Statistical Appendix CONTENTS

Transcription

1 Statistical Appendix CONTENTS Al Total population and agricultural population A2 Average birth and death rates and life expectancy A3 Population and percentages of urban and rural population for years 1984, 1985 and 2000 A4 Distribution of population by age (1984 and 1985) A5 Proven oil reserves ( ) A6 Natural gas proven reserves ( ) A 7 Overall capacity of oil refineries A8 Gross Domestic Product at current price: distribution by sector (1980) A9 Gross Domestic Product at current price: distribution by sector (1981) AlO Gross Domestic Product at current price: distribution by sector (1982) All Gross Domestic Product at current price: distribution by sector (1983) A12 Gross Domestic Product at current price: distribution by sector (1984) A13 Expenditure on Gross Domestic Product at current prices (1984) A14 Expenditure on Gross Domestic Product at current prices (1983) A15 Expenditure on Gross Domestic Product at current prices (1982) A16 Expenditure on Gross Domestic Product at current prices (1981) A17 Expenditure on Gross Domestic Product at current prices (1980) A18 Extracting industries value added at current prices A19 Extracting industries contribution to GDP A20 Other industries value added at current prices A21 Other industries contribution to GDP A22 Government revenues and percentages to GDP A23 Surplus or deficit in government budget and % to GDP A24 Government expenditures and percentages to GDP 225

2 226 Statistical Appendix A25 Classification of current expenditures A26 Saudi Arabian budget for the years 1981/ /86 A27 Sectoral appropriations A28 Saudi Arabia: main budget allocations A29 Kuwait: budget 1984/ /86 A30 Kuwait's budget for the years 1981/ /86 A31 Qatar's budget 1984/ /86 A32 Qatar's budget for the years 1981/ /86 A33 Oman's budget for the years A34 Bahrain's budget A35 UAE's budget for 1981/ /86 A36 Monetary authorities structure of deposits ( ) A37 Structure of domestic liquidity ( ) A38 Changes in factors affecting domestic liquidity ( ) A39 Ratio of changes in factors affecting domestic liquidity ( ) A40 Commercial banks: structure of deposits and percentages to GDP ( ) A41 Commercial banks: credit structure and % of total credit to GDP ( ) A42 Balance of payments ( ) A43 Exports and imports of agricultural products A44 International reserves:

3 Statistical Appendix 227 Table Al Total population and agricultural population (OOOs) Country Year Total Agriculture total Agriculture % UAE Saudi Arabia Oman Qatar Kuwait Bahrain FAO, United Nations, June 1985.

4 Table A2 Average birth and death rates and life expectancy: average of two periods ( ) and ( ) Birth Death Natural Life Birth Death Natural Life V:l S (OOOs) (OOOs) growth expectancy (OOOs) (OOOs) growth expectancy. Country (OOOs) (OOOs) -(:i' I:) UAE Saudi Arabia Oman (1) Qatar Kuwait Bahrain ;:s United Nations, Estimation & Projection of World Population (New York, 1984).

5 Table A3 Population (Ooos) and percentage of urban and rural population for years 1984, 1985 and 2000 Country VJ % % % % % % %... is" Population Urban Rural Population Urban Rural Population Urban Rural UAE Saudi Arabia Oman :g Qatar ;::s Kuwait Bahrain !;;. :::to C"l... $:l \:l.... United Nations, Estimated Projection of World Population (New York, 1984). \0

6 o Table A4 Distribution of population by age (1984 and 1985) 0-14 years years over 65 years Total Total Total Total Total Total S' Country (OOOs) % (OOOs) % (OOOs) % (OOOs) % (OOOs) % (OOOs) % UAE Saudi Arabia Oman Qatar ;: Kuwait $:)... Bahrain Vl "15 United Nations, Estimated Projection of World Population (New York. 1985).

7 Statistical Appendix 231 Country UAE Saudi Arabia Oman Qatar Kuwait Bahrain Table A5 Proven oil reserves ( ) (billion barrels) % change ( ) Arab Oil Producing & Exporting Countries. Table A6 Natural gas proven reserves ( ) (billion cubic metres) Country UAE Saudi Arabia Oman Qatar Kuwait % change Arab Oil Producing & Exporting Countries. Table A7 Overall capacity of oil refineries (000 bid) Country UAE Saudi Arabia Oman Qatar Kuwait Bahrain Arab Oil Producing & Exporting Countries.

8 tv W tv Table A8 Gross Domestic Product at current price: distribution by sector (1980) in (US$ million): Country Agriculture Extractive Other Electricity Construction Commerce Finance UAE Saudi Arabia Oman i:) Qatar :;. Kuwait :::-. Bahrain GDPat services services prices taxes (net) market prices (1) ;::! Transportation Housing Government Other GDP at factor Indirect (") $:)... $:).... Arab Fund for Economic & Social Developments, Economic Accounts for the Arab World, March 1985.

