event

The Gulf Emerging Economies as New Global Investors

Mon. November 24th, 2008
Paris, London, Brussels

Gulf economies have become increasingly important to the international financial system, fueled largely by growing investements of Arab sovereign wealth funds in European financial markets. These investments have raised concerns in the West at the same time that the the financial crisis have left many markets in desperate need for fresh investment.

Sven Beherendt, Associate Scholar at the Carnegie Middle East Center, and Ibrahim Saif, Resident Scholar at the Carnegie Middle East Center, led a series of discussions on the topic throughout Europe.

Highlights
  • Saif gave his insights on the problems facing the Gulf economies - unemployment; economic, geographic and political disparities between states; unequal distribution of GDP; and the lack of opportunity for political reform.
  • In London, Behrendt, Alastair Newton and Nicolas Veron gave a detailed analysis on the capacity of sovereign wealth funds to contribute to the global financial markets and the need for a clear global policy explaining their role.
  • Consensus was reached that there is a need to address the volatility of the Gulf economies which stems from their reliance on the price of oil. This will need to take the form of both political and economic reform.
  • Behrendt observed that sovereign wealth funds would not contribute to solving the financial crisis unless they are provided with business opportunities.
Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.
event speakers

Ibrahim Saif

Senior Associate, Middle East Center

Saif is an economist specializing in the political economy of the Middle East. His research focuses on international trade and structural adjustment programs in developing countries, with emphasis on Jordan and the Middle East.

Sven Behrendt

Visiting Scholar, Middle East Center

Behrendt is an expert in global issues, international negotiations, conflict resolution, and corporate strategy. He previously served at the World Economic Forum in various management positions.

Alastair Newton

Nicolas Veron

Steffen Hertog