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The Transition to Green Economy in The Arab World

By Dr Soha Maad

Introduction

This article traces the road to the transition to green economy in the Arab world highlighting efforts of the Union of Arab Banks to promote giga projects (giant projects) including green projects, and the efforts of the United Nations Development Programme (UNDP) and the Islamic Development Bank (ISDB) to develop a comprehensive green transition facility to support the sustainable green growth of the Arab States.

The article overviews the definition of the green economy and green investment and clarifies the differences between green economy, blue economy, and circular economy. The article highlights the principles of green economy and drivers of green economic growth. The best green technology innovations are enumerated and an overview of digital technologies for the green economy and the growth of the sustainable information technology market are overviewed. A comparison between Green IT (Information Technology) and IT for Green is also drawn. Various Green economy models are overviewed with case studies from South Korea, China, and Brazil. The article concludes with the road for the transition to green economy in the Arab states.

What Is A Green Economy?

A green economy is an economy that aims at reducing environmental risks and ecological scarcities, and that aims for sustainable development without degrading the environment. It is closely related with ecological economics, but has a more politically applied focus. According to the 2011 United Nation Environment Program (UNEP) Green Economy, the green economy must not only be efficient, but also fair. Fairness implies recognizing global and country level equity dimensions, particularly in assuring a just transition to an economy that is low-carbon, resource efficient, and socially inclusive.

A feature distinguishing a green economy from prior economic regimes is the direct valuation of natural capital and ecological services as having economic value and a full cost accounting regime in which costs externalized onto society via ecosystems are reliably traced.

The United Nations UN Environment-led Green Economy Initiative, launched in late 2008, emphasises the importance of green economy. The Green Economy Initiative is a coalition of organisations with a collective objective to provide the analysis and policy support for investing in green sectors and facilitating green economic growth.

There was a universal agreement that the current economic system is no longer appropriate due to its extremely detrimental social and environmental repercussions.

Governments, businesses, and society are becoming aware of the importance of green economy. The green business and economy is described as an alternative vision for growth and sustainable development.

Green Investment

A green economy is a low carbon, resource efficient and socially inclusive. In a green economy, income and employment are driven by public and private investment into activities that reduce carbon emissions and prevent the loss of biodiversity. Green investment funds consist of investment activities that focus on companies or projects committed to the conservation of natural resources. Green economy sectors include clean energy, green buildings, sustainable transport, water management, waste management and land management.

A green economy promotes social and environmental sustainability through the encouragement of public and private investment in infrastructure. The green economy is significant because it promotes low digital carbon footprint, sustainable economic growth and guarantees that natural resources will continue to support our continued well-being by providing resources and environmental services.

Blue Economy Versus Green Economy

Blue economy principles question how we produce and consume things, with a focus on using all resources efficiently and using waste to make new products where possible.

The principles of the blue economy are based on natural ecosystems, encouraging people to use all waste, consuming locally and making and using only what is essential.

Circular Economy Versus Green Economy

The circular economy means moving away from our current and enormously wasteful economic model of ‘take, make, throw away’, in which resources are extracted, turned into products, used, and discarded. A circular green economy improves resource efficiency and reduces environmental impact on natural capital by designing products in a more sustainable way.

The fundamental idea behind the green economy is to promote economic growth while taking into account the sustainability of the ecological balance and the availability of current natural resources. The circular economy, on the other hand, is more concerned with maintaining a closed cycle of resources. Therefore, the circular economy seeks to replace linear production and consumption patterns (use and discard) with circular or sustainable ones.

Principles Of Green Economy

According to a paper titled Principles, Priorities, and Pathways for Inclusive Green Economies, published by the United Nations UN High-Level Forum on Sustainable Development in New York, there are the five core principles of the green economy:

  • The Wellbeing Principle: The green economy is focused on people. Its goal is to produce real, shared wealth. It emphasizes accumulating wealth that will promote wellbeing. This wealth spans the entire spectrum of human, social, physical, and natural capital, not just financial wealth. It places a high value on investments in and access to the infrastructure, know-how, and education required for everyone to flourish. It provides opportunities for ethical and sustainable businesses, jobs, and livelihoods.
  • The Justice Principle: Equity between generations and within them is encouraged by the green economy. The green economy is non-discriminatory and inclusive. It resists elite capture, evenly distributes expenses and benefits, and promotes the empowerment of women. The green economy encourages the equitable distribution of opportunity and outcome, decreasing gaps between individuals. It adopts a long-term outlook on the economy, generating wealth and resilience that serve the needs of present and future citizens while also responding to poverty and injustice. It is founded on social justice and solidarity, and it upholds the rights of workers, minorities, indigenous peoples, and human beings in general. It supports social enterprises, sustainable livelihoods, and the empowerment of Micro, Small and Medium Enterprises (MSMEs).
  • The Planetary Boundaries Principle: The green economy protects, restores, and funds the environment. An inclusive green economy applies the precautionary principle to prevent the loss of important natural capital and the violation of ecological boundaries while acknowledging the limited substitutability of natural capital with other capital. It makes investments in the preservation, expansion, and restoration of the earth’s soil, water, air, and natural systems.
  • The Efficiency and Sufficiency Principle: The goal of the green economy is to promote sustainable production and consumption. It acknowledges that, there must be a substantial worldwide change to limit the consumption of natural resources to physically sustainable levels.
  • The Good Governance Principle: Institutions that are incorporated, accountable, and strong serve as the green economy’s compass. An inclusive green economy is backed by institutions with the necessary resources to achieve their various duties in an effective, efficient, and accountable manner. These institutions are integrated, collaborative, and cohesive across sectors and governance levels. While upholding robust, uniform, centralized standards, procedures, and compliance systems, the green economy encourages decentralized decision-making for local economies and the management of natural systems. It creates a financial system that is designed to promote sustainability and well-being and to safely advance societal goals.

Green Economic Growth

The green economy benefits society, industry, and the environment. The concept of “green economy” is undermined by the notion that development, growth, and well-being may be attained by sustainable practices. Sustainable development does not take the place of green growth. Instead, it offers a realistic and adaptable strategy for achieving tangible and verifiable progress along its economic and environmental pillars, taking into account the social repercussions of the growth momentum of greening economies. Green growth initiatives seek to ensure that natural resources can sustainably realize their full economic potential.

Green Technologies

Green technologies cover a broad range of innovations and methods, including sustainable agriculture, wildlife conservation, and alternative energy and fuel sources.

The sustainability magazine ranked the top green technology innovations that leverage natural resources in a circular fashion and pull together the research and development to bring actionable solutions to the world:

1)     Biomimicry: Scientists are working to capture the regenerative functions of plants and animals. This technology could be used in fibres to enable cuts to patch up minor holes and tears.

2)     Molten salt energy storage: Heat is one way in which energy can be stored, meeting a gap in the energy sector that must be filled to reach a renewable energy future. It has been noticed that salt has particularly good characteristics for heat storage, making it a great base for capturing and holding energy.

3)     Artificial photosynthesis: Scientists and technologists are working together to mimic the effects of photosynthesis through technology to create usable energy.

4)     Smart meters: Smart meters installed in homes allow consumers to reduce their energy consumption, which is an indirect way of reducing overall housing emissions. Individuals are able to save on their household bills while companies have more energy in the pipeline to supply to other buildings.

5)     Carbon capture and storage: One of the most innovative solutions for eliminating atmospheric carbon dioxide, carbon sequestration, is going beyond human efforts to plant more trees and reduce carbon output. New technologies will be leveraged in years to come to actively remove carbon emissions from the atmosphere.

6)      Electric vehicle propulsion: One of the most visible forms of renewable technology is electric vehicle (EV) propulsion. However, existing infrastructures are not capable of supporting a fully-electric future yet.

7)     Nuclear energy technology: Although controversial based on its potential to disrupt cities, technology is being developed to produce clean energy at scale.

8)     Waste-water electricity generator: The circular economy can be applied beyond recycling man-made materials. Electricity generators enable the use of waste water to create electricity. Alongside the solutions contribution to mains grid power generation, the technology is also capable of powering the treatment of water full circle.

9)     Recycled plastic road surfacing: Plastic based materials are adopted to use recycled plastic bottles.

10)  Green architecture technologies: Due to the sheer scale of the built environment, difficulties arise around the sustainability of urban living. As buildings are getting taller and cities more compact, innovation is taking place to ensure that new buildings meet climate requirements, and are capable of generating energy, sequestering carbon, and fitting aesthetically within local landscapes. Green architecture technologies help in planting roofs and walls, to reduce carbon footprint.

Digital Technologies For The Green Ecoonomy

When it comes to the environment, digital technology can be considered both a problem and a solution. Manufacturers of digital technology products increase air and soil pollution when they mine the raw materials they need to make electronic components and there is a carbon cost of running these devices. Digital devices need to be powered up. They also rely on the transmission of data. All of this consumes energy usually supplied by fossil fuels.

However, many digital services have replaced other activities that consume even more resources. Consider, for example, the negligible environmental impact of a video call with a customer against a plane ride to meet the client in person.

The tech industry is working towards reducing its consumption over time. Meanwhile the environmental concerns must be balanced against the many wider benefits of digital technology. The estimates of the energy consumption of tech devices, the internet and the systems that support them vary, but a report by Digital Power Group, suggests that Information Communications Technologies (ICT) might consume more than 10 percent of global electricity production equal to all the electricity generated in Japan and Germany combined.

Researchers at Massachusetts Institute of Technology MIT, Purdue University, and Yale University have concluded that one hour of streaming can emit between 150 and 1,000 grams of carbon dioxide, depending on the service. They think that remote work could have contributed 34.3 million tons in greenhouse gas emissions in 2021. To store and transmit all of the data powering the internet, data centers consume enough electricity to account for 1 percent of global energy demand.

Sustainable Information Technology Market

The impulse to adapt Information Technology (IT) and telecom infrastructure for low carbon emissions is not merely a cost. It is a commercial opportunity. Specialist companies are moving into the space, which is growing fast. A recent report predicted the green technology and sustainability market will grow from $17.8 billion in 2022 to $60.7 billion by 2027.

