Inside the Khaleeji Art Museum’s Architecture of Memory, which showcases the work of Dana Al Rashid.
At its Sept. 23 meeting, the Central Bank of the Republic of Turkey (CBRT), in a surprise move, cut its policy rate (1-week repo rate) 100 basis points to 18.00%, while headline inflation was 19.25% (currently 19.58%). This is an interesting development as most central banks around the world have just started preparing to implement tighter policies.
Read MEI’s weekly briefing featuring expert analysis of key regional developments for the week ahead.
بعد غزو العراق في ٢٠٠٣، تحولت الأنظار إلى السيد علي السيستاني في النجف بوصفه نقطة محورية ليس فقط على مستوى العراق، بل في عموم المنطقة. اليوم، يبلغ السيستاني ٩١ عامًا مما يجعل مسألة خلافته أمرًا يشغل المتابعين، ليس فقط على مستوى الساحة الشيعية، ولكن على مستوى منطقة الشرق الأوسط بشكل عام. وعليه، تهدف هذه الدراسة إلى تسليط الضوء على مستقبل المرجعية الشيعية على أساس التغيير المرتقب القادم بعد السيستاني.
For Shi’a Muslims, the highest-ranking religious authorities are known as marj’as, who serve as a reference point for emulation for laypeople (marj’a al-taqlīd). The position of the marj’a, known as the marj’aiyyah, has the exclusive right to issue religious rulings (fatwas). Since the 2003 invasion of Iraq, Ayatollah Sayyid Ali Sistani in Najaf has become a focal point not only for Shi’a in Iraq, but for the entire region. Sistani is now 91 years old and the question of succession is a central one — one that concerns not only Shi’a Muslims, but the wider Middle East as well. This paper aims to shed light on the future of the religious authority in the Shi’a world based on the unavoidable change after Sistani.
China’s recent multi-sectoral engagements in Turkey suggest that the Black Sea region’s significance is on the rise in Beijing, and under President Erdoğan, Turkey has consistently sought its favor and investment.
Read MEI’s weekly briefing featuring expert analysis of key regional developments for the week ahead.
Vision 2030 promises a transformation of Saudi Arabia’s economy, and the financial sector will be crucial to achieving this. The sector will facilitate private investment focusing on small and medium-sized enterprise (SME) financing, fund mega-projects, and be a driver for diversifying away from oil. As a result, banks’ role must go from being distributive and largely passive to developmental and active. This article will highlight how the role of the Saudi banking sector has been transformed in the last five years and how its composition is changing to cope.
We rarely miss an opportunity to criticize our Gulf Arab partners — sometimes rightly so — for not doing enough to safeguard collective interests. But one must acknowledge that on Afghanistan, and especially our just-completed exit from the country, most of our Gulf Arab partners absolutely shined. They deserve a ton of credit for the role they played in our large, challenging, and deadly evacuation — a role which was nothing short of indispensable.
There is a puzzle in the profits of Gulf Cooperation Council (GCC) firms, especially conglomerates. Even as the size of GCC economies has grown considerably in the last two decades, corporate profits have been flat. With a goal of economic diversification to expand private sector business and job opportunities for citizens, the imperative to create an environment for growth is acute for regional governments. Tarek Fadlallah, CEO of Nomura Asset Management Middle East and a member of the Program on Economics and Energy Advisory Council, lays out some of the challenges for Gulf economic diversification and improved corporate profitability.
A reinvigorated international approach to Yemen is possible. The current architecture for advancing a negotiated peace is being challenged by both international and local developments. The protracted nature of the conflict, the risk that it could worsen, and local political developments over the past two years necessitate a recalibration of the peace process, informed by realities on the ground, the urgent needs of the population, and the demand for security. Evolving coalition priorities, renewed U.S. engagement, and the appointment of a new U.N. special envoy may be an opportunity to advance conflict resolution. Achieving greater unity among southern actors will be key to the success of national-level talks and is urgently needed to prevent a further descent into violence, extremism, and humanitarian catastrophe.
Just before visiting Turkish-occupied Northern Cyprus in late July, Turkish President Recep Tayyip Erdoğan gave Serbia an unpleasant surprise. He announced that Turkey would lobby to increase the number of countries that recognized independent Kosovo. Erdoğan stated on July 19, “Now 114 countries recognize Kosovo, and we want that number to increase. We hope that this year at the United Nations General Assembly, at the meeting I will have with [U.S. President Joe] Biden, we will discuss this topic again, that we will work together on the recognition of Kosovo.”
Read MEI’s weekly briefing featuring expert analysis of key regional developments for the week ahead.
While the Black Sea has historically been an area of significant geostrategic importance, this has not made it a vibrant zone of commerce, transport, energy, tourism, or cultural exchange. Rather, it has become a theater of struggle for dominance and competing geopolitical and geo-economic interests. This situation has been exacerbated by conflict between Russia and countries in the region, like Ukraine and Georgia, that have sought closer ties with the West and aspire to NATO membership and EU integration. These developments have dire consequences for regional security and stability, disrupting political and economic ties in the area and beyond. A long-term solution to the region’s security issues could be based on intensifying trade relations and increasing economic interdependence between the states. This paper identifies major barriers to closer regional trade and economic cooperation and outlines ways to overcome them.
Many analysts oversimplify the political conflict between Iran and Saudi Arabia as one driven by sectarianism or Shi’a-Sunni tensions that has shaped the two states’ outlook and actions in the Middle East. However, their political differences are actually much more complex and deeper rooted.