9 Table A9 Gross Domestic Product at current price: distribution by sector (1981) in (US$ million): Country Agriculture Extractive Other Electricity Construction Commerce Finance UAE GDPat Saudi Arabia V) Oman l:i Qatar ;;' Bahrain I:l Kuwait ::to (") - Transportation Housing Government Other GDP at factor Indirect :g services services prices taxes (net) market prices (II ;::s $::< s:; Arab Fund for Economic & Social Developments, Economic Accounts for the Arab World, March 1985.!..;)

10 N W Table AlO Gross Domestic Product at current price: distribution by sector (1982) (US$ million).: Country Agriculture Extractive Other Electricity Construction Commerce Finance UAE Saudi Arabia Oman S Qatar a Kuwait Bahrain Transportation Housing Government Other GDP at factor Indirect GDPat services services prices taxes (net) market prices ;:s Arab Fund for Economic & Social Developments, Economic Accounts for the Arab World, March 1985.

11 Table All Gross Domestic Product at current price (US$ million): distribution by sector (1983) Country Agriculture Extractive Other Electricity Construction Commerce Finance UAE Saudi Arabia Oman Qatar Kuwait Bahrain Transportation Housing Government Other GDP at factor Indirect GDPat services services prices taxes (net) market prices Arab Fund for Economic & Social Developments, Economic Accounts for the Arab World, March CI'.) is... 1:;' :::-. (") I::l - :g t1:> ;::! S:<. N W VI

12 N W 0\ Table A12 Gross Domestic Product at current price (US$ million): distribution by sector (1984) Country Agriculture Extractive Other Electricity Construction Commerce Finance UAE Saudi Arabia Oman Qatar is' Kuwait Bahrain :1 - Transportation Housing Government Other GDP at factor Indirect GDPat services services prices taxes (net) market prices $:l Arab Fund for Economic & Social Developments, Economic Accounts for the Arab World, March 1985.

13 Table A13 Expenditure on Gross Domestic Product at current prices (US$ million): 1984 Country Gross capital Private Government Exports Imports Gross Domestic formation consumption consumption goods & services goods & services Product UAE Saudi Arabia Oman Qatar Kuwait Bahrain a... Arab Fund for Economic & Social Development (Kuwait, 1985).. - Table A14 Expenditure on Gross Domestic Product at current prices (US$ million): 1983 Country Gross capital Private Government Exports Imports Gross Domestic I:l... formation consumption consumption goods & services goods & services Product UAE Saudi Arabia Oman Qatar Kuwait Bahrain V:l S' Arab Fund for Economic & Social Development (Kuwait, 1985). -...J

14 Table A15 Expenditure on Gross Domestic Product at current prices (US$ million): 1982 N \;J 00 Country Gross Capital Private Government Exports Imports Gross Domestic formation consumption consumption goods & services goods & services Product UAE Saudi Arabia Oman Qatar Kuwait Bahrain ::to Arab Fund for Economic & Social Development (Kuwait, 1985). Table A16 Expenditure on Gross Domestic Product at current prices (US$ million): 1981 '"l5 Coun try Gross Capital Private Government Exports Imports Gross Domestic formation consumption consumption goods & services goods & services Product V) S (") \:l - (1:> ;: (:).... UAE Saudi Arabia Oman Qatar Kuwait Bahrain Arab Fund for Economic & Social Development (Kuwait, 1985).

15 Table A17 Expenditure on Gross Domestic Product at current prices (US$ million): 1980 Country Gross Capital Private Government Exports Imports Gross Domestic formation consumption consumption goods & services goods & services Product UAE Saudi Arabia Oman Qatar Kuwait Bahrain Arab Fund for Economic & Social Development (Kuwait, 1985) Table A18 Extracting industries value added at current prices (US$ million) Country UAE Saudi Arabia Oman Qatar Kuwait Bahrain Arab Fund, Economic Accounts for the Arab World, March V:l iii a N Vl \Q

16 240 Statistical Appendix Table A19 Extracting industries contribution to GDP (%) at current prices Country UAE Saudi Arabia Oman Qatar Kuwait Bahrain Arab Fund, Economic Accounts for the Arab World, March Table A20 Other industries value added at current prices (US$ million) Country UAE Saudi Arabia Oman Qatar Kuwait Bahrain Arab Fund, Economic Accounts for the Arab World, March Table A21 Other industries contribution to GDP (%) at current prices Country UAE Saudi Arabia Oman Qatar Kuwait Bahrain Arab Fund, Economic Accounts for the Arab World, March 1985.

