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Index

Abdullah, Crown Prince, HRH 19, 48, 71,236,316,379

agriculture 29 Al Bilad Bank 142 AlJazira Bank 119, 136 Al Rajhi Banking and Investment

Corporation 119, 124, 125, 127, 136, 148, 167

allocative efficiency 19 Arab National Bank 121,136 Arab stock market 163 arbitrage 91 ATMs 111, 112, 117, 118 Automated Clearing House 118

Bahrain 378, 412 Bahrain Monetary Agency 148, 437 Bahrainization 449 Bankers Security Deposit Account 116 Banking Control Law 81, 86, 113 bi-lateral aid 270 boom years 19,53 Brazil 225 budgetary mechanism 41 bureaucracy 15, 35 business cycles 25

cabinet reshuffle 454 Canada 225 capital adequacy 136 capital diffiision 32 capital inflows 80 capital investment 47 capital market 10, 89 Capital Market Law 152, 154, 158 capital surplus 44 capital-intensive projects 45, 50 cartel 221 Cash Reserve Ratios 87

Central Department of Statistics 30 Central Planning Organization 18 China 228, 253, 259 Citibank 114, 122, 140 consumer lending 134 consumer loans 3, 135 cooperative insurance 3, 142 crowding out 2, 69, 70

DarAl Mall Group 148 data aggregation 30 debt service 66 demographics 351, 352 demographic structure 13 devaluation 93 development

options 16 processes 13

discount rate 84 diversification

economic 25, 217 exports 37 options 17 revenues 73

Dubai International Financial Center 437 Internet City 437 Media City 437

economic growth 58 economic planning 2 education 9, 388

budget allocation 31 literacy 22 globalization 389 output 9 infi-astructure 387

Eighth Development Plan 37


Electronic Share Information System 118

employment duality of wage market 381 female participation 8 generation 464 professional structure 380 Saudization 8

engines of growth 37 EttihadEtisalatWO 152, 179 exchange rates

fixed 92 floating 92

expatriate labor 11, 356, 363, 364 expenditure

capital 55 current 55, 64 government 19, 96

export competitiveness 247 export performance 265 export promotion program model 274 exports 247 EU 318

Fahd, King 84 FDI 313,340

inflow 334 League of Arab States 341 volatility of capital flows 342

Financial Action Task Force 104 financial deepening 98 financial disintermediation 323 financial globalization 322 financial instruments 80 financial markets 109 financial modernization 323 financial system 79 fiscal policy instruments 56 Floating Rate Notes 89, 92 foreign banks 107 foreign investment 53 Foreign Investment Law 345 foreign labour 26 foreign offset partners 293 franchising 193

gas employment generation 234 projects 233 Saudi reserves 232 sector 5, 231

GCC 10, 156, 417 banking sector 435-438 capital markets 438-442 country settings 418, 419 crude oil exports 425 labor market 446-448

economic diversification 424-426 economic indicators 422, 423 establishment 417 evolutionary phases 419, 420 financial sectors 432, 433 gas reserves 425 GDP 426 hydrocarbon projects 431 Islamic banking 437 labour market 382 expatriate workers 448-450 manufacturing 428 oil reserves 424 regulatory sectors 433-435 share trading 156 trade pattern 442-444

GDP 26, 66 Saudi 22 per capita 31 composition 27

GFCF 46 GNP25 government contracts 210 government expenditure 19,48 GOSI 121 Greater Arab Free Trade Area 276 gross investment 34 Gulf War 88,96,225

Hajj 97, 374 Hallal 175 human capital 388 Human Resources Development Fund 359,

360 hydrocarbon sector 4

Ijara 176

Index 491

ILO 16 IMF 42, 44, 268 imports 247 income flows 31 income multiplier 71 income velocity 101 indebtedness 66 individual proprietorships 195 industrialization 16, 17 inflation 31, 100 insurance sectors 110 International Labor Organization 385 International Oil Companies 234 international trade 102 Internet 19 investment income 63 IPOs 6, 115 Iqamas 352 Islamic banking 106, 437, 438 Islamic Development Bank 148, 268 Islamic finance

growth 148 leasing bonds 148

Islamic values 19

joint venture banks 129 judicial system 187 Jubail 18,235,345

Kafalaa 384 Kafeel 352 KFUPM 466 knowledge based economies 388 Korea 388 Kuwait 378, 384

labor market 351 labor migration 447 labor participation rates 366 Lebanon 253 legal structure 188 life expectancy 22 liquidity preferences 99 literacy 22 loans-to-deposit ratio 86

