The economic impact of phasing out energy consumption subsidies in GCC countries

Sickle Cell Health Awareness, Perspectives, and Experiences (SHAPE) Survey: Findings on the Burden of Sickle Cell Disease and Impact on the Quality of Life of Patients and Caregivers in Gulf Cooperation Council Countries

Energy consumption accounts for most of global anthropogenic greenhouse gas emissions. Managing the growth in energy demand is therefore a key part of climate change mitigation. In the Gulf Cooperation Council (GCC) countries, energy consumption has been growing rapidly. Between 2004 and 2014, final energy consumption grew at an average annual rate of 6.8% compared to a global average of 1.8%. Energy efficiency can help GCC countries manage their energy demand growth, but it is difficult to measure energy efficiency, so analysts often rely on indirect indicators such as energy intensity. Frontier analysis can be used to measure energy efficiency, but is data intensive. To undertake frontier analysis for the GCC countries it was therefore necessary to construct a new dataset, which was used for corrected ordinary least squares to estimate underlying energy efficiency between 2004 and 2014 for two key sectors in the GCC countries: residential electricity and road transport gasoline. The results suggest that underlying energy efficiency generally improved in the GCC region, in contrast to the trend of rising energy intensity that the region has been witnessing. The energy efficiency improvements may have been driven by global technical progress and tighter global fuel economy standards, of which the GCC countries were beneficiaries. With the provision of high quality, recent data with shorter lag times, frontier analysis could be used to provide prompt feedback on the impact of energy efficiency policies and programmes, leading to better outcomes.

Research performance of the GCC countries: A comparative analysis of quantity and quality

India and the Gulf Cooperation Council (GCC) countries have age old relations. Indians and people from these countries have frequently travelled to each other’s countries for trade as well as other activities. Indians have been traced in GCC countries for a long time. Indians going to those countries for business, work and other purposes have been a very old phenomenon. Even in pre-oil era, thousands of Indians went to earn a livelihood in GCC countries and many of them settled there forever. However, Indians going to work on a massive scale to these countries is a post-1973 oil era phenomena. The massive inflow of oil revenues consequent to the high rise in global oil price saw unprecedented level of economic development in these countries. However, such development required massive level of manpower, which these countries did not have and this is why these countries are characterized as capital rich labour scarce countries. The economic development in post-1973 oil era in these countries resulted in large scale import of manpower from abroad. As Indians were not new to these lands, the Indian workers also started migrating to these countries in search of employment and better life. Today Indians are present in each sector of economies of GCC countries. Millions of Indian migrant workers abound the GCC countries and contribute their bit in building those economies. However, this benefits them also as well as the Indian economy. These Indian migrant workers are crucial for both Indian as well as GCC countries. This study is a detailed probe into this phenomenon.

This paper aims to present and analyze corporate governance disclosure (CGD) practices among listed non-financial companies in the Gulf Cooperation Council (GCC) countries’ stock exchanges. GCC include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (UAE). The study utilizes the benchmark developed by the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) of the United Nations Conference on Trade and Development (UNCTAD). This benchmark comprises 52 disclosure items that are divided into five broad categories: (a) financial transparency and information disclosure; (b) ownership structure and exercise of control rights; (c) board and management structure and process; (d) corporate responsibility and compliance; and (e) auditing. This benchmark is based on the UNCTAD publication Guidance on Good Practices in Corporate Governance Disclosure. Results indicate a low level of CGD since corporate governance is still considered novel in the GCC countries. The average disclosure level was 26% while the maximum was 65%. The category with the highest disclosure level was the ‘Financial transparency and information disclosure’ which is the case with other emerging markets. Providing an assessment of CGD using ISAR benchmark provides a tool for its future re-assessment in the GCC countries. Results show how important it is to enhance the awareness of CGD in the GCC countries stressing its importance on the micro and macro levels. Results also provide regulators and policymakers with recommendations on enhancing CGD in the GCC counties. The evaluation of CGD in the GCC countries can also help various stakeholders in their investment decision making.

