INTERVENTION IN EGYPT AND ETHIOPIA Oil Booms, Aid, and Financial Intervention Oil Price and Gulf Arab Foreign Aid: Not Always Closely Linked Theoretical and Practical Implications of Gulf Arab Foreign Aid Egypt’s Centrality in Gulf Foreign Policy and Intervention Efforts The Evidence of Financial Intervention in Egypt Aid vs. Investment in the Age of Shifting Oil Demand The Horn as a Strategic Location in the Gulf Lens Ethiopia’s Swift Rise, and Risk to Fall Conclusion 4 CAUGHT BETWEEN THE GULF AND CHINA: CASE STUDIES OF FINANCIAL INTERVENTION IN OMAN AND PAKISTAN Aid and Investment Flows from the GCC to Pakistan Gulf Financial Intervention in Oman Conclusions 5 TOO LITTLE, TOO LATE: DEVELOPMENT IN CRISIS—CASE STUDIES OF SUDAN AND YEMEN Gulf Financial Aid and Investment Interventions in Sudan A Breakthrough in Regional Investment Flows? Not for Now Gulf Financial Aid and Investment in Yemen CONCLUSION The Gulf as Financial Life line in Climate Adaptation in Middle East The Gulf States to the Rescue? Post-Covid Recovery and Energy Market Upswings Reform and Recovery Models Inside the GCC Looking Outward, Looking Forward on Climate Policy and Investment Opportunity BIBLIOGRAPHY INDEX