17 Table A22 Government revenues and percentages to GDP (million Arab dinars) Revenues % to Gross Domestic Product Country UAE Saudi Arabia Oman Qatar Kuwait Bahrain Budgets of Arab countries: actual data; preliminary data and budget estimates.... n I:) Table A23 Surplus or deficit in government budget and % to GDP (million Arab dinars) - :g ;::! Surplus or deficit % to Gross Domestic Product I:l... Country V:J UAE Saudi Arabia Oman Qatar Kuwait Bahrain N Budgets of Arab countries: actual data; preliminary data and budget estimates.,...

18 Table A24 Government expenditures and percentages to Gross Domestic Product (million Arab dinars) Expenditures % to GDP Country is' UAE a... n Saudi Arabia l:l Oman Qatar :g Kuwait "' ;:! Bahrain l:l.. i=(' - Budgets of Arab countries: actual budgets; preliminary data and budget projections.

19 Table A25 Classification of current expenditures (% of total) Expenditure Expenditure Expenditure on defence (%) on government services (%) on economic program(%) Country UAE Saudi Arabia Oman V:l Qatar is' Kuwait Bahrain l=)' Expenditures on social services (%) Other expenditures (%) Country UAE I:l... Saudi Arabia Oman Qatar Kuwait Bahrain ;:, - Budgets of Arab countries: actual budgets; preliminary budget and budget projections. N W

20 244 Statistical Appendix Table A26 Saudi Arabia budgets for the years 1981/ /86 ($ million) Total revenues Total Expenditures Surplus or (deficit) / / / / (10 014) (12911) Table A27 Sectorial appropriations ($ million) 1985/ /85 Sector Appropriations Appropriations Percentage Manpower development Social development Infrastructure Municipal services Transport & communications Economic resources Defence and security Domestic subsidies Lending institutions Administration 6200 Other spending 23310

21 Statistical Appendix 245 Table A28 Saudi Arabia: main budget allocations (SR million) 1984/ /86 Admin- O&M Admin- O&M istrative and istrative and construction construction Human Resources Education ministry Women's education King Saud University King Abdel-Aziz University University of Petroleum & Minerals King Faisal University Imam Mohammea Ibn-Saud Univ Islamic University Umm AI-Qura University SANCST Gotevot Health & Social Development Health Ministry Information Ministry Labour & Social Affairs Min Youth Welfare Transport & Communications Transport Ministry PTT Ministry Civil Aviation Seaports Authority Saudi Railroad Organization Economic Resources Agriculture & Water Ministry Saline Water Conversion Corp Petroleum & Mineral Res. Min Industry & Electricity Min Grain Silos Corporation Infrastructure Public Works & Housing Min Royal Commission for Jubail & Yanbu Municipal Services Municipalities and Rural Settlements Water and Sewage Dept

22 246 Statistical Appendix Table A29 Kuwait: Budget (KD million) 1985/ % Change Expenditure General Reserve fund for future generations Increase in KF AED capital TOTAL Revenue Oil Other TOTAL Deficit Note Exchange rate $1=KD Table A30 Kuwait's budget for the years ($ million) / / / /86 Total revenues* Total expenditure Surplus or deficit (2322) (2323) (2 145) Note *Does not include Income from Foreign Investments. Table A 31 Qatar's budget 1984/ (QR million) 1985/ /85 % Change Total spending, of which Foreign commitments State projects Other capital spending Total revenues Deficit Note $1 = OR

23 Statistical Appendix 247 Table A32 Qatar's budget for the years /86 ($ million) / / / /86 Total revenues Total Expenditure Surplus or (deficit) (1 500) (1 364) (2 044) Table A33 Oman's budgets for the years (RO million) Revenue sources 1. Net oil revenue Other revenue Aid Development loans Drawing from reserve fund 120 Total revenue Applications 1. Defence & Security a) recurrent expenditure b) capital expenditure Civil Purposes a) current expenditure b) development Financial dev. institutions a) Oman Bank for Agriculture & Fisheries b) Oman Housing Bank c) Oman Development Bank Aid to private sector Govt. share in PDO expenditure a) recurrent b) development Repayment of loans Investment or Loans Total applications Deficit (207) (204) (199) Note $1 = RO

24 248 Statistical Appendix Table A34 Bahrain's budget (BD million) * 1985** Total Revenues (a) Oil revenue n.a. (b) Non-oil revenue n.a. Total Expenditure (a) Recurrent (b) Capital (c) Others (including university college expenditure) n.a. n.a. Notes * Original estimates. **Revised estimates. Table A35 UAE's budget for 1981/ /86 ($ million) / / / /86 Total revenues Total expenditure Surplus or 697 (873) (1488) (1 194) (994) (deficit)