In the early 21st century, millions of consumers are bringing a new factor into their decision-making which is environmental sustainability. Digital technology companies are now responding to these forces. As a consequence, companies across the tech space are now taking action to reduce their footprint. 

A major source of energy use and carbon emissions for enterprises is self-owned IT equipment and data centers. One way to tackle this is to improve the efficiency of these systems. But this is usually difficult and expensive. Another solution is to move to a new model that does not require ownership at all. This solution is the cloud-based software-as-a-service model.

Green It Versus It For Green

Green IT (Information Technology) relates to tech equipment, products and services that minimizes technology impact on the planet. This involves reducing energy consumption, building with more environmentally friendly materials, developing cloud computing alternatives and maximizing the lifespan of products through the repair, reuse, and recycling of materials.

IT for Green is about IT specifically serving the environmental cause. Many technological advances are emerging to help business of every kind cut down on energy and emissions. This applies to Internet of Things IoT platforms and sensors that manage lighting, cooling, and power. It also embraces preventive maintenance systems, which analyse equipment and identify minor faults before they turn into more disruptive major ones. 

Green Economy Models

The process of implementing the Green Economy system is difficult. However, some nations can act as role models because of their steadfast dedication to putting into practice a theory of green growth or a low-carbon economic plan and developing large-scale initiatives that have succeeded in boosting productivity or development in long-lasting.

South Korea Green economy model

A national strategy and five-year plan for green growth have been adopted by South Korea for the years, allocating 2% of its GDP to investments in a variety of green industries, such as renewable energy. The Global Green Growth Institute (GGGI), which strives to assist nations, particularly developing nations. in creating green growth strategies, was also established by the government.

China Green Economy Model

China surpasses all other nations in its investment in renewable energy. This has produced 64 percent increase in total installed wind capacity.

China now has more than 130 gigawatts of solar energy capacity, making it the world’s largest solar energy producer. Even China’s objective for solar energy capacity was met, according to the International Energy Agency (IEA).

Brazil Green Economy

Curitiba city in Brazil is regarded as the country’s sustainable city, and this state is well renowned for its urban growth. This world’s greenest city encourages sustainable living. 400 square kilometres of it are covered in forests. It provides a range of initiatives to encourage people to recycle their waste.

The Transition To Green Economy In The Arab World

The transition to a green economy necessitates a significant change in the government’s priorities will be necessary. Although accepting this transition is difficult, it is essential if the Sustainable Development Goals are to be met.

The transition to a green economy takes a long-term view of the economy, emphasizing on how resources are used to benefit society and how efficiency and resource sufficiency can be leveraged to foster wealth, resilience, and wellbeing for present and future generations of people while staying within the ecological bounds of the planet. A green economy has inclusive and non-discriminatory behaviours, from environmental activities to investments in well-being.

The Arab States region is critically endangered from climate risk, with the highest levels of food import dependency and water scarcity across the globe. The past decade saw one of the most severe drought cycles in the region for hundreds of years, exacerbating ecosystem fragility, displacement, and social vulnerability. By 2030, unless urgent actions are taken, water and food productivity could decline further.

The devastating effects of climate change are not only affecting the livelihoods of the people in the Arab States, but also generating geopolitical and security implications in the region, causing food and political crises. In order to tackle the multifaceted environmental and socio-economic problems of the region, the transition to green economy is a primary step.

Various initiatives and efforts are undertaken to enable and track the transition to green economy in the Arab region:

  • The United Nations Development Programme (UNDP) and the Islamic Development Bank (ISDB) are working to develop a comprehensive green transition facility to support the sustainable green growth of the Arab States, the Green Arab States Facility for Transition (GAFT), focusing on developing green transition pathways in crisis and post-conflict settings. This will integrate green solutions into reconstruction efforts across the region and address energy gaps in crisis settings and for displaced communities through a more diversified energy mix.
  • The Union of Arab banks is promoting efforts to finance giga projects including projects for the transition to green economy in the Arab region.

References

United Nations, Legal and general group, Open Growth, World Resources Institute, UN High-Level Forum on Sustainable Development, Global Green Growth Institute, Greenly Institute, Thales Group, Digital Power Group.

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Resilience Redefined: Decoding the Forces behind a Robust Global Economy

As we stand at the end of 2023, a surprising narrative unfolds, challenging the ominous forecasts that permeated the economic landscape earlier this year. Amid the prevailing uncertainty, one notable outlier emerges: China. While it grapples with the looming specter of a prolonged economic slump, the major financial hubs of New York, London, and Tokyo are experiencing a stock market surge, signaling an unexpected resilience that demands closer examination. This report aims to delve into the multifaceted factors that defy the conventional wisdom of a looming global recession, offering valuable insights for banking executives navigating the complex terrain of the financial sector.

Traditional Catalysts and Unconventional Realities:

Historically, economic downturns have been precipitated by factors such as excessive confidence, soaring public spending, or a supply-demand imbalance. However, the current economic scenario presents a notable departure from these traditional markers. The absence of these usual catalysts necessitates a reevaluation of forecasting methodologies. What many analyses failed to account for is the profound impact of the COVID-19 pandemic, which introduced a novel economic dynamic characterized by a fundamental disconnection between supply and demand.

Trade Hurdles and Unprecedented Stimulus:

The pandemic, akin to a seismic event, created unforeseen trade hurdles. Desires for goods and services remained robust, but safety concerns and restrictions imposed by the pandemic hampered their exchange. In response, governments across the globe implemented unprecedented stimulus packages to rekindle demand. This strategic maneuver not only shifted the demand curve but also played a pivotal role in resurrecting economies. In the United States, the innovative approach of the Biden administration, colloquially known as Bidenomics, emerged as a key driver in restoring output to pre-pandemic levels.

Transformed Economic Landscape:

As the shackles of the pandemic gradually loosen with the lifting of restrictions, a transformed economic landscape emerges. While trade hurdles dissipate, the demand curve remains in a strategically adjusted position, resulting in higher output and price levels. The Federal Reserve’s meticulous monetary tightening endeavors to temper inflationary pressures, ensuring a delicate balance between economic growth and stability. Recent economic indicators, including robust employment figures, lend credence to the possibility of a soft landing for the U.S. economy, dispelling the lingering fears of a recession.

Global Implications and Opportunities for Bankers:

In an intriguing twist of economic interdependence, higher U.S. interest rates, stemming from the Federal Reserve’s tightening measures, have become a fortuitous boon for global economies. The resulting strengthening of the U.S. dollar stimulates exports in other nations, creating a resilient buffer against the anticipated global recession. For bankers in executive positions, these developments signal not only resilience but also opportunities for strategic financial planning in the coming months.

Reflections on the Arab World:

Turning our gaze towards the Arab world, where economic intricacies often mirror global trends, a similar tale of resilience unfolds. As international markets regain their footing, Arab economies find themselves well-positioned to capitalize on this newfound stability, fostering growth and prosperity in the region. The parallels between global and Arab economic resilience underscore the interconnected nature of our contemporary financial landscape.

Conclusion:

In conclusion, the global economic landscape stands on the precipice of a new era—one marked by unexpected resilience, strategic monetary policies, and unique opportunities for financial leaders. For bankers in executive positions, adaptability and forward-thinking will be paramount as we navigate the complexities of this transformed economic terrain. The narrative of resilience echoes not only in the global financial hubs but also resonates across diverse regions, including the Arab world, underscoring the universality of economic challenges and opportunities in our interconnected world.

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Rethinking The G20: A Call For Reform In An Evolving Economic Landscape

the ever-shifting landscape of global economic governance, the recent G20 summit in India has not only marked the ascendancy of a major power but also exposed the deep-seated challenges of a world in transition. As we move from a unipolar to a multipolar reality, this report unpacks the intricacies of persistent global governance failures and advocates for ambitious reforms, with a keen focus on the G20 and the Bretton Woods institutions.

The G20 Summit and Its Unfulfilled Promise:

Despite the fanfare surrounding India’s G20 summit and concurrent UN General Assembly meetings, there’s a palpable lack of optimism regarding substantive progress. The summit’s failure to avert an anticipated low-growth decade is emblematic of broader systemic issues. Even with the admission of the African Union as a full member, the Global South found scant relief for its crippling debts. Furthermore, the summit fell woefully short in addressing the monumental climate financing gap, a stark reminder of the challenges posed by climate change and the lack of coordinated global action.

Rise of Protectionism and the Diminishing G20:

The geopolitical stage witnessed the erection of new “iron curtains” between China and the West, signaling a future characterized by “one world, two systems.” This surge in protectionism accompanies the G20’s relegation from its once exalted status as the premier global economic cooperation forum. As we transition from a hyper-globalized economy to “globalization lite,” the G20’s decline mirrors the broader shift from neoliberalism toward a more nuanced form of neo-mercantilism.

Economics vs. Politics: A Fundamental Reversal:

For the past three decades, economic considerations largely determined political decision-making. However, a seismic shift is underway, with politics—increasingly nationalist—taking the reins of policymaking. This shift from “win-win” economics to zero-sum politics is not merely theoretical; it’s reshaping the very foundations of global economic governance.

Bankers’ Dilemma: Navigating Uncertainty and Protectionism:

For bankers holding executive positions, these seismic shifts carry profound implications. The retreat of the G20 and the rise of protectionism challenge the collaborative, coordinated approaches that have defined global economic cooperation. As political decisions drive economic policies, a new era of uncertainties unfolds, demanding a reevaluation of strategies and a heightened focus on the resilience of financial institutions.

The Arab World: Navigating Global Dynamics:

In the Arab world, intricately connected to global economic dynamics, these shifts resonate deeply. Arab economies must now navigate a complex and evolving landscape, considering the potential repercussions of a diminishing G20 and the rise of protectionist measures on trade, investment, and geopolitical alliances.

Conclusion: A Proactive Call for Reform:

In conclusion, this report serves as a clarion call for bankers in executive positions to remain vigilant in navigating the unfolding global economic realities. The challenges presented by the retreat of the G20 necessitate not only a reactive stance but a proactive reevaluation of strategies, emphasizing the critical importance of global cooperation in the face of mounting uncertainties. As economic and political landscapes continue to evolve, strategic adaptability and foresight will be the bedrock of resilient financial systems globally and in the Arab world.

