While Western banks saw their valuations drop substantially during the first 18 months of the COVID pandemic — and have yet to recover — the declines among Saudi banks have been smaller and their valuations are now closer to, if not above, their pre-pandemic levels. Identifying the drivers of this seemingly contradictory trend helps us better understand the shifts within the Saudi banking sector and the growing impacts of policies related to Vision 2030, the country’s long-term economic development and diversification program.
The idea for writing this piece came late last Tuesday as feelings ran high — the author’s included — amid scenes of patients’ charred bodies being pulled out from what remained of a burned-out coronavirus isolation ward in Nassiriya. It was originally meant to be a eulogy for those lost to Iraq’s stubborn corruption and chronic mismanagement, but it has since become a eulogy for democracy in Iraq.
Consolidating Saudi-Omani relations under Sultan Haitham
Sultan Haitham bin Tariq al-Said arrived in Neom, Saudi Arabia, on July 11, 2021, in his first foreign trip since becoming the sultan of Oman on Jan. 11, 2020. At the start of his two-day visit to the kingdom he was met by King Salman and accompanied by a high-level Omani delegation. A slew of new agreements were signed across commerce, culture, and transport.
Exploring the rising workforce participation among Saudi women
In the past few months, several articles have been written on the significant rise in the Saudi female labor force participation rate (LFPR) from 17.7% in Q2, 2016 to 33.2% in Q4, 2020. Interestingly, this increase in female LFPR was not coupled with a rise in unemployment, which often occurs when workforce participation rises for a particular group. In fact, the unemployment rate among female nationals declined to its lowest level in four years, at 24.4% in Q4, 2020. However, it still remains over twice as high as that for male nationals. Another positive labor market indicator, albeit one receiving little attention from analysts, is the significant change in the employment rate among Saudi women. In other words, Saudi women not only increased their share in the workforce, but were also able to gain jobs once they entered the labor force.
On July 1, 2021, Serbian President Aleksandar Vučić, accompanied by Mohamed Alabbar, an entrepreneur and the chairman of UAE real estate firm Eagle Hills, attended a ceremony in Belgrade. It commemoratedthe final work on a tower within Waterfront Belgrade, a major real estate project funded by the UAE. The ceremony was an illustration of the growing ties between Serbia and the UAE, which over the past nine years has become Belgrade’s primary partner in the Arab world. The UAE has also emerged as a source of cash and an instrument of domestic political promotion for the Serbian leadership.
Singapore and the Gulf: Economic engagement beyond hydrocarbons
Oil and gas have long dominated trade and investment flows between Singapore and the Gulf. In the wake of two new projects — one in Singapore and the other in the United Arab Emirates — unveiled last month, this article considers whether Singapore and the Gulf are on the cusp of a new level and type of economic relations.
The War at Home: The Need for Internal Security Sector Reform in Iraqi Kurdistan
The forces and agencies of Kurdistan’s Ministry of Interior and the Kurdistan Region Security Council, collectively referred to the Kurdistan Region Interior Forces, are now the region’s main security actors, but their role as instruments of partisan rivalry and enforcers of public loyalty to the political bureaus threatens the Kurdistan Region’s stability. This report makes the case that coalition security sector reform efforts should be refocused on them. Although Peshmerga reform is necessary to improve the Kurdistan Region’s ability to combat external threats, it is equally, if not more important to start the same reform within these internal forces and agencies to achieve durable stability.
الضربات الجوية الأمريكية على الميليشيات العراقية وخطر دوامة التصعيد
مهما كانت شدة محاولات الحكومة العراقية لتوجيه البلاد بعيدًا عن الصراع الإيراني الأمريكي، فإن الميليشيات العراقية المدعومة من إيران ستظل تسحبها مجددًا لهذا الصراع
The promise and the pitfalls of Iraq’s tripartite New Mashreq
Sunday was a festive day in Baghdad. The last time Iraqis had received an Egyptian president 30 years ago, the region was gearing up for war and uncertainty as the late President Hosni Mubarak shuttled between Baghdad and Gulf capitals prior to Saddam Hussein’s invasion of Kuwait in 1990. The circumstances were quite different on June 27, when Egyptian President Abdel-Fattah el-Sisi and King Abdullah II of Jordan were given the red-carpet treatment at a tripartite summit marking the fourth meeting between the leaders of the three countries aiming to form a new regional alliance.
With Netanyahu gone, the Abraham Accords will not only survive, they might even flourish
Some international concern has been voiced about the future prospects of the Abraham Accords under Israel’s new government. This stems from the perception that the normalization agreements Israel signed in 2020 with the UAE and Bahrain were the personal achievements of two former leaders — Donald Trump and Benjamin Netanyahu — and would not have happened without them. The question thus arises of whether the agreements can survive their departure from power. Not only will the Abraham Accords survive, they will now be able to flourish and reach new heights. Foreign Minister Yair Lapid’s statement that his first visit abroad will be to the UAE is a good indicator.
Games without Frontiers: Renegotiating the Boundaries of Power in Iraqi Kurdistan
Over the past year, intensifying political and economic conflicts between the Kurdistan Region’s two hegemonic parties, the Kurdistan Democratic Party and the Patriotic Union of Kurdistan, have challenged the legal and institutional order in which the Kurdistan Regional Government operates. A new generation of leadership within the parties, a fraught relationship with the federal government, and a prolonged economic crisis have strained the relationship between the two parties to its breaking point.
Changing the rules of the game: Reforming the party system in Iraq
The performance of Iraqi political parties over the past two decades can be assessed in how they manage three major transformations: the transition from an authoritarian political system to a democratic and pluralistic one, the participation of these parties in managing the transformation of the state from a central to a federal system and the smooth transition from a directed economy to a free market one, and the social transformation from an oppressed society to a free, productive, and reconciled one. Despite the great challenges faced by the various governments since 2003, the parties that participated in the political process (to varying degrees) were unable to succeed in managing these three transformations.