25 Statistical Appendix 249 Table A36 Monetary authorities structure of deposits (%) ( ) Public Commer- Other Public Commer- Other Enter- cia! insti- enter- cia! insti- Country Govt prises banks tutions Govt prises banks tutions UAE Saudi Arabia Oman Qatar Kuwait Bahrain Table A 36 Monetary authorities structure of deposits (%) ( ) Public Com- Other Public Com- Other Public Com- Other Enter- mercia/ insti- enter- mercia/ insti enter- mercia! insti- Govt prises banks tutions Govt prises banks tutions Govt prises banks tutions

26 tv Table A37 Structure of domestic liquidity (%) VI Country Money Quasi Domestic Money Quasi Domestic Money Quasi Domestic Money Quasi Domestic money liquidity money liquidity money liquidity money liquidity 0 UAE Saudi Arabia Oman Qatar Bahrain Arab Monetary Fund, International Financial Statistics June & July 1985 Table A38 Changes in Factors affecting Domestic Liquidity (%): ( ) Net foreign assets Domestic credit total government Public enterprise Private enterprise Others net net net net ImlIlmlIlmlIlmlIlmll V) S... 1:;. ::to... til \:)... >;. UAE Saudi Arabia Oman Qatar Kuwait Bahrain

27 Table A39 Ratio of changes in factors affecting domestic liquidity to changes in domestic liquidity (%): Net foreign assets Domestic credit total government Public enterprise Private enterprise Others net net net net Country UAE Saudi Arabia Oman Qatar Kuwait Bahrain V:l S... 1:;0 ::to (")!:l... :g ;:s!:l... ><0 N U\...

28 252 Statistical Appendix Table A.40 Commercial banks: structure of deposits & percentages to GDP ( ) Demand Time Govt % Total Demand Time Govt % Total depo- depo- depo- togdp depo- depo- depo- togdp Country sits sits sits sits sits sits UAE Saudi Arabia Oman Qatar Kuwait Bahrain Demand Time Govt % Total Demand Time Govt % Total Demand Time Govt % Total depo- depo- depo- to GDP depo- depo- depo- to GDP depo- depo- depo- to GDP sits sits sits sits sits S;IS sits sits sits

29 Statistical Appendix 253 Table A41 Commercial banks: credit structure and % of total credit to GDP ( ) Public Private % Credit Public Private % Credit govern- enter- Enter- to Govt enter- enter- to Country ment prises prises GDP prises prises GDP UAE Saudi Arabia Oman Qatar Kuwait Bahrain Public Private % Credit Public Private % Credit Public Private % Credit Govt enter- enter- to Govt enter- enter- to govern- enter- enter- to prises prises GDP prises prises GDP ment prises prises GDP

30 254 Statistical Appendix Table A42 Balance of payments (million Arab Dinars): UAE Saudi Oman Qatar Kuwait Bahrain Arabia Exports Imports Trade balance Other goods & services ID O.ID ID ID Unilateral transfers ID ID ID- 67.ID ID ID ID ID Current account ID

31 Table A43 Exports and imports of agricultural products (US$ million) Exports Imports V} Country is' Oman Qatar UAE a... (:i' Saudi Arabia loll $:l Kuwait Bahrain I:l.... Food & Agriculture Organisation (FAO) Yearbook on Trade. VI

32 256 Statistical Appendix Table A44 International Reserves (million Arab dinars): Country UAE Saudi Arabia Oman Qatar Kuwait Bahrain