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Lessons from the EU Single Market Towards an Integrated and Sustainable Arab Single Market

BY DR SOHA MAAD

Introduction

This article overviews the European Union (EU) single market and efforts to establish the Arab single market. The overview covers the objectives and structure, the challenges and opportunities, and the growth and impact and future outlook of the EU single market. The article concludes with a road map towards an integrated and sustainable Arab single market.

EU Single Market Objectives And Structure

The European single market is a single market comprising the member states of the European Union (EU) as well as Iceland, Liechtenstein, and Norway through the Agreement on the European Economic Area, and Switzerland through sectoral treaties. The single market is the area of the EU in which goods and services can move freely, without internal borders or regulations. This means that barriers, such as tariffs, are not imposed on trade within the single market.

The concept of a Single Market was formally introduced with the signing of the Single European Act in 1986. This act aimed to remove barriers to trade and create a common market among EU member states. The Single Market eliminated customs duties and tariffs on goods traded between EU countries, allowing for the free movement of goods. The Single Market established the principle of free movement of people, allowing EU citizens to live, work, and study in any member state. It expanded to include services and capital, enabling businesses to provide services across borders and facilitating the movement of capital between member states.  Efforts were made to harmonize regulations and standards across member states to reduce barriers to trade and ensure a level playing field for businesses. The EU has expanded its membership over the years, welcoming new member states that have committed to adopting the principles of the Single Market.

The adoption of the euro as the single currency for many EU countries further deepened economic integration and facilitated cross-border trade and investment.

The EU has been working to create a Digital Single Market, aiming to harmonize digital regulations and promote e-commerce and digital services across the EU. The accession of several Eastern European countries in the 2000s brought new markets and opportunities to the Single Market.

The Single Market has facilitated the removal of trade barriers, enabling businesses to access a larger market and consumers to benefit from a wider range of products and services.

As such, the EU Single Market became one of the key pillars of the European Union’s economic integration. The EU Single Market was established to create a level playing field for businesses across member states, promote competition, and enhance economic growth and efficiency. Some of the key features and principles of the EU Single Market include:

  • Free movement of goods: Goods can be traded without tariffs or customs duties within the EU, and technical barriers to trade are harmonized to ensure that products meet common standards and regulations.
  • Free movement of services: Service providers can offer their services across EU borders without facing unnecessary bureaucratic barriers, although some specific professions may still have certain restrictions.
  • Free movement of capital: Individuals and businesses can move capital (money, investments, etc.) between EU countries without restrictions, making it easier to invest and do business across borders.
  • Free movement of people: EU citizens have the right to live, work, study, and retire in any EU member state, which promotes mobility and cultural exchange within the Union.
  • Common rules and regulations: The Single Market is based on a common regulatory framework that ensures consistent standards in areas such as consumer protection, competition law, intellectual property rights, and environmental regulations.
  • Mutual recognition: Member states generally recognize each other’s standards and certifications, reducing the need for products and services to undergo multiple approvals in different countries.

The EU Single Market is overseen by various institutions and agencies within the EU, such as the European Commission, the European Parliament, and the European Court of Justice.

Challenges Faced By EU Single Market

While the Single Market has brought significant economic benefits to the EU, it also comes with challenges related to harmonizing diverse national regulations, protecting certain industries, and managing the impacts of cross-border trade and migration.

Some of the key challenges of the EU Single Market include:

  • Regulatory complexity: The EU Single Market operates across 27 member states, each with its own legal and regulatory systems. Harmonizing rules and regulations can be a complex and time-consuming process, leading to delays in implementing new policies and standards.
  • Non-tariff barriers: While tariffs have been largely eliminated within the Single Market, non-tariff barriers such as differing technical standards, certification requirements, and product regulations can still hinder the free movement of goods and services.
  • Services sector integration: The EU has made significant progress in integrating the trade of goods, but the services sector faces challenges due to national regulations and professional qualifications that vary widely among member states.
  • Protectionism and nationalism: Some member states may resort to protectionist measures or nationalistic policies to shield their industries from competition within the Single Market, which can impede the free flow of goods and services.
  • Incomplete digital single market: The digital economy has grown exponentially, but the EU still faces challenges in creating a fully integrated digital single market, particularly regarding data protection, copyright laws, and cross-border e-commerce.
  • Enforcement and compliance: Ensuring that all member states adhere to the EU’s rules and regulations can be challenging. In some cases, there may be difficulties in enforcing EU laws uniformly across the bloc.
  • Brexit and its impact: The United Kingdom’s decision to leave the EU, known as Brexit, has created uncertainties and disruptions in the Single Market. Trade relations between the UK and the EU have been redefined, leading to adjustments and changes in various economic sectors.
  • Economic disparities: Despite the benefits of the Single Market, some regions and industries within the EU may face challenges due to economic disparities among member states. The wealthier countries might have a competitive advantage over others, potentially leading to uneven growth.
  • Migration and social tensions: The free movement of people within the Single Market has led to increased labour mobility. While this benefits economies and labour markets, it can also create social tensions and challenges in areas like housing, employment, and public services in certain regions.
  • Future enlargement challenges: The EU may consider further enlargement to include new member states in the future. However, integrating new countries with diverse economies and legal systems could present additional challenges.

Addressing these challenges requires ongoing efforts and cooperation among EU member states and institutions to strengthen the Single Market and ensure its continued success.

Opportunities of The EU Single Market

The European Union (EU) Single Market offers numerous opportunities for member states, businesses, and citizens within its borders. Some of the key opportunities include:

  • Access to a large consumer base: With over 450 million people living in the EU, the Single Market provides access to one of the largest consumer markets in the world. Businesses can benefit from a larger customer base and increased sales potential.
  • Free movement of goods and services: Elimination of tariffs and non-tariff barriers within the Single Market facilitates the smooth movement of goods and services across borders. This enables businesses to expand their operations and reach new markets more easily.
  • Enhanced competition and innovation: The Single Market promotes competition by exposing businesses to a wider pool of competitors. This stimulates innovation and encourages companies to improve their products and services to stay competitive.
  • Common regulatory framework: The harmonization of rules and regulations across member states reduces bureaucratic obstacles and simplifies compliance for businesses operating in multiple EU countries.
  • Cross-border investments: The free movement of capital allows for increased cross-border investments, promoting economic growth and development across the EU.
  • Freedom of movement for workers: EU citizens have the right to live and work in any member state, which facilitates labour mobility and allows businesses to access a broader talent pool.
  • Economic growth and job creation: The integration of national economies through the Single Market has contributed to overall economic growth and the creation of jobs in various sectors.
  • Infrastructure development: The Single Market has encouraged the development of transportation and communication infrastructure to facilitate trade and business interactions across borders.
  • Research and development collaboration: Businesses can leverage the EU’s collaborative research and innovation programs to access funding and expertise for research and development projects.
  • Collective bargaining power: As a unified economic bloc, the EU can negotiate trade deals and agreements with other countries and international organizations from a stronger position, providing potential benefits for its members.
  • Consumer protection and rights: The Single Market includes regulations that protect consumers and their rights, ensuring that products and services meet safety and quality standards.
  • Sustainable development and environmental protection: The EU has been working towards sustainable development and environmental protection through various policies and regulations, providing opportunities for businesses engaged in green technologies and practices.

These opportunities contribute to the overall economic prosperity and social development within the EU, making the Single Market a crucial pillar of the European Union’s integration.

Growth of The EU Single Market

The growth of the European Union (EU) Single Market has been a significant achievement since its inception. It has evolved and expanded over the years, leading to greater integration and economic benefits for member states.

The Single Market has contributed to economic growth and increased prosperity for many member states, leading to improvements in living standards and job opportunities.

The growth of the EU Single Market has been a transformative process, enhancing economic cooperation, trade, and mobility among member states. It has become a central pillar of the European Union, promoting economic development, consumer welfare, and competitiveness on a global scale.

Impact of The EU Single Market

The EU Single Market has had a significant impact on the member states, businesses, and citizens within its borders. Some of the key impacts of the EU Single Market include:

  • Economic growth and trade: The Single Market has facilitated the free movement of goods, services, capital, and people, leading to increased trade and economic growth within the EU. By removing barriers to trade and fostering competition, it has contributed to a more efficient allocation of resources and boosted overall economic productivity.
  • Job creation and employment: The increased economic activity and expansion of businesses within the Single Market have led to job creation and employment opportunities across various sectors.
  • Consumer benefits: The Single Market has expanded consumer choices, increased competition, and improved access to a wider range of products and services. This has led to better quality products at competitive prices for EU consumers.
  • Business opportunities and market access: The elimination of tariffs and non-tariff barriers has opened up new markets and business opportunities for companies operating within the EU. Businesses can now access a larger customer base and expand their operations across borders.
  • Cross-border investment: The Single Market has facilitated cross-border investments within the EU, attracting foreign direct investment and encouraging businesses to invest in other member states.
  • Regulatory impact: Harmonizing regulations and standards across member states has reduced administrative burdens for businesses, making it easier to comply with rules and regulations across the EU.
  • Innovation and research collaboration: The Single Market has promoted collaboration in research and innovation across member states, encouraging the sharing of knowledge and expertise.
  • Economic convergence: The Single Market has contributed to economic convergence between member states, with less-developed economies benefitting from increased trade and investment opportunities.
  • Regional development: The Single Market has had a positive impact on regional development, with some regions experiencing increased economic activity and investment.
  • Influence on global trade: The EU Single Market is one of the largest trading blocs in the world, and its economic strength and influence have implications for global trade relations and negotiations.
  • Enhanced competitiveness: The Single Market has encouraged businesses to become more competitive, driving improvements in efficiency, product quality, and innovation.
  • Social and cultural exchange: The free movement of people within the Single Market has promoted social and cultural exchange among EU citizens, leading to increased understanding and integration among member states.