This chapter provides an overview of the financial systems of the Gulf Cooperation Council countries: Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Oman and Qatar. It covers the development of individual GCC countries’ banking systems and financial markets, an analysis of the performance of Gulf banks, and briefly outlines recent moves to create a GCC economic and financial union. In general these countries have experienced various financial reforms aimed at strengthening their financial systems. These have mainly included moves to deregulate as well as to improve prudential standards. Stock markets have been upgraded and they have begun to play a wider role in financing various economic sectors within their respective countries, although their importance remains limited. Commercial banks still dominate GCC financial systems and banking systems are highly concentrated. Gulf banking systems show favourable improvement in terms of their asset quality, capital adequacy and profitability during the 1990s. Such indicators reflect an enhanced role for financial intermediaries in the process of economic growth and exhibit the positive impact of economic and financial reforms undertaken in these countries. Furthermore, from earlier analysis we know that financial systems have deepened in these countries and the proportion of credit allocated to the private sector as a percentage of GDP has increased, suggesting that banks have become more efficient in allocating financial resources within the respective countries.

Prevalence of Polycystic Ovary Syndrome among infertile women in the Gulf Cooperation Council (GCC) countries: a systematic review and meta-analysis

PurposeThis study objective is twofold. This study aims to present an institutional analysis of the implications of job localization programs in Gulf Cooperation Council (GCC) countries, such as Saudi Arabia, United Arab Emirates and Qatar. Further, it highlights the impacts of these programs on the accounting profession.Design/methodology/approachThis study is based primarily on the desktop research method, where data is collected from the review of previous studies, published data on Internet Websites and reports released by International organizations such as the United Nations. In addition, the study benefitted from conducting six interviews with government officials from GCC countries. Theoretically, this study draws upon insights from the institutional logics theory to discern higher-order institutions deriving job localization decisions in the GCC region.FindingsThis paper explained how job localization policies in the GCC region are informed by three central logics: economic, socio-political and professional. Despite contributing to achieving some socio-political goals for policymakers, these policies could have serious consequences for the practice of the professions and, hence, the local business environment. Besides, this paper highlighted the serious localization policies' impacts on the accounting profession, especially the quality of the workforce (accountants) and their job readiness.Practical implicationsThis study highlights the various implications of job localization policies for locals, foreigners, public and private sector entities and governments. Besides, it has recommended some actions to mitigate the negative influences of such policies on the surrounding society.Originality/valueThis study contributes to the literature by following an interpretative approach in explaining the localization of the accounting profession from an institutional perspective by bringing new evidence from GCC emerging markets.

Purpose This study investigates how the Russian invasion of Ukraine affected the stock markets of the Gulf Cooperation Council (GCC) countries in comparison to Europe and explores the varying responses of GCC markets. Design/methodology/approach Using an event study framework, the impact of the Russian invasion on equity markets in Europe and the GCC countries was analyzed by calculating abnormal returns around the event day, February 24, 2022. The study’s null hypothesis posits that abnormal returns on and around the event day are zero. Findings The analysis of abnormal returns revealed a negative impact of the event on both Europe and the GCC countries on the event day. While European markets continued to show negative abnormal returns, GCC markets rebounded with positive abnormal returns. The study also found diverse responses among GCC markets. Originality/value This paper is the first to examine the effects of the Russian invasion of Ukraine on the GCC countries and compares the market reactions to a political event in an energy-exporting region versus an energy-importing region. It also highlights the differences in responses among GCC stock markets, which may be influenced by market size and energy exports to Europe.

The Gulf Cooperation Council (GCC) countries are located in the driest part of the world with an annual per capita water availability of 500 m3 compared to the world average of 6000 m3. Agricultural water demand, which is more than 80% of the total water consumption, is primarily met through the massive exploitation of groundwater. The enormous imbalance between groundwater discharge (27.8 billion m3) and recharge (5.3 billion m3) is causing the excessive lowering of groundwater levels. Therefore, GCC countries are investing heavily in the production of nonconventional water resources such as desalination of seawater and treated wastewater. Currently, 439 desalination plants are annually producing 5.75 billion m3 of desalinated water in the GCC countries. The annual wastewater collection is about 4.0 billion m3, of which 73% is treated with the help of 300 wastewater treatment plants. Despite extreme water poverty, only 39% of the treated wastewater is reused, and the remaining is discharged into the sea. The treated wastewater (TWW) is used for the landscape, forestry, and construction industries. However, its reuse to irrigate food and forage crops is restricted due to health, social, religious, and environmental concerns. Substantial research evidence exists that treated wastewater can safely be used to grow food and forage crops under the agroclimatic conditions of the GCC countries by adopting appropriate management measures. Therefore, GCC countries should work on increasing the use of TWW in the agriculture sector. Increased use of TWW in agriculture can significantly reduce the pressure on freshwater resources. For this purpose, a comprehensive awareness campaign needs to be initiated to address the social and religious concerns of farming communities and consumers. Several internal and external risks can jeopardize the sustainable use of treated wastewater in the GCC countries. These include climate change, increasing costs, technological and market-driven changes, and regional security issues. Therefore, effective response mechanisms should be developed to mitigate future risks and threats. For this purpose, an integrated approach involving all concerned local and regional stakeholders needs to be adopted.

