Capitalism and Class in the Gulf Arab States
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This book analyzes the recent development of Gulf capitalism through to the aftermath of the 2008 economic crisis. Situating the Gulf within the evolution of capitalism at a global scale, it presents a novel theoretical interpretation of this important region of the Middle East political economy.
micro-level analysis of firms and companies. In particular, much of the analysis focuses on the interpenetration of capitalist social relations as reflected through joint ownership structures and interlocking directorships at the company level. This micro-level analysis (involving an examination of over 500 GCC companies, financial institutions, and projects) captures the “fine” process of internationalization that is not revealed through typical macro aggregates. The book’s appendices list some
conglomerates (the Arab Media Corporation), an advertising company, and the largest juice manufacturer in the region. Saleh Kamel was worth an estimated US$4.9 billion in 2009 and was the fourteenth richest Arab in the world (White 2009, p. 30). Each of the Gulf states shows similar patterns of development, with domestic capital establishing itself through contracting and construction work. In Kuwait, prominent examples include the Al Kharafi, Al Ghanim, Al Sagar, Boodai, and Fulaij groups; in
and the UAE is held by the two Saudi companies MBC (26 percent) and LBC-Rotana (7 percent) (BA 2005, p. 20).31 Virtually all of the Pay TV audience in each GCC country is divided between ART, Showtime, and Orbit, with close to 150 channels between them. In 2009, the internationalization of capital in this sector was further confirmed by the merger of Showtime and Orbit, with ownership divided equally between the Kuwaiti KIPCO and the Saudi Mawarid Group. The headquarters of the new company,
and 83 percent of total Middle East stock market trading volume (IAIGC 2005, p. 14). The number of Saudi investment funds increased from 52 in 1992 to 199 in 2005, and total assets owned by these funds went from 12.4 billion Saudi Riyals to 136.97 billion Saudi Riyals over the same period. But this increased activity on GCC stock markets was not restricted to Saudi Arabia. From June 2001 to October 2005, the Kuwaiti Stock Exchange rose by roughly 560 percent, and from October 2002 to October
The Jordan Kuwait Bank (a subsidiary of Kuwait’s Burgan Bank) and the Housing Bank for Trade and Finance (see Table 6.1) are both represented on the board of the Palestine Industrial Estate Development Company, a PADICO subsidiary responsible for building industrial zones in the West Bank and Gaza Strip. Saudi Arabia’s Kingdom Holding is a major investor in PADICO’s Jerusalem Development and Investment Co. (JEDICO), a major real estate developer in Jerusalem. These patterns are replicated