Future Outlook

The future outlook of the EU Single Market will be shaped by various factors, and predictions that are influenced by economic, political, and social developments. The future of the EU Single Market may witness:

  • Further Integration: The EU may continue to deepen economic integration to promote seamless trade and movement of goods, services, and capital within the Single Market. This could involve further harmonization of regulations and standards, especially in emerging areas like digitalization and green technologies.
  • Enhanced Digital Single Market: The EU has been working to create a Digital Single Market to remove barriers to online trade and ensure fair competition in the digital sphere. The future may see more efforts to harmonize digital regulations and foster cross-border e-commerce and digital services.
  • Green Economy and Sustainability: The EU is committed to the European Green Deal, which aims to make the EU climate-neutral by 2050. The Single Market is expected to play a critical role in driving the transition to a sustainable and green economy, with policies encouraging green innovation and investment.
  • Innovation and Research: The EU may continue to focus on promoting research and innovation within the Single Market, supporting collaborative projects and ensuring access to funding for ground breaking initiatives.
  • External Relations and Trade: The EU Single Market’s future outlook may be influenced by the EU’s trade relations with other countries and blocs. Negotiations for new trade agreements or revisions of existing ones may impact the conditions for market access and trade within the EU.
  • Regional Disparities: Addressing economic disparities between different regions within the EU will be an ongoing challenge. Efforts to promote balanced development and opportunities for all member states may be a priority for the future.
  • Governance and Institutional Reforms: To ensure the Single Market’s smooth functioning, the EU may consider governance and institutional reforms to enhance decision-making and strengthen enforcement mechanisms.
  • Global Competition: The EU Single Market is likely to face increasing competition from other global markets. The EU may need to focus on maintaining its competitiveness and adapt to changing international trade dynamics.
  • Technological Advancements: Technological advancements and disruptions will continue to shape the future of the Single Market, requiring the EU to respond to challenges and opportunities arising from emerging technologies.
  • Societal and Political Factors: Public sentiment and political dynamics in EU member states can influence the direction of the Single Market. Socioeconomic challenges, migration, and security concerns may impact future policies and approaches.

It is important to note that the future of the EU Single Market will be influenced by the collective decisions and actions of EU institutions, member states, businesses, and citizens. Flexibility, adaptability, and cooperation will be essential in shaping the Single Market’s trajectory in response to evolving challenges and opportunities.

Towards An Integrated and Sustainable Arab Single Market

The Arab Single Market is a proposed initiative by the League of Arab States, also known as the Arab League, the regional organization of Arab countries in the Middle East and North Africa. The idea behind the Arab Single Market is to create a unified economic space that allows for the free movement of goods, services, capital, and labour among member countries. The main objectives of the proposed market were to enhance economic cooperation, promote regional trade, attract foreign investment, and foster economic growth and development in the Arab region.

The creation of such a market involves harmonizing laws and regulations, reducing trade barriers, and creating a common framework for economic policies among member countries. It is a significant step towards deeper economic integration in the Arab world, similar to the European Single Market in Europe.

Below are some recommendations towards an integrated and sustainable Arab single market:

Recommendation #1: Integrated Legal Framework

Resolving conflict, mediation and arbitration are key to foster the integration and sustainability of the Arab single market.

Recommendation #2: Building the infrastructure for the digital Arab single market

Building the infrastructure for an interconnected and transparent Arab Digital Single market is key for sustainable growth and greater integration.

Recommendation #3: Developing Arab databases for better trade vision

Enhancing inter-Arab trade needs rich databases that can be harnessed to extract knowledge and enlarge vision of the market and its growth prospect.

Recommendation #4: The Single Arab Digital Currency

Developing a single Arab digital currency is key to promote growth of inter-Arab trade and foster integration.

Recommendation #5: Harmonizing practices across economic sectors

Arab countries should find a way to mitigate conflict and harmonize practices across economic sectors and eliminates disparities and gaps between wealthy and poor Arab countries.

Recommendation #6: Developing key performance indicators (KPI)

Key performance indicators should be developed to track the growth and prospect of the Arab Digital Single market.

REFERENCES

  1. European Commission Single Market – https://ec.europa.eu/growth/single-market_en
  2. European Parliament – https://www.europarl.europa.eu/committees/en/imco/home
  3. European Central Bank (ECB) – European Single Market

https://www.ecb.europa.eu/explainers/tell-me/html/single_market.en.html

  1. Eurostat – European Single Market Indicators:

https://ec.europa.eu/eurostat/statistics-explained/index.php/Single_market_indicators

  1. World Bank – https://www.worldbank.org/en/region/eca
  2. OECD The Organisation for Economic Co-operation and Development (OECD) https://www.oecd.org/eu/

7. News: Euro News, Al Sharq Al Awsat

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The Illusion of Grain Shortages: Unpacking the Global Dynamics

Highlights:

  • Global wheat supply remained consistent despite geopolitical disruptions, challenging the narrative of a looming grain crisis.
  • The dominant control of major grain traders and lack of regulatory intervention suggest market movements might be more about economic maneuvering than genuine shortages.
  • The Arab World, heavily reliant on grain imports, must address economic power plays in grain markets and diversify import sources to ensure food security.

In the intricate web of global economics, the supposed grain shortages have taken center stage in recent discourses. The fluctuations in food prices, alongside alarming climate events, have conjured the specter of impending famine. But is the world truly on the brink of a grain crisis, or is there a more complex narrative at play?

The flashpoint of these discussions is undeniably the recent geopolitical tremors felt with Russia’s invasion of Ukraine. Together, both nations are powerhouses in the grain trade, contributing to more than a quarter of global wheat exports. This significant market share sparked concerns when the war disrupted wheat trade. Yet, in a fascinating twist, global wheat prices not only stabilized but returned to pre-war levels by December 2022.

Attributing this stabilization to the UN-backed Black Sea Grain Initiative (BSGI) seems intuitive. However, there’s a deeper layer that’s worth probing: despite the disruptions, global wheat supply remained consistent. Between July 2021 and June 2022, there was even a marked increase in global wheat production and trade volumes. This indicates that the cries of a grain shortage might be exaggerated or, at the very least, not presenting the full picture.

The oligopolistic nature of the global grain market adds another dimension to this story. The Big Four grain traders, alongside Glencore, wield enormous control over the market, and their significant profits during the early stages of the Ukraine conflict appeared strangely out of sync with on-ground supply-demand dynamics. The surge in activity in grain futures markets, coupled with the lack of regulatory intervention, further hints at a scenario where the market’s movements might be less about genuine shortages and more about economic maneuvering.

Interestingly, the focus on the BSGI has perhaps been misplaced. While aimed at ensuring grain exports from Ukraine, its impact on addressing world hunger has been minimal. This initiative primarily served the wealthy nations, leaving the world’s most vulnerable still grappling with food insecurity.

It’s crucial to understand that the root of global hunger isn’t just about grain supply. Economic variables such as falling exports, currency challenges, and escalating debts have hampered many nations’ ability to ensure food security. In this context, distributing grain might be a short-term salve, but the actual solution lies in robust economic policies that can fortify impoverished nations against financial vulnerabilities.

The Arab World Perspective

For the Arab World, which is intrinsically connected to global economic rhythms, the supposed grain shortages and their implications are critical. Many Arab countries rely heavily on grain imports due to arid conditions and limited arable land. Any genuine disruption in global grain supply or a surge in prices directly impacts the food security of this region.

But, as the above analysis shows, the true dynamics are more about economic play and less about genuine shortages. For Arab nations, the immediate concern should be the economic power plays in the grain futures markets and the dominance of major grain traders. These factors can artificially inflate prices, creating unnecessary strains on already delicate economies.

Moreover, considering the reliance on imports, Arab countries must be vigilant about the changing dynamics in Ukraine’s grain export, especially given the fact that high-income countries are the primary beneficiaries. A strategic diversification of import sources, combined with an investment in sustainable agricultural practices, could be a way forward.

In conclusion, while the specter of global grain shortages looms large in discussions, the narrative is more multifaceted. Economists and bankers need to examine the economic undercurrents, power plays, and the genuine factors affecting supply and demand. Addressing the root causes, rather than the symptoms, will be the way forward in ensuring food security for all.

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69 Arab Banks in the Top 1000 World Banks

By Mr. Rami Fattouh

Introduction:

In 2022, the global economic landscape continued to be shaped by evolving financial regulations, technological advancements, and the persistent challenges arising from geopolitical events and macroeconomic shifts. Amidst this complex backdrop, the Arab banking sector has showcased its ability to maintain stability, drive growth, and adapt to changing market dynamics.

The Arab banking sector is a significant player in the broader global financial framework. Spanning across countries with diverse economic structures, from the oil-rich economies of the Gulf to the emerging markets of North Africa, this sector provides a unique perspective on regional financial trends and their implications on the global stage.

Analyzing the data for this year underscores the sector’s commitment to core financial principles. Tier 1 capital, a key metric indicating a bank’s financial health, has seen positive trends among leading Arab banks, pointing to their emphasis on maintaining robust core capital reserves. Furthermore, the growth in assets across these institutions highlights their expanding operations and market presence, both regionally and internationally.

Another pivotal aspect is the regulatory environment in which these banks operate. Arab central banks have been proactive in implementing regulations that strike a balance between fostering growth and ensuring financial stability. Such measures have been instrumental in building investor confidence and promoting an environment conducive to sustainable growth.

Additionally, the data offers insights into the strategies adopted by these banks in response to global economic events. From diversifying their portfolios to venturing into new markets, Arab banks have exhibited a strategic approach to navigating economic uncertainties.

In the subsequent sections, this report delves deeper into the specifics, providing a comprehensive analysis of key performance indicators, comparative rankings, and trends. Through this data-driven exploration, we aim to offer stakeholders a clear understanding of the current state of the Arab banking sector and its position within the global financial ecosystem.

Observations:

Concentration: UAE and Saudi Arabia collectively represent a significant portion of both the number of banks and their total assets, highlighting their central role in Arab banking.

Growth Leaders: Several banks, such as the Qatar National Bank and the First Abu Dhabi Bank, have showcased considerable assets and Tier 1 capital, indicating strong financial health and growth.