33 Index Abdulhassan, Jawad & Haidar Y. (company),213 Abu Dhabi: share dealing in, 84; steel plant in, 150; shipping traffic, 201, 204; see also United Arab Emirates Abu Dhabi National Insurance Company, administrative sector, 206 advertising, 51-4 agriculture, , 232-6; insurance, 192; exports and imports, 255 air lines and aviation, Al Ain, 187 Algeria, 32 AI-Mal (bank), AI-Manakh, see So uk AI-Manakh Al Rajhi Company (AI Rajhi Banking Investment Corporation), 82 aluminium, ammonia, 141, 147, 152 Arab Banking Corporation (ABC), Bahrain, 92, 94 Arab Commercial Enterprises Group (ACE), 193 Arab Company for Trading of Securities (ACTS), 7&-9 Arab Insurance Group (ARIG), 191,193 Australia, 63 aviation, see air lines and aviation Bahrain: in GCC, 1; GDP rates, 1, ; banks and banking in, 6-7,90-2,97, 104,252-3; balance of payments, 9, 177,254; imports, 10,90,177,254--5; administrative spending, 12; budgets, 13, 248; foreign workers in, 48, 206; TV sets in, 53; advertising in, 53; car sales, 58; food market, 63; proposed stock exchange, 82-3, 86; as regional financial centre, 86-7; construction in, 106, 111, 112, 117, 232-6; finances Saudi construction projects, 117; cement production, ; steel project, 150; fertilizer production, 152; aluminium production, 153-4; light industries, 154; dairying, 156; currency exchange, ; foreign assets, 164, 256; current account balance, 166, 177; oil production and reserves, 177, 231; agriculture in, 183-4, 232-6, 255; insurance in, 193-5; and Gulf Air, 198; tourism, ; shipping, 201-2, 204; long-term debt, 216, 223; liquidity and other indicators, 221-4, 250-1; population, ; structure of deposits, 249; international reserves, 256 Bahrain Monetary Agency, 97 balance of payments, &-9, 88, 254 banks and banking: difficulties, 6-8; Islamic legal constraints on, 7, 14,42, 90, 101; outflow of funds, 15; credit facilities to production projects, 34; development of, 66, 88; and investment policy, 69-70, 102-3; and instruments for investment, 71-2, 101, 102-3; adjustments to change, 8&-9, 97-9, ; and business opportunities, 89-91, ; reserves, 91; internationalization, 91-6; participation in syndicated loans, 92-3; lending by region, 95; foreign competition, 96; regulating and monitoring of, 96-7; private, 103-4; mergers and closures, 104; financing of construction projects, 111, 257

34 258 Index , ; and agriculture, 184-5, 191; and AI-Manakh crisis, ; structure of deposits and credit, Basmah (company), 131 Britain, see United Kingdom budgets: reduced expenditure, 8--9, 45; deficits, 11, 70; financing, 11-15; tables, capital: outflow, 15; markets, 72-4; and industrial development, 124; export of, 216; deposit structure, 249 cars (automobiles), cement industry, China: livestock from, 63 coal, 24, 27-8, 31-2 commercial vehicles, Committee on Natural Resources (United Nations), 28 communication products, 55-7 computers, 55-7 conservation: effect on oil production, 29 construction: decline in, 5, 7, 106, ; international contractors, , 118; financing, ; tables, consumer goods and spending, 18, 45,47-53 co-operatives (food), 63 country credit, , country risk, credit ratings, , currency: proposed single regional, 85; see also exchange rates current accounts, dairy industries, 156, Dammam, Saudi Arabia, 201 Dar al Maal Al Islami, 192 dates (fruit), devaluation, 14 dollar: exchange rates, Dortyol pipeline, 209 Dubai: food co-operatives, 63; steel plant in, 150-1; aluminium production, 153-4; insurance in, 194; international air traffic, 198; tourism, 199; shipping, 201, 204 Ecuador, 28 education, 42, 45, 106 electronics and electrical appliances, Emirates Airlines, 198 employment: pattern of, 35, 42; see also labour energy resources (non-oil), 24--5, 27-8,31-2 engineering, 40, 132 Engineering News Record, ethylene, 140-2, , 146 Eurocurrency, 92-3, European Economic Community, 144 exchange rates, expatriate labour, see labour extracting industries, see minerals fertilizers, 151-3, 188, 190 fisheries and fishing, food products, 156 foodstuffs, 62-4, 182 foreign assets and investments, ,256 France, 46, 61, 112, 160 Fujairah (port), 202, 204 fundamentalism (Islamic), 205 furniture, 60-2 gas, natural: as energy source, 31-2, 152; industries, 123-4, 142-3; and fertilizers, 151-3; Saudi supply, 180; reserves, 231 Germany, West: imports from, 9-10,45-6,90, 164, 169; car and truck sales, 57-8; furniture sales, 61; currency value, 159, 162, 164; Gulf investments in, Greece, 147 Gross Domestic Product (GDP): growth rates, 1, 107; and private sector, 5; related to oil demand, 23-5; non-oil contributions to, 35; industrial contribution, 121; and external sector, 163; in

