Making sense of Saudi Arabia is crucially important today. The kingdom's western province contains the heart of Islam, and it is the United States' closest Arab ally and the largest producer of oil in the world. However, the country is undergoing rapid change: its aged leadership is ceding power...

The Setting -- Overview -- The Development Process -- Reforms and Economic Planning -- Public Finance -- The Financial Sector -- Saudi Arabian Monetary Agency (SAMA) and Monetary Policy -- The Financial Markets -- The Saudi Capital Market -- The Domestic Sector -- The Private Sector:...

Unpacking the Saudi state : oil fiefdoms and their clients -- Oil fiefdoms in flux : the new Saudi state in the 1950s -- The emerging bureaucratic order under Faisal -- The 1970s boom : bloating the state and clientelizing society -- The Foreign Investment Act : lost between fiefdoms -- Eluding...

Oil was discovered in the United Arab Emirates (UAE) just 50 years ago. During that time, UAE has been able to transform itself into a rapidly modernizing country, which is fast becoming a major economic hub and a key player on the international economic landscape. This paper discusses a number...