Regional Diversity: While the Gulf countries dominate in numbers and assets, the inclusion of banks from North Africa (Morocco, Tunisia, Egypt) showcases the diversity and spread of top-performing banks in the Arab region.

Return Metrics: The average return metrics suggest that while banks are large in terms of assets and capital, they are also efficient in generating returns.

Asset Growth: The positive average asset growth indicates an overall upward trajectory for Arab banks, hinting at an expanding financial sector in the region.

Detailed Analysis:

Top 10 Banks Based on Tier 1 Capital:

Bank Name

Tier 1 Capital (in $m)

Saudi National Bank

33,957

Qatar National Bank

27,778

Al Rajhi Bank

26,915

Emirates NBD

23,335

First Abu Dhabi Bank

22,558

Riyad Bank

14,943

Abu Dhabi Commercial Bank

14,275

Saudi British Bank

12,063

National Bank of Kuwait

11,928

Kuwait Finance House

11,630

Analysis:

Tier 1 capital serves as a testament to a bank’s core financial strength, untied by liabilities and obligations. The banks leading in this metric showcase not just strong financial health but also a capacity to weather economic downturns. The dominance of banks like Saudi National Bank and Qatar National Bank underlines their strategic financial management and sustained growth. The diversity in this list, from the UAE to Kuwait, indicates a region-wide emphasis on maintaining strong core capital.

Top 10 Banks Based on Assets:

Bank Name

Assets (in $m)

Qatar National Bank

326,709

First Abu Dhabi Bank

302,221

Saudi National Bank

252,132

Al Rajhi Bank

203,298

Emirates NBD

202,004

Abu Dhabi Commercial Bank

135,541

Kuwait Finance House

119,256

National Bank of Kuwait

117,219

Riyad Bank

95,907

Saudi British Bank

83,854

Analysis:

Total assets reflect the scale and expansiveness of a bank’s operations. With Qatar National Bank and First Abu Dhabi Bank leading the charge, it’s evident that Arab banks are not just growing locally but are expanding their global footprint. Their significant asset base provides them with the leverage to invest in new ventures, technologies, and markets. It’s a clear indication of the trust these banks have garnered from their customers and the vast network they’ve built over the years.

Country Representation of the Top Arab Banks:

Country

Number of Banks

Total Assets (in $m)

UAE

15

928,020

Saudi Arabia

10

901,752

Qatar

8

554,608

Kuwait

7

327,865

Oman

6

79,809

Bahrain

6

112,127

Morocco

5

169,768

Jordan

4

89,861

Egypt

4

72,966

Lebanon

2

52,722

Tunisia

2

14,099

Analysis:

The country-wise representation offers a macro view of the Arab banking landscape. The UAE and Saudi Arabia, with their significant number of banks and voluminous assets, continue to be the powerhouses of Arab banking. Their leadership, however, does not overshadow the pivotal roles of countries like Qatar, Kuwait, and Bahrain. The presence of banks from North Africa adds to the sector’s diversity, proving that excellence in banking is a region-wide phenomenon in the Arab world.

Conclusion:

The data for 2022 underscores the Arab banking sector’s significant role in the global financial ecosystem. With a combined substantial Tier 1 capital and assets, these institutions highlight their commitment to maintaining financial stability and meeting regulatory benchmarks. Regionally, the sector’s performance is indicative of strategic decisions to diversify portfolios and mitigate risks amidst global economic challenges. The emphasis on core financial metrics, such as return on assets and return on capital, further showcases the sector’s operational efficiency. As global economic dynamics continue to evolve, the Arab banking sector’s resilience, growth trajectory, and adaptability will remain crucial. This report provides a comprehensive snapshot of the current state, serving as a foundation for future analyses and strategic decision-making.

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AI and the Global Economic Outlook: A Transformative Boost?

Highlights

  • The global economy faces challenges like supply issues and high inflation, but AI, particularly LLMs, promises significant productivity boosts and industry transformation.
  • AI’s potential lies in enhancing job roles, assisting less-experienced workers, and driving innovation, but it requires balanced policies and data management.
  • The Arab World sees AI as a tool for economic diversification, but must address challenges like workforce training and data regulation to fully harness its benefits.

The 21st-century economic narrative has largely been influenced by rapid technological advancements, geopolitical shifts, and socio-economic challenges. Of these, artificial intelligence (AI) emerges as a potential game-changer, promising to redefine productivity paradigms and reshape the economic future. Here, we delve into the current global economic overview, AI’s evolving capabilities, and what this means for economies, particularly in the Arab World.

The economic forecast for the next decade appears gloomy, with supply issues dominating the concerns. A persistent high inflation rate, despite efforts to counter it through aggressive interest-rate hikes, exacerbates global apprehensions. The once robust growth engine of emerging economies, with China at its helm, shows signs of waning. China’s post-pandemic growth, being below its potential, significantly affects its position as a world economic driver.

Compounding these challenges, we witness global supply chain disruptions, thanks to the trifold threats of geopolitical tensions, pandemic repercussions, and the undeniable specter of climate change. Governments, in a bid to stabilize their economies, are considering expensive supply-chain diversifications. Moreover, the ever-mounting sovereign-debt levels further constrict countries from pursuing growth-oriented public investments. This scenario presents a gloomy backdrop, with supply constraints and rising costs threatening to stifle growth.

Enter AI, with its promise of a much-needed productivity boost. The evolution of AI from rudimentary recognition tasks to the dawn of large language models (LLMs) like OpenAI’s ChatGPT suggests profound economic implications. LLMs, with their ability to understand language, switch between domains, and their vast training data, offer a versatile platform across the knowledge economy. Case studies, such as the one by MIT economist Erik Brynjolfsson, already indicate potential productivity boosts, with a noted 14% increase in sectors like customer service.

However, AI’s promise isn’t just limited to improving productivity. An intriguing “leveling-up” effect emerges as AI assists less-experienced workers, encapsulating and disseminating accumulated system experiences. This digital-assistant model can redefine job roles, making them more efficient and possibly reshaping industries.

Yet, with these promises come challenges. The allure of full automation brings with it concerns of human displacement, and the nascent nature of AI means mistakes and biases are inherent. Policymakers find themselves at a juncture where they must ensure broad access to LLMs and establish collaborative data management principles that don’t stifle innovation.

AI Outlook in the Arab World

For the Arab World, a region known for its oil-based economies and ongoing diversification drives, AI presents both opportunities and challenges. The Gulf states, with their ambitious visions like Saudi Arabia’s Vision 2030 or the UAE’s AI Strategy 2031, recognize AI’s potential in propelling them into a post-oil era. By integrating AI into their economic fabric, these nations could potentially leapfrog developmental stages, achieving economic diversification and boosting employment, especially among the youth.

However, challenges abound. Ensuring the local workforce has the necessary skills to harness AI’s potential remains a priority. Similarly, data regulation, an area where many Arab countries are still formulating guidelines, becomes crucial. Balancing innovation with security and cultural values will determine how effectively the Arab World harnesses the AI wave.

In conclusion, while the global economic forecast may seem bleak, the transformative power of AI offers a glimmer of hope. The Arab World, like the rest of the globe, stands at the threshold of an AI-driven economic renaissance. Effective policymaking, investment in education, and international collaboration could well chart the path to a more prosperous future.

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SUMMITS AND VALLEYS: HOW WORLD SUMMITS ARE SHAPING THE GLOBAL ECONOMY

BY DR SOHA MAAD

Introduction

This article overviews recent world summits and assesses their impact on the global economy. The article also highlights the challenges that are facing the global economy. These challenges are the valleys where these summits might fall and fail to deliver the desired impact.

Summits overviewed are the Group of seven G7 summit held in Japan, the Arab summit held in the Kingdom of Saudi Arabia, Davos 2023 summit held in Switzerland, China-GCC (Gulf Cooperation Council) summit held in Riyadh, the World Green summit held in United Arab Emirates (UAE), and the Union of Arab banks International Banking summit held in Paris.

G7 Summit

The Group of Seven (G7) concluded its annual summit with the release of the G7 Hiroshima Leaders’ Communiqué on May 21, 2023. The primary focus of the summit was reaffirming support for Ukraine.

The G7 summit was an opportunity for the world’s largest advanced democracies to coordinate on geopolitical, economic, and security issues. The agenda for the summit reflected Japan’s priorities by focusing on traditional security and economic security, Ukraine, technology, and a host of issues related to the Sustainable Development Goals (SDGs). The G7 leaders issued a standalone statement that condemns Russia’s threats and calls out China for the lack of transparency surrounding its nuclear build-up.

G7 leaders stated their commitment to a world without nuclear weapons. In response to China’s coercive economic practices, the G7 leaders statement on economic resilience and economic security called for the creation of a new coordination platform on economic coercion to promote cooperation within and beyond the G7.

The 2024 G7 summit will represent another chance for leaders of the largest advanced democracies to build on the commitments made in Hiroshima and work to align their positions on relevant global issues.

Arab League Summit

At the generous invitation of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, the Arab leaders held the 32nd regular session of the Council of the League of Arab States at summit level (Jeddah Summit) on May 19, 2023, under the chairmanship of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia.

The leaders of the Arab countries stressed the importance of strengthening joint Arab action based on common foundations, values, interests, and one destiny.

The Arab League Summit promoted regional action through Saudi-led diplomacy. It emphasized the necessity of unifying ranks, solidarity and cooperation in maintaining security and stability, protecting the sovereignty of Arab countries and the cohesion of their institutions, preserving their achievements, striving for further progress concerning Arab action, and taking advantage of the human and natural assets that Arab region enjoys addressing the challenges of the new era in a way that serves the goals and aspirations of a promising future for Arab peoples and future generations.

The Arab League summit concluded with a joint declaration urging regional cooperation.

The participation of the president of Syria, Bashar al-Assad, in the Arab League summit formalizes Syria’s restored relationship with the Arab world.

The Saudi push to end Syria’s isolation and mobilize efforts to address the conflicts in Sudan and Ukraine illustrate how the Arab League summit was a showcase for the Kingdom’s agenda to portray itself as a major driver of global peace-building.