35 Index 259 structural index, 220; tables of, guarantees and warranties, 55 Gulf Air, Gulf Co-operation Council: adjustment to slow development, 1-2; lower oil revenues, 2, 20-1; population, 2, 48, ; diversified industrial base, 2, 33; development plans, 2-3, 34-44, 45,68, 121; private sector involvement, 4-6, 19, 34, ; budgetary expenditure, 8-9, 11, 45, 70; imports, 10-11, 45, 164; external debt, 14; socio-political stability, , 38, 44, 205-7; social and cultural effects of boom, 17-18,47; outlook, 18-19, 33-44; and expected oil boost, 19, 32; oil Production and quotas, 20-2; 209; oil reserves, 28; and world oil demand, 32, 33-4; growth rates, 34, 67; investment opportunities, , 44; free enterprise encouraged, 38; Unified Economic Agreement, 39; manufacturing potential, 39-40; expatriate labour, 46--7; consumer markets, 47, 48-65; racial groups, 51; vehicle sales, 57-60; furniture sales, 60-2; high per-capita income, 64; co-operation in, 66; investment policy, 68-70; financial integration in, 85-7; construction in, 106, 109, 111, 113, 117; industrialization, , 157; common economic agreements, 124; joint ventures, 132-3, ; petrochemicals industry, 140-7; cement production, 148; fertilizer production, 151; and aluminium industry, 153; and light industries, 155-6; exchange rates, 161-4; foreign assets, 164-5; current account balances, 177,180; agriculture, ; insurance in, 193; and air transport, 198; and hotel business, 200; shipping, 203; fundamentalism in, 205; effects of recession in, 207; country credit and risk, ; liquidity and structural indices, ; see also individual countries Gulf International Bank, 94, 103 Gulf Investment Corporation, Kuwait, 69 Gulf Organization for Industrial Consulting, 38, 133, Hormuz, Strait of, 16 hotel industry, housing, hydro power, 31 IBM corporation, 56 imports, 10-11, 45-6, 125 India, 163 Indonesia, 28, 32 Industrial Bank of Kuwait, 78 Industrial Development Fund, 43 industrialization and industries: development of, 35-7, 39-40, 121-4; and investment, 43; and comparative advantage, 123-4; factors hindering, 125-6; new, , 134-7; small and medium, 134-7, insurance, 191-6, 203 interest: religious prohibitions on, 7, 14 International Energy Authority, 29 International Finance Corporation, 85 International Labour Organization, 48 International Monetary Fund (IMF): Special Drawing Rights, ; Saudi loans to, 165 investment: in Gulf region, , 44, 66--9, 72-4; risks and constraints, 41-4; instruments for, 43, 70-1; banking, 102-3; outlets for small and medium industries, 134-7; joint ventures, 132-3, ; see also banks and banking; capital

36 260 Index Iran: oil production, 20, 22, 209; oil exports, 32, 210 Iran-Iraq war (Gulf war): effect on Gulf economies, 1, 15-16, 41, 73, 205-6,208-11; ending forecast, 19; and oil markets, 22, ; and insurance, 192,203; effect on aviation, 196; effect on shipping, 203-4; course of, 208 Iraq: oil production, 20, 22,208-9; oil reserves, 28; oil exports, 32, 208, 212; cement production, 147, 149; shipping, 202 iron, 150-1; see also steel irrigation, 164, Islamic Insurance Company, 192 Italy, 9, 46, 60-1 Japan: exports to Gulf countries, 9-10,45-6, 65, 90, 164, 169; electronic and electrical appliances, 54; car and truck sales, 57-8; furniture sales, 61; construction work, 115; cement supply, 148; currency value, 159, 162, 164; external sector, 163; Gulf investments in, 166 Jebel Ali, Dubai, 204 Jeddah,4 joint stock companies, 12, 14, 35, 82,75 Kharg Island, 209 Khor Fakhan, Sharjah, 204 Korea. South, , 147,202 Kuwait: in GCC, 1; stock market, 1,7, 19,43,66,72-8,211-15; GDP rates, 1, ; decline in property values, 4; share price index, 4-5; banks in, 6, 66, 91, 97-8, 252-3; budgetary economies, 8, 70; balance of payments, 9, 254; imports, 10, 254-5; budgets, 11, 13, 246; capital investment, 15; oil reserves, 28, 231; oil production and earnings, 32, 172, 231; development plan and industrialization, 34-6; foreign labour in, 46, 206; TV sets in, 53; advertising in, 53; car sales in, 58; furniture sales in, 60-1; food market, 63; financial investment in, 69; listed companies, 74, 75; brokers, 77; AlMS in, 103; construction in, 106, , 117,232-6; petro-chemical industry, 146; cement production, ; steel project, 150; fertilizer production, 151; light industries, 154; dau)ring, 156; currency exchange, 159, 161-2; foreign assets, 165, 256; current account balance, 167; agriculture in, 183, 232-6, 255; insurance in, ; hotels, 200; shipping, 201-2; administrative sector, 206; Central Bank, 205; exports capital, 216; liquidity and other indicators, 221-4, 250-1; population, ; structure of deposits, 249; international reserves, 256 Kuwait Airways, Kuwait Foreign Trading, Contracting and Investment Company (KFTCIC), 77, 95, Kuwait International Investment Company, 77, 94 Kuwait Investment Company (KIC), 77,95, Kuwait Oil Tanker Company (KOTC),202 Kuwait Petroleum Corporation (KPC),202 Kuwait Supply Company, 63 labour: foreign (expatriate) force, 35, 46-8, 125-6, 206; nationals, 42, 126; agricultural, 187; flying by airlines, 196 law: Islamic and western, 42 Libya, 32, 166 liquidity index, , 221, 223, 250-1