Maa'den 5,240,241,330 MajlisAlShoura 76,212,368 Malaysia 388 Manpower Council 76, 212, 366 manufacturing 29 merchandise trade 249 Mexico 225 mining cooperation 243 Mining Law 5 Ministers of

Commerce 19 Finance 19 Industry 19 Labor 19, 356 Petroleum 19 Planning and Economy 19

Ministry of Commerce & Industry 179 Finance 52,58,59,68,71,80 Labor 212 Petroleum 52, 241 Planning 18

model of economic flows 26 monetary policy instruments 86 monetary system 83 money creation process 95 money exchanges 113, 141 money supply 94 Murabaha 148, 176 mutual funds 172

national reserves 103 NCB 113, 121, 122, 125, 174, 175 NCCI 142 net investment 34 Nigeria 53 Nominal Effective Exchange Rate 94 non-oil exports 257 non-oil GDP 227 non-oil revenue 63, 54 non-oil sector 47

OBU 437 offset

direct 280 employment objectives 289 foreign investment participation 289 implementation 285


offset indirect 280, 281 motives for investment 294 non-offset program comparison 296-301 offset vs. non-offset technology packaging 308, 309 program evaluation 290,291 projects 286,287 project benefits 291-293 field of investment 280 operating mechanism 284 program 6, 280

oil companies 34 crude oil export 259, 260 GDP contribution 226, 227 GFCF231 non-OPEC producers 223-225 prices 24, 53 pricing premium 229 producers 73 production 44 revenue volatility model 49 revenues 22, 44 trading and efficiency 260, 261 world reserves 221, 222

Okun 's Law 9, 374 Oman 384 Omanization 449 OPEC 218

cartel, 220, 221 oil output 72 price band 17,73,225 quotas 225

open market operations 85, 89 operations and maintenance 63 Organization of Islamic Conference

148

per capita income 22 petrochemicals 29

diversification 235 generating secondary industry 236

planning history 17, 18 indicative 18 qualitative target 18

planning quantitative target 18 strategic choices 15

population 1,351,352 high growth rates 71,354 Saudization 355 unemployment 355 young 54,352

potential GDP 64 pricing premium 229 private sector 14

engine of growth 1 private sector exporting companies 271 privatization 5, 76, 313, 314, 326

consequences 335, 336 pattern 327 OECD and Saudi Arabia 327 revenues (MENA) 328 routes 329 scales 329

Public Investment Fund 114, 115, 121, 122 public sector 47

Qatar 422

Ramadan 97 R&D 240 Real Effective Exchange Rate 94 Real Estate Development Fund 114 reforms

economic 11 rentier economy 14,15 remittances 17, 27 reserve requirements 84 reserves 43 resource abundance 45 revenue

enhancement 74 sources 75 measures 75 diversification 73 windfall gains 45

Reverse Repo Rate 90 Reverse-Repo 89, 177 Riba U2 Riyad Bank 113, 121, 167 Russia 225, 229

SABIC 5, 167

Index 493

SABIC R&D 240 joint ventures 240 production and exports 240 share of world markets 238 subsidized feed stock 239

SAGIA 197,318,345 Sahara IPO 141, 151 SAMA 3, 79

asset allocation 103 bank supervision 112 Banking Control Law 86, 113 deposit ratios 85 direct controls 85 exchange rate policy 90 financial instrument 80 foreign assets 68 foreign currency accounts 96 foreign exchange swaps 88 function 81 future challenges 105 Government Development Bonds 90 governor 42, 81 independence 80 inflation control policies 99 monetary instruments 86 Official Repurchase Rates 89 regulatory checklist 137 responsibilities 82 Saudization of banks 85, 87, 107 Statutory Liquidity Ratios 88 Treasury bills 90

SAMBA 122, 124, 125, 167, 177 Saudi

bond market 89 budget 42

breakdown 57 deficits 43 cyclical 64, 65, 66 structural 64, 65, 66 outturn 62 allocation 61 revenues 52 expenditure 52 overruns 58

business cycles 23, 24

Saudi capital market developments 153, 154 capital market operations 154 capital market performance 162 credit rating 69 current account 268 devaluation risk 93 domestic money creation 95 financial deepening 98, 99 education

budget allocation 407 budget expenditure 402, 403 challenges 392 compensation 398 curriculum development 413 demographics 395 educational structure 392 forces for change 411 higher education output 402 planned students 404 population and educational status 396 potential benefits 393 private school market 408 private sector universities 407 restructuring 405 women education 401,406

export champions 263-265 competitiveness 247 program 271, 275 sector 255, 256

family businesses 200,201,202 FDI

net flows 336,337 positive and negative factors 343, 344

financial markets 110 foreign aid 268, 269, 270, 271 Foreign Investment Law 345 globalization

impact on Saudi industries 321 government - business relations 207-212 government debt 66-68 government private sector model of cooperation 214 government wage bill 378 import 249-251