The Arab League summit has facilitated Saudi Arabia’s position as an emerging pro-diplomacy force.

The Kingdom of Saudi Arabia presidency of the 32nd Arab League summit, stressed a number of initiatives that are bound to contribute to advancing the joint Arab work in the cultural, economic, social and environmental fields, including:

  • The initiative of teaching the Arabic language to non-native speakers.
  • The Culture and Green Future Initiative.
  • The initiative of sustaining the supply chains of essential food commodities for the Arab countries.
  • The initiative of research and excellence in the water desalination industry and its solutions.
  • The initiative to establish a think tank for research and studies in sustainability and economic development.

Davos Summit 2023

The World Economic Forum Annual Meeting in 2023 took place in January 16 to January 20 in Davos, Switzerland. It brought together top decision-makers from government, business, and civil society to address major global issues and priorities for the year ahead. The Davos 2023 summit addressed the main theme of resilience and globalization in a fragmented world. Sustainability was high on the agenda of Davos 2023 despite geopolitical crises. Davos 2023 highlighted that investment and innovation in green technology, boosted by artificial intelligence, will be the greatest investment opportunity since the Industrial Revolution. Governments need to develop a strategy and set goals to enhance investment confidence in green technology. Reform of multilateral financial institutions would be key to driving the flow of public and private investment in emerging markets.

The summit concluded with the importance of developing frontier technologies for private-sector innovation and resilience in the next five years.

China GCC Summit

According to sources from the Ministry of Foreign Affairs of the People’s Republic of China, the first China-Gulf Cooperation Council (GCC) Summit was held at the King Abdulaziz International Conference Center in Riyadh on 9 December 2022.

President Xi Jinping attended the Summit with Crown Prince and Prime Minister Mohammed bin Salman Al Saud of Saudi Arabia, Emir Sheikh Tamim bin Hamad Al Thani of Qatar, King Hamad bin Isa Al Khalifah of Bahrain, Crown Prince Sheikh Meshaal Jaber Al Ahmad Al Sabah of Kuwait, Deputy Prime Minister Sayyid Fahd bin Mahmoud Al Said of Oman, the Ruler of Fujairah Sheikh Hamad bin Mohammad Al Sharqi of the United Arab Emirates (UAE), and GCC Secretary General Nayef Falah Al Hajraf.

The summit affirmed the solidarity between the two sides (China and GCC) in times of adversity. China will continue to support the GCC in seeking strength through unity, realizing diversified economic development, and playing a bigger role in regional and international affairs.

The first China-GCC Summit is a milestone event in the history of GCC and China relations. President Xi underscored that China highly commends the GCC countries’ efforts to seek strength through unity and make the GCC the most dynamic regional organization in the Middle East and the Gulf. In the next three to five years, China will work with GCC countries in the following priority areas:

  • China will continue to import more crude oil and liquefied natural gas (LNG) from GCC countries.
  • China will strengthen cooperation with GCC countries in oil and gas development and clean and low-carbon technologies.
  • China will conduct Renminbi (RMB) settlement in oil and gas trade. The Renminbi (RMB) is the official name of China’s currency.
  • China will cooperate with 300 universities, middle and primary schools in GCC countries on Chinese language education, work with GCC countries to set up 300 Chinese language smart classrooms.

China and GCC countries shared the glorious mission of developing and revitalizing their nations. At the Summit, a joint statement by the People’s Republic of China and the Cooperation Council for the Arab States of the Gulf was issued, a 2023-2027 action plan for strategic dialogue between the People’s Republic of China and the Cooperation Council for the Arab States of the Gulf was adopted, and plans were made for China’s cooperation with GCC countries in various fields.

Transorm Africa Summit

The Transform Africa Summit is Africa’s leading annual forum bringing together global and regional leaders from government, business and international organizations to collaborate on new ways of shaping, accelerating and sustaining Africa’s on-going digital revolution. In 2023, the Transform Africa Summit was held 26-28 April in Zimbabwe. Building trusted connectivity between Africa and Europe was a main theme raised at the summit. The European Union launched the Global Gateway, a new strategy to boost smart, clean and secure links in digital, energy and transport sectors and to strengthen health, education and research systems in Africa. The Global Gateway Strategy is an opportunity for Africa and Europe to strengthen their digital partnerships.

Digital inclusion was an important theme addressed in Transform Africa Summit. The summit offered to stakeholders the opportunity to understand the regional disparities and identify priority areas which align with their strategic visions and to adopt a multi-dimensional approach to deal with different digital developmental needs.

World Green Economy Summit

Under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, the World Green Economy Summit was organised by the Dubai Electricity and Water Authority, Dubai Supreme Council of Energy and World Green Economy Organization in cooperation with WETEX. The World Green Economy Summit, aims to propel action to deliver a sustainable future. It was held on the 28th and 29th of September 2022 at Dubai World Trade Centre (DWTC).

Convened in the lead-up to the Conference of Parties COP27 in Egypt and COP28, the World Green Economy Summit is a platform to build consensus around the potential of technologies, policies and youth as engines of a green economy transformation. It also supports the United Arab Emirates (UAE) efforts to achieve the United Nations Sustainable Development Goals 2030 (SDGs), the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100% of Dubai’s total power capacity from clean energy sources by 2050. The summit focused on developing investment partnerships in green projects and financing. It promoted investment and employment opportunities provided by the green economy.

The summit addressed the issue of regulation and its role in driving a dramatic shift in how businesses think about sustainability. New rules will increasingly require companies to disclose their impact on the environment and the financial risks they face from climate change. Growing concern about the implications of biodiversity loss and the economic value of ecosystem services means that governments and businesses alike will increasingly return to thinking about the environment more broadly, rather than just focusing on carbon emissions.

IABS

The Union of Arab Banks organized its yearly International Arab Banking Summit (IABS), the Euro-Med Economic and Banking Summit 2023, on 24 to 25 May 2023 in Paris, France. Along with this conference, the Union of Arab Banks and International Chamber of Commerce joint conference (UAB-ICC) was held on the 26th of May, 2023 at the International Chamber of Commerce (ICC) premises in Paris.

IABS addressed the global challenges from rising geopolitical tensions, market segmentation, high inflation (in particular energy and food prices), intensifying climate risks, food insecurity, anticipated recession, and mounting public debts.

IABS called for boosting cooperation between Euro-Mediterranean countries to pave the way for more sustainable collaboration and to harmonize policies for achieving energy and food security in the region, facilitating trade, investment and capital, and partnering in climate-related projects.

In parallel, the development and increased complexity of financial and banking operations and relationships, and the mounting reliance on digitalization and the fast digital transformation, all are giving more importance to Arbitration as an alternative means to solve financial and banking disputes in the era of the digital economy. In light of this, the Union of Arab Banks was pioneer in organizing in collaboration with the International Chamber of Commerce the forum on the use of arbitration and Alternative dispute resolution (ADR) to provide efficient and innovative access to Justice in the international banking and trade sectors. The forum discussed the relevance of arbitration in resolving disputes arising in the financial sector in the era of digitalization, mainly regarding smart contracts, automated commerce, artificial intelligence, cybersecurity, and Blockchain technology.

Assessement Of Impact

World summits can be classified as geopolitical, economic and financial, strategic, and goal specific (focusing on digital transformation, energy, climate, etc).

World summits aim to promote growth, restore balance, bridge ties, and solve challenges facing the world.

We assess the impact of summits based on their ability to address world challenges (such as poverty, wars, inflation, energy), their potential to support growth (innovation, investment, technology), and their role as a key driver of change marking a turning point in history.

Based on the brief overview of latest world summits we can infer that:

  • The Group of Seven G7 summit struggled to support Ukraine but failed to deliver the desired impact in addressing challenges and restoring balance in the world.
  • Davos Summit attempted to bridge ties and support digital world connectivity but did not resolve the digital divide gap.
  • The Arab league summit was a turning point in history by re-establishing ties between Arab countries, but did not draw a clear roadmap to stop the wars and re-balance world power fairly.
  • China-GCC summit will have a big potential on global supply chain growth. However, it just meets country specific needs and strengthen the power of big nations, thus increasing the imbalance of power in the world.
  • The World Green Summit addressed important challenges facing the world for years ahead and should be supported by action at a global level.
  • The Transform Africa Summit supported digital transformation in Africa and is a good lesson to learn from for other nations striving to emerge from under-development.
  • The Union of Arab Banks International Banking Summit was characterised by a high level of novelty raising for the first time the importance of the topic of digital mediation and arbitration at Arab pan level. Digital mediation and arbitration may be key in the future in resolving conflicts in the Arab world.

Assessment of Impact of World Summits

 

Addressing World Challenges

Growth and Innovation

Turning Point in History

Novelty

Overall Impact

G7

  •  
   

LOW

DAVOS SUMMIT

 
  •  
  

AVERAGE

ARAB SUMMIT

  
  •  
 

FUTURE POTENTIAL

CHINA-GCC

 
  •  
  

PROMISING

TRANSFORM AFRICA

 
  •  
  

HIGH

WORLD GREEN SUMMIT

  •  
   

HIGH

IABS

   
  •  

GOOD

Conclusion

World summits plays a vital role in addressing global challenges, supporting growth and driving change. Latest world summits were a mean to bridge ties between countries, enhance digital connectivity, channel investment to vital joint projects between countries, and draw a path to achieve sustainability goals. However, these summits were geopolitical, driven by national and group interest, strengthening the power of the giants thus leading nations to fall in the valleys of imbalance of power, supporting strong nations at the detriment of the poor nations, and failing to meet a global need, stopping wars, taming inflation and levying poverty.

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World Databases: Where is The Arab World Data?

Introduction

This article highlights the importance of developing more Arab databases produced by Arab authorities and data centres in Arab countries. Moreover, there is a need for more domain specific databases that can help in promoting and accelerating investment, trade, and project finance in the Arab world.

Data about Arab countries is usually accessible from world databases such as World Bank Open Data, United Nation UN data portals, World Health Organization (WHO) database, Worldometer, World Economic Outlook, and Central Intelligence Agency (CIA) World Factbook.