37 Index 261 machinery, 156 Manakh, Al-, see Souk Al-Manakh methanol, 142, 145, 147, 152 Mexico, 26-7, 32 Middle East Bank, Bahrain, 92 Middle East Executive Report, 52 Mina Khalid, Sharjah, 204 Mina Sulman, Bahrain, 204 Mina Zayed, Abu Dhabi, 204 minerals, 40, 131; extraction, money supply, 162 Nasheshibi, Hikmat: 'Arab to Arab Eurobonds Can Work', 95 National Bank of Abu Dhabi, 84, 94 National Cash Register (NCR) Corporation, 56 National Commercial Bank, Saudi Arabia, 95 National Company for Co-operative Insurance, Saudi Arabia, 193 National Industrialization Company (NIC), Saudi Arabia: stock floated, 14, 71, 81-2, 180; and petrochemical joint ventures, 144; and food production, 155 National Marine Dredging Company, 84 National Shipping Company of Saudi Arabia (NSCSA), 202 Nestle company, 131 net back deals (oil prices), 21 newspapers and magazines, 54 New Zealand, 63 Nigeria, 32 nitrogen, 151 nuclear power, 24-5, 27-8, 31-2 OECD (Organization for Economic Co-operation and Development): oil demand in, 19, 23-5, 30; alternative energy sources, 27; and Gulf trade imbalance, 43; report on petrochemicals, 143 oil: OPEC increase, 1; lower revenues, 2, 9, 11, 43, 88, 211; changing demand, 19,23-7, 29-30; production quotas, 20-2, 30-1, , 209; net back pricing deals, 21; non-opec producers, 21, 25-7, 29-31; structural market changes, 22-6; prices, 22-3, 43; and Iran-Iraq war, 22, ; energy alternatives to, 24-5, 27-8, 31-2; reserves, 28, 231; efficiency improvements, 29-30; refining and associated industries, 123-4, ; servicing industries, 131; dollar pricing, 162, 164; shipping, 202; pipelines, Oil Producing and Exporting Countries, see OPEC Oman: in GCC, 1; GDP rates, 1, ; balance of payments, 9, 172, 254; imports, 10, 254-5; budgets, 11, 13, 70, 247; foreign workers in, 46-8, 206; TV sets in, 53; no commercial TV, 53; car sales in, 58; furniture sales in, 61; interest in stock exchange, 85; construction in, 111, 117, 232-6; mineral resources, 131; cement industry, 148; steel project, 150; exchange rates, 161; consumer prices, 164; foreign assets, 165, 256; current account balance, 167, 172, 178; oil production and reserves, 174, 231; agriculture in, 182-4, 190-1, 232-6, 255; insurance in, 193-5; and Gulf Air, 198; long-term debt, 216, 223; liquidity and other indicators, 222-4, 250-1; population, ; structure of deposits, 249; banks in, 252-3; international reserves, 256 OPEC (Oil Producing and Exporting Countries): and world demand for oil, 1-2, 30-2; crude oil production and quotas, 20-2, 30-1, 177, 180-1,209; benchmark price, 21; and structural market changes, 22-3; oil reserves, 28-9; foreign assets, 164; and Iran-Iraq war, ; see also oil