Saudi import bill 93 income velocity of money 101 indices of international trade 102 interest rates 91 investment income 57 investor behavior 170, 171 Islamic mutual funds 175, 176 labor

evolution of total jobs 357 expatriate labor 363-365 female participation 367,368 labor model 375, 376 manpower demand and supply 357 model for new labor entrants 369 participation by gender and education 368 private sector Saudization issues 361 Saudization program 358 work ethics 360

legal and commercial systems 187 market capitalization 163, 180, 181 national disposable income 30 oil policy 222, 223 oil recovery costs 225 origin of import 252-254 petroleum sector, 218-220 primary market 177 private sector challenges 213 privatization efforts by sectors, 331-333 privatization objectives 330, 331 real estate markets 127 retail import price index 103 secondary market 178 shareholders reduction 157 trade agencies 193 trade and balance of payment 268-270 universities 60

Saudi Arabian Agricultural Bank 114 Saudi Arabian Securities and Exchange

Commission 158 Saudi Aramco 62, 230, 232 Saudi banking system 109 Saudi Credit Bank 114

Saudi British Bank 122 Saudi Cairo Bank 115 Saudi Chambers of Commerce and Industry

197, 198 Saudi Credit Bureau 140 Saudi commercial banks

capital adequacy 136 comparison with joint venture banks 129, 130 comparison with selected countries 125 consumer lending 135 current accounts 126 distribution of bank income 120 evolution of ATMs 117 evolution of branches 117 Islamic banking 106 ladies branches 127 lending policies 133 market segmentation 127 perception of key-strengths 128 performance of Saudi banks 123,124,131 reserve position 87 Saudization 87 Saudization of bank personnel 105 Saudization of foreign banks 114 status of licences 111 technological development 119

Saudi Electricity Company 167, 169 Saudi European Petrochemical Company

237 Saudi Fund for Development 268 Saudi GDP 30 Saudi Hollandi Bank 122, 136 Saudi Industrial Development Fund 114 Saudi insurance

comparison with world markets 143 employment 132 insurance indicators 146 liquidity assets 147 market perception 144 premium comparison 143 WTO entry 147

Saudi interest rates 91 Saudi Investment Bank 136,152 Saudi mining

privatization program 241 legal framework 241 mining law 242

Index 495

Saudi mining model for mining cooperation 242, 243, 244

Saudi monetary policy 91 Saudi mutual fiinds 156 Saudi Payment Network 118 Saudi Riyal Interbank Express System

118 Saudi Telecom Company 68, 164 Saudi-China trade 253 Saudization 1, 5, 83, 353, 352, 356

issues 362 process 27

Securities Depository Centre 158 Singapore 46, 388 shareholder concentration 120 Sharia'h 186-188,368 SMEs 4, 140, 141, 142, 195, 197, 198 SME's growth model 199,200 Souk Al-Manakh 154 Standard & Poor 69, 109 subsidies 2, 25, 30 Supreme Economic Council 7, 330, 331

unemployment natural rate 374 and potential GDP losses 375

UNESCO 405 United Saudi Commercial Bank 116 USA 228, 253, 254

Venezuela 53

Wakeels 189 welfare state 14 work ethics 360 World Bank 45, 268 WTO 63, 76

banking 107 bilateral trade agreements 276 challenges 1 entry 1, 41, 58, 187,313 globalization 316,317

Yanbu 18,235

Zakat 57, 63, 75, 76, 345

Tadawul 155 Tadawul All Share Index 156 Takaful Ta'awni 146 TASI Index 169 taxation 47 technology

packaging 6, 305 technology

transfer 6, 194, 304, 305 components of technology transfer 306

trade surpluses 6 trade agencies 193 Trade Performance Index 260, 261 Trade Ratios 249 transfer payments 30 transparency 210

UAE 384, 412, 422, 423, 426 UmmAlQura 42, 186 unemployment 8, 352

cost 374 disguised 378 male 370-372

Bibliography - Springer978-0-387-24935-3/1.pdfArab Banking Corporation. 1994. Arab News. "Top 100...

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Transcript of Bibliography - Springer978-0-387-24935-3/1.pdfArab Banking Corporation. 1994. Arab News. "Top 100...