This article overviews world databases and domain specific data bases such as databases for investors and investment projects. A brief overview of databases developed in the Arab world is presented with particular focus on data available from Union of Arab Banks E-Services platform.

The article concludes with the importance of supporting initiatives to develop domain specific databases to fill the gap in the availability of Arab world data and help enterprises of various sizes, particularly small and medium size enterprises (SMEs), to easily find data about future innovation projects and finance opportunity and facilitating the matching between them.

The Importance Of World Databases

World databases serve the important purpose of collecting, organizing, and providing access to vast amounts of information about various aspects of the world. These databases are typically created and maintained by organizations, governments, or companies with the aim of facilitating research, analysis, decision-making, and information dissemination. The content of world databases can vary widely depending on their specific focus, but some common types of data include:

  • Demographic Data: Information about populations, such as population size, age distribution, ethnicity, education levels, and socioeconomic indicators.
  • Geographic Data: Spatial information, including maps, coordinates, boundaries, and features of different locations, such as countries, cities, rivers, mountains, and landmarks.
  • Economic Data: Data related to the global economy, including indicators like gross domestic product (GDP), inflation rates, employment statistics, trade flows, and market trends.
  • Environmental Data: Information about the environment, such as climate patterns, weather data, air and water quality, biodiversity, natural resources, and ecological trends.
  • Health Data: Data related to public health, including disease prevalence, vaccination rates, mortality rates, healthcare infrastructure, and epidemiological studies.
  • Scientific Data: Research findings, experimental results, observations, and measurements in various scientific fields, such as astronomy, physics, chemistry, biology, and earth sciences.
  • Cultural Data: Information about cultural heritage, traditions, languages, art, literature, music, and historical events.
  • Legal and Regulatory Data: Databases containing laws, regulations, treaties, court cases, intellectual property rights, and legal frameworks in different jurisdictions.
  • Social Data: Information about social trends, behaviour patterns, social media analytics, public opinion polls, and surveys.
  • Educational Data: Databases containing educational resources, learning materials, academic research, and statistics on educational institutions, and achievements.

These databases serve as valuable resources for researchers, policymakers, businesses, educators, journalists, and the general public, enabling them to access and analyze information to gain insights, make informed decisions, and deepen their understanding of various aspects of the world.

Where Is The Global Data?

Global data is available from the following organization:

  • World Bank: The World Bank provides an extensive collection of open data covering a wide range of topics, including demographics, economics, education, health, environment, and more. It offers access to a vast amount of information and indicators from countries around the world.
  • United Nations (UN): The United Nations maintains various databases that offer insights into global development, social issues, and other topics. The UN Data portal provides access to datasets from different UN agencies, covering areas such as population, education, health, employment, energy, and more.
  • World Health Organization (WHO): The WHO gathers data on global health issues and maintains a comprehensive database with information on diseases, health indicators, health systems, and other related topics. It provides statistics, reports, and resources for researchers, policymakers, and the public.
  • Central Intelligence Agency (CIA): The CIA is a United States (US) government agency that provides objective intelligence on foreign countries and global issues to the president, the National Security Council, and other policymakers to help them make national security decisions. To meet the intelligence needs the CIA:
  1. Lead specialized, multidisciplinary Mission Centers to address high-priority issues including nonproliferation, counterterrorism, counterintelligence, organized crime, narcotics trafficking, and arms control, to name a few;
  2. Build strong partnerships between intelligence collection disciplines;
  3. Produce all-source analysis on a range of topics and participate in Intelligence Community-wide efforts; and
  4. Contribute to the greater Intelligence Community by managing services of common concern, like imagery analysis and open-source collection, while partnering on technical research and development.

Below is an overview of data available from these world organizations.

World Bank Open Data

The World Bank Open Data is an initiative by the World Bank that provides free and open access to a comprehensive collection of development indicators and datasets. It offers a vast array of data on various aspects of global development, including but not limited to:

  • Macroeconomic data: GDP (Gross Domestic Product), inflation rates, trade statistics, fiscal indicators, exchange rates, etc.
  • Social indicators: Population, poverty rates, education statistics, health indicators, gender equality measures, labor market data, etc.
  • Infrastructure data: Energy consumption, access to electricity, transportation infrastructure, telecommunications, water and sanitation facilities, etc.
  • Financial data: Banking statistics, access to finance, remittances, external debt, financial inclusion measures, etc.
  • Climate and environment data: Carbon emissions, renewable energy production, natural resource management, environmental indicators, climate change adaptation, etc.
  • Governance indicators: Rule of law, government effectiveness, corruption measures, political stability, regulatory frameworks, etc.
  • Development projects: Information on World Bank-funded projects, their objectives, implementation progress, and outcomes.

These datasets are available in various formats, including Excel, comma-separated values (CSV), and Application Programming Interface (API) access, allowing researchers, policymakers, and the general public to analyze, visualize, and utilize the data for research, policy-making, and development planning.

United Nations Data Portals

The United Nations (UN) has several data portals that provide access to various datasets and information. These portals serve as central repositories for data collected and compiled by different UN agencies, programs, and initiatives. UN data portals include:

  • UNdata (data.un.org): UNdata is a comprehensive data portal that brings together datasets from different UN agencies. It offers a wide range of statistical databases covering topics such as population, education, health, labor, environment, and more. Users can search, browse, and download data in various formats, visualize data through charts and maps, and create custom data queries.
  • Sustainable Development Goals (SDG) Indicators (unstats.un.org/sdgs): This portal focuses on the indicators related to the 17 Sustainable Development Goals (SDGs) adopted by UN member states. It provides access to global, regional, and national indicators tracking progress towards achieving the SDGs. Users can explore data, view indicator metadata, and generate visualizations and reports.
  • UN Comtrade (comtrade.un.org): UN Comtrade is the United Nations Commodity Trade Statistics Database. It offers detailed and up-to-date international trade data, including imports and exports of goods and services. Users can search for specific commodities, countries, or time periods and access trade data in various formats.
  • UNICEF Data (data.unicef.org): UNICEF Data provides access to data related to children’s well-being. It covers areas such as child health, education, nutrition, water and sanitation, child protection, and more. The portal offers a range of data visualization tools, reports, and country profiles.

There are additional portals specific to certain UN agencies or initiatives. Each portal may have its own unique features, datasets, and functionalities, but they all aim to provide valuable data and information for research, policy-making, and decision-making purposes.

Worldometer Online Data

Worldometer (www.worldometers.info) is a popular online reference website that provides real-time statistics and data on various topics, including world population, health, economics, society, and the environment. The data on Worldometer is gathered from reputable sources such as government agencies, international organizations, and research institutions. While the specific datasets may vary over time, here are some common categories of data found on Worldometer:

  • World Population: Current global population estimates, including the total population, births, deaths, and population growth rates.
  • Health: Data related to public health, such as the number of reported COVID-19 cases, deaths, recoveries, and active cases in different countries or regions. It may also include data on other diseases, such as influenza, HIV/AIDS, and cancer.
  • Environment: Information on environmental factors, such as CO2 emissions, energy consumption, deforestation rates, and water usage.
  • Economy: Economic indicators, including GDP (Gross Domestic Product), inflation rates, unemployment rates, and national debt of various countries.
  • Society: Data related to social aspects, such as literacy rates, education expenditure, poverty rates, crime rates, and human rights issues.
  • Technology: Information on internet usage, the number of mobile phone users, and technological advancements.
  • Education: Data on education systems, including literacy rates, school enrollment rates, and educational attainment.

World Economic Outlook Database

The World Economic Outlook (WEO) database is a comprehensive source of economic data and analysis published by the International Monetary Fund (IMF). It provides detailed information on various macroeconomic indicators, such as Gross Domestic Product (GDP) growth, inflation, fiscal balances, current account balances, and other relevant economic variables for countries around the world.

The WEO database is a valuable resource for policymakers, researchers, economists, and analysts who want to understand and analyze global economic trends and prospects. It covers a wide range of countries, including advanced economies, emerging markets, and developing economies. The data is typically presented in tables, charts, and graphs, allowing users to easily compare and analyze economic performance across countries and over time.

The IMF publishes the World Economic Outlook report biannually, in April and October, which presents the organization’s assessments and forecasts of global economic developments. The WEO database serves as a supporting tool for the analysis and projections provided in the report. It is continually updated with the latest available data and is freely accessible on the IMF’s website.

The World Economic Outlook database is a comprehensive and reliable source of economic data and analysis that plays a crucial role in understanding the global economy and informing economic policymaking and decision-making processes.

CIA World Factbook

The CIA World Factbook is a comprehensive resource published by the Central Intelligence Agency (CIA) of the United States. It provides information on the history, people, government, economy, geography, communications, transportation, military, and transnational issues for various countries and territories around the world.

The information in the CIA World Factbook is gathered from a variety of sources, including government publications, international organizations, and research institutions. It is regularly updated to reflect the most current data available.

Some of the key information in the CIA World Factbook for each country includes:

  • Introduction: Overview of the country’s geography, people, and government.
  • Geography: Information on the country’s location, climate, terrain, natural resources, and environmental issues.
  • People and Society: Demographic information, including population, ethnic groups, religions, languages, education, health, and social indicators.
  • Government: Details on the country’s political system, leaders, elections, and administrative divisions.
  • Economy: Information on the country’s GDP, industries, agriculture, labor force, inflation, trade, and economic indicators.
  • Energy: Details on the country’s energy production, consumption, and resources.
  • Communications: Information on the country’s telecommunication systems, internet usage, and media.
  • Transportation: Details on the country’s roadways, railways, waterways, ports, and airports.
  • Military and Security: Information on the country’s military branches, defense expenditures, and security issues.
  • Transnational Issues: Details on international disputes, illicit drug production, terrorism, and other cross-border issues.

The CIA World Factbook is publicly available and can be accessed online through the CIA’s website (www.cia.gov) or other authorized sources.