38 262 Index Pampers nappies, 131 Perez de Cuellar, Javier, 28 petrochemicals, 39, 43, , , 140-7, 155, 180 Petromin (company), 82 Port Rashid (Dubai port), 204 price increases, 65, private sector: increased involvement in economy, 4-6, 19,34, 38-41, 44; constraints on, 41-4; and financial development, ; in Saudi economy, 180 profit margins, 5 property values (real estate), 4 public debt instruments, 14 Qatar: in GCC, 1; GDP rates, 1, ; budgetary economies, 8, 70; balance of payments, 9, 174, 254; imports, 10,254-5; budgets, 11, 13, 246-7; foreign workers in, 48, 206; TV sets in, 53; advertising in, 53; food market, 63; lacks stock exchange, 85; banks, 91, 252-3; construction in, 107,110,117,232-6; petrochemical industry, 146; cement production and imports, ; steel production, 150-1; fertilizer production, 151-3; light industries, 154; currency exchange, ; foreign assets, 165,256; current account balance, 166, 176; agriculture in, 182-3, 232-6, 257; insurance in, 193-5; and Gulf Air, 198; shipping, 201-2; exports capital, 216; liquidity and other indicators, 221-4, 250-1; oil reserves and production, 231; structure of deposits, 249; international reserves, 256 Ras Al Khaimah, 151, 187 riba (ban on interest), 7, 14 Rostow, Walt Whitman, 33 Russia, see Union of Soviet Socialist Republics Saudi Arabia: in GCC, 1; GDP rates, 1, ; oil revenues, 2, 21, 169; banking reserves, 4; share price decline, 5; private sector in, 5; bank earnings, 6-7; budgets, 8, 11, 13, 70, 180, 244-5; balance of payments, 9, 179,254; imports, 10,45,201, 254-5; administrative spending economies, 12, 206; joint stock companies, 12, 14; overseas investment, 15; oil production, 20-1,32, 169, 177, 180-1,231; oil reserves, 28, 231; development plan and industrialization, 34-5, 37, 121-2, 180; low interest loans to industry, 38; local employment policy, 42; imports reduced, 45; foreign workers in, 46, 48, 206; population, 48, ; customs duties and tariffs, 49, 62; TV sets in, 53; advertising in, 53; computers in, 56; car sales in, 58, 60; furniture sales in, 60, 62; foodstuffs in, 62-4; agriculture, 64; banking practice in, 69, 90, 98, 101-2, , 252-3; stock market and supervision, 78, 80-2; construction in, , 149,232-6; mineral resources, 131; joint ventures, 132-3, ; petrochemical industry, 140-7, 180; main spending sectors, 141; cement production and imports, ; steel production, 150-1; fertilizer production, 151; and aluminium production, 153; light industries, 154-6; currency and exchange rates, ; consumer prices, ; foreign assets, 164-5, 169, 256; loans to IMF, 165; current account balance, 166-9, 181; liquid assets, 180; natural gas in, 180; economic policy response to deficit, 177, 180-1; agriculture in, 182-7, 232-6, 255; insurance in, 192-5; hotels, 202; shipping,

39 Index ; exports capital, 216; liquidity and other indicators, 222-3,250--1; structure of deposits, 249; international reserves, 256 Saudi Arabia Basic Industries Company (SABIC): share prices, 5, 81; stock floated, 14, 71, 81-2, 121, 180; and petrochemicals, 141, 144, 146; and iron and stel, ; and fertilizers, 151; liquidity index, 221 Saudi Arabia Monetary Agency: and investment policy, 69, 71; and stock market, 80--1; banking control, 97, 102; and exchange rate, 160 Saudi Industrial Development Fund, 133, 155 Saudi International Bank, 94 Saudi Petrochemical Company (Sadaf),202 Saudi Share Registration Company, 80 Saudia (national airline), 82, share prices, 4-5, 72-3, 76-7, 79, 83; see also stock markets Sharia law, 7, 90 Sharjah, 204 sheep: import of live, 63 shipping, Sony company, 55 Souk AI-Manakh, Kuwait: stock market crisis, 1,7, 19,73,74, 77-8, 80, 83-4, 90--1, 205-6; collapse described, Spain, 147 Special Drawing Rights (IMF), steel industry, 130, 131, ,201 stock markets, 43, 66, 72-8, 80--6, 121; see also Souk AI-Manakh structural index, , 223 subsidies, 12, 43, 185, 188-9, 207 Switzerland, Syria, tariffs (customs): increased, 12, 39, 43, 65; on consumer goods, 48, 62; on cement, 149 taxation, 11, 71, 132-3, 207 television sets, 47, 53 Texaco, 31-2 tourism, 199 tractors, 59 trade fairs, 54 Turkey, 112,209 Umm Al Quwain, 84, 148 Unified Economic Agreement (GCe),39 Union of Soviet Socialist Republics (USSR),208 United Arab Emirates: in GCC, 1; GDP rates, 1, ; banks and banking in, 6,69, 71, 96-7, 101, 252-3; budgets, 8, 11, 13, 248; balance of payments, 9, 172, 254; imports, 10, 254; capital outflow from, 15; oil reserves, 28, 231; oil production and exports, 32, 231; foreign workers in, 46, 48, 51,206; racial composition, 51; TV sets in, 53; advertising in, 53; car sales in, 58; furniture sales in, 60; food imports, 63; proposed stock exchange, 84, 121; construction in, , 117, 232-6; mineral resources, 131; petrochemical industry, 147; cement production, ; steel production, ; fertilizer production, 151-3; aluminium production, 153; currency exchange, ; consumer prices, 163; foreign assets, 165, 256; current account balance, 167, 176; agriculture in, 183, 187-9, 232-6; insurance in, 193, 195; and Gulf Air, 198; hotels, 200; shipping decline, 201; administrative sector in, 206; exports capital, 216; liquidity and other indicators, 221-4, ; population, ; structure of deposits, 249; international reserves, 256 United Arab Shipping Company