Databases For Investors

There are several databases that can be helpful for investors to gather information and make informed investment decisions. Commonly used databases are:

  • Bloomberg Terminal: Bloomberg is a widely used financial information platform that provides real-time and historical market data, news, analytics, and trading tools. It covers a wide range of asset classes and is popular among professional investors.
  • Morningstar: Morningstar offers a comprehensive database of investment research, including mutual funds, stocks, exchange-traded funds (ETFs), and other investment vehicles. It provides data on performance, portfolio holdings, risk measures, and analyst ratings.
  • FactSet: FactSet is a financial data and analytics platform that offers a wide range of data on global equities, fixed income, commodities, currencies, and more. It includes company financials, analyst estimates, market data, and research reports.
  • Thomson Reuters Eikon: Eikon is a financial analysis and trading software that provides real-time market data, news, and analytics. It covers a broad range of asset classes, including stocks, bonds, commodities, and derivatives.
  • Standard & Poor’s S&P Capital Intelligence Quotient (IQ): S&P Capital IQ is a research platform that offers extensive financial and market data, including company fundamentals, historical financials, industry analysis, and credit ratings. It is widely used for equity research and financial modeling.
  • PitchBook: PitchBook is a database focused on private equity, venture capital, and mergers and acquisitions (M&A) activities. It provides information on private companies, investors, deals, and trends in the private market.
  • SEC EDGAR: The United States Securities and Exchange Commission’s (SEC) Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system provides access to corporate filings, including annual reports, financial statements, and other disclosures required by public companies.
  • Refinitiv Eikon: Eikon, formerly known as Thomson Reuters Eikon, offers a wide range of financial data, news, and analytics. It includes global market data, company information, economic indicators, and more.
  • Zacks Investment Research: Zacks provides investment research, stock analysis, and recommendations. It offers earnings estimates, analyst ratings, and other fundamental data to help investors make investment decisions.
  • WRDS (Wharton Research Data Services): WRDS is a research platform that provides access to a wide range of financial, economic, and marketing data. It includes data from sources like CRSP (Center for Research in Security Prices), Compustat, and IBES (Institutional Brokers’ Estimate System), which can be useful for academic and quantitative research.

These databases provide valuable information to investors, but it is important to note that access to some of them may require subscriptions or institutional access.

Databases On Investment Projects

There are several databases and platforms that provide information about investment projects around the world. Some notable ones are:

  • World Bank’s Private Participation in Infrastructure (PPI) Database: The World Bank’s PPI Database provides information on private investment in infrastructure projects in developing countries. It covers various sectors such as energy, transportation, water and sanitation, and telecommunications.
  • United Nations Conference on Trade and Development (UNCTAD) Investment Information Network (IIN): UNCTAD’s IIN is a global database that provides information on investment projects and policies from around the world. It includes data on investment projects, investment incentives, and regulatory frameworks.
  • fDi Markets: fDi Markets, a service of the Financial Times, offers a comprehensive database of cross-border greenfield investment projects worldwide. It provides information on projects, investors, and locations, along with analysis and market intelligence.
  • Crunchbase: Crunchbase is a platform that primarily focuses on startups and investment projects. It provides information on funding rounds, investors, and company profiles, making it useful for tracking investment activity in the startup ecosystem.

Access to some of these databases may require a subscription or institutional access.

Arab World Databases

While there is no single centralized database that encompasses the entire Arab world, there are several institutions, organizations, and initiatives that provide databases and resources specific to Arab countries. These include:

  • Arab League: The Arab League is an organization of Arab states that promotes cooperation among its members. They maintain various databases related to demographics, economics, and social issues within the Arab world available at www.arableagueonline.org.
  • Arab Development Portal: The Arab Development Portal is an initiative that provides data and information on development issues in the Arab region. It offers access to databases on topics like education, health, economy, and governance. It is accessible at https://www.arabdevelopmentportal.com/ .
  • Arab Data Journalists’ Network: This network brings together data journalists and data enthusiasts from the Arab world. They provide resources, tools, and access to datasets for journalists and researchers interested in data-driven reporting. Their website is: https://www.arabdatajournalists.net/
  • National Statistical Offices: Each Arab country typically has its own National Statistical Office that collects and maintains official statistics. These offices provide data on various aspects of the country, such as population, economy, and social indicators.
  • Academic and Research Institutions: Universities, research centers, and think tanks in the Arab world often maintain databases related to their specific areas of focus. These databases may cover topics such as culture, history, language, and more. Examples include the Arab Center for Research and Policy Studies (ACRPS) and the Center for Arab Genomic Studies (CAGS).

Arab Economic Database

The Arab Economic Database (AED) is an initiative of the Arab Monetary Fund (AMF), a regional financial institution based in Abu Dhabi, United Arab Emirates. The AED serves as a comprehensive and reliable source of economic and financial data for the Arab countries.

The Arab Monetary Fund established the AED to enhance economic analysis and research in the Arab world. It collects, compiles, and disseminates economic, financial, and social data from the member countries of the AMF. The AED covers a wide range of economic indicators, including national accounts, prices, trade, balance of payments, monetary aggregates, government finance, and other related statistics.

The primary objective of the Arab Economic Database is to support policymakers, researchers, academics, and analysts by providing them with accurate and up-to-date data on the Arab economies. The data can be used for economic research, policy analysis, and decision-making processes. It also promotes transparency and facilitates economic integration among Arab countries by offering a common platform for data sharing and comparison.

The AED is accessible online through the Arab Monetary Fund’s official website. Users can access the database and retrieve data for specific countries, indicators, and time periods. The AMF continually updates and expands the AED to ensure its relevance and usefulness for the economic community in the Arab region.

Union Of Arab Banks Financial Portal

The Union of Arab Banks (UAB) is pan organization that represents and promotes the interests of Arab banks and financial institutions. UAB offers various E-services to its member banks, these include:

  • Union of Arab Banks Financial Platform accessible at https://uabehub.org/home
  • Union of Arab Banks E-Services. These include:
    • Islamic Banking Glossary
    • Banking Glossary
    • FACTA (The Foreign Account Tax Compliance Act) Database and Glossary of terms
    • BASEL Database and Glossary of terms
  • Union of Arab Banks E-library.
    • Books
    • Research
    • Surveys
    • Guidelines
  • Arab Banking Legislation Database

Conclusion

This article overviewed major global databases and highlights a gap in the availability of data from the Arab world and to the Arab world. Hence, government authorities and agencies in the Arab world should invest in establishing data centres and develop quantitative and qualitative databases to support investment, help small and medium size enterprises in access to project finance, mobilise inter-Arab trade, enhance education and lead to greater integration and cooperation between Arab countries.

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The Future of Work: How Much Work is Enough Work?

  • Transformation in labor market post-COVID-19, shifting away from traditional work routines.
  • Redefinition of work norms, including the shorter workweek, referencing industrial-era changes.
  • Reassessment of the time-money balance during the pandemic, leading to new work habits and phenomena like the Great Resignation.
  • Caregivers and younger workers reshape the definition of “enough work,” including unpaid labor and a move away from “hustle culture.”
  • Impact of AI, like ChatGPT, on the future of work, prompting a reassessment of the purpose of work.

In the wake of the COVID-19 pandemic, an intriguing question permeates our global economic discourse: How much work is enough? The pandemic’s sweeping and disruptive effects have ignited an unprecedented introspection about labor-market norms, kindling what could be the most significant labor-market transformation since the dawn of the industrial era.

Shaken loose from our traditional work routines, millions of employees across the world now weigh the equation of productivity and personal well-being with renewed insight. The pandemic, while officially over, continues to echo in the choices of individuals who refuse to revert to pre-pandemic routines. This compelling narrative compels us to consider whether the post-pandemic work landscape might harbor a labor-market revolution as profound as the shift from agricultural to industrial.

On the macro scale, stalwarts of employment regulation, the legally mandated eight-hour workday and 40-hour workweek, are being reassessed and redefined. This evolving equilibrium, however, will likely be a slow process, harkening back to the half-century of labor struggles and corporate experiments that carved out the work norms we know today. The Ford Motor Company’s 1914 decision to implement an eight-hour workday and offer a $5 minimum wage, for instance, was a watershed moment in labor history, influencing the Fair Labor Standards Act of 1938. Today, we stand at a similar crossroads with experiments pointing towards a 32-hour workweek that boasts of reduced fatigue, improved mental health, and enhanced life satisfaction.

The micro view paints an equally intriguing picture. Millions of individuals have harnessed the pandemic as a period of introspection, reassessing the trade-off between time and money. This recalibration of priorities has induced new working habits, contributing to the surge of phenomena like the Great Resignation and the increasing trend of “quiet quitting.”

The question “How much work is enough?” bears a multi-layered complexity. For many low-income workers, the answer orbits around earning a living wage that allows them to support themselves and their families. However, the landscape expands and becomes less binary when considering two key groups: caregivers and younger workers.

The field of labor economics has traditionally referred to “work” as paid labor. However, as women integrated into the workforce, unpaid work, like caregiving, became recognized for its integral role in our economic framework. These unsung heroes often find themselves laboring beyond the conventional eight-hour workday, balancing formal employment with raising families and caring for those unable to care for themselves. Activist Ai-jen Poo aptly labels this as the “work that makes all other work possible.” With its increasing recognition, the definition of “enough work” must encompass both paid and unpaid labor.

Next, we have the voice of youth — the younger Millennials and Gen Z workers. Raised amidst social and political upheaval, many of them reject the “hustle culture,” choosing to prioritize their mental and physical health. Icons like Simone Biles and Naomi Osaka embody this philosophy, asserting that self-worth should not hinge on external expectations, but should prioritize personal well-being.

The rise of generative artificial intelligence like ChatGPT adds a new dimension to the future of work. These technologies may disrupt traditional industrial-era work norms, prompting us to reassess the “why” before the “where” and “how long” of work.

As we traverse the evolving post-pandemic labor landscape, it is clear that a new discourse is emerging — one that centers the worker and their well-being, and that questions and redefines the parameters of “productive work.” A labor-market revolution is brewing, and we must be prepared to navigate this brave new world of work. The future of work is here, and it is shaping up to be as human-centric as it is innovative.

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