PurposeThe purpose of this paper is to explore the intellectual capital (IC) performance of banks in Gulf Cooperation Council (GCC) countries and to empirically investigate if IC has an impact on financial performance as well as to identify the IC components that may be the drivers of the traditional indicators of bank success.Design/methodology/approachThe empirical data are drawn from banks’ annual reports over the three-year period of 2008 to 2010. Ordinary least squares regression analysis is constructed to examine the relationships between IC and the banks’ financial performance indicators. Pulic’s value-added intellectual coefficient method (VAIC) is applied to measure IC performance.FindingsEmpirical findings, after controlling for bank size and global financial crisis, indicate that IC is positively associated with bank financial performance indicators in all GCC countries. However, when VAIC is split into its three components, the relationships between these components and bank financial performance indicators are varied.Research limitations/implicationsThe main limitation of this study is the use of IC measurement model. Its basic advantage (simplicity and ease of use) is also its main limitation. The main problem is measuring the contribution of something which is not physical and cannot be easily quantified. The key issue is that the value created by IC is indirect. However, at present, no perfect solution is available for intellectual capital measurement, as the area is still exploring the best possible solutions.Practical implicationsThe results may extend the understanding of the role of IC in banking sector in GCC region and may give inputs to managers of GCC banks to structure relevant strategies to obtain, utilize, develop and retain IC. The findings also could help policy makers in GCC to formulate and implement policies for establishing a resilient banking sector.Originality/valueThis study adds to the literature by extending the knowledge of IC performance and its utilization for increasing the financial performance of GCC banks. There has only been one previous empirical study that explores the IC and its relationship with the traditional measures of bank performance in GCC region (only in Bahrain). It is the first comparative study across GCC countries.

Background:Antimicrobial resistance (AMR) in Escherichia coli is an alarming issue worldwide, including in the Gulf Cooperation Council (GCC) countries, yet the prevailing gene patterns have not recently been reviewed. This study was conducted to determine and report on the dominant E. coli antimicrobial resistant gene patterns in GCC countries.Method:A scoping review identified the predominant AMR genes in GCC countries: CTX M, TEM, SHV, NDM, OXA, and VIM genes. For the systematic review, two authors independently searched Scopus, PubMed, Google Scholar, Science Direct, and Web of Science for interventional, clinical, or observational studies on the chosen AMR-conferring genes in E. coli published from GCC countries between January 2013 and June 2019, when the last search was carried out. The search strategy followed the PRISMA guidelines. The risk of bias was assessed using a 6-item standardized checklist. Random-effects modeling was used for all analyses.Results:A total 32 studies were included in the final synthesis of evidence. Overall, CTX-M (53.8%) was the most prevalent gene in the region followed TEM (40.6%), NDM-1 (28.4%), OXA (24.3%), VIM (8.5%), and SHV (7.8%). Most included studies were from Saudi Arabia: CTX-M was again most common with a prevalence of 46.8% from 5442 isolates.Conclusion:The risk of bias analysis showed a mean quality score of 4.25 ± 0.75, indicating high-quality in studies included in this meta-analysis. This review found that CTX-M gene is the most common AMR-conferring gene in E. coli strains from most GCC countries.

To mitigate climate change in Gulf Cooperation Council (GCC) countries, it is vital to understand how energy is being consumed in the different sectors. The GCC countries rely heavily on fossil fuel to meet the increasing demand for electricity especially from the residential sector. Consumption of fossil fuels has several impacts on the environment including the increase of carbon dioxide, a major contributor to climate change. Several measures exist to reduce electricity demand from the residential sector. These measures range from regulatory, technology, economic and information measures. To achieve successful adoption of these measures, a holistic understanding of the drivers and impacts of the growing trend of residential electricity consumption is required. This paper aims to understand the drivers and impacts resulting from the increase in the residential electricity consumption in Kuwait, one of the GCC countries. A Driving forces-Pressures-State-Impacts-Responses (DPSIR) framework is applied. Several indicators related to the socio-economic factors, energy consumption, energy intensity and carbon intensity are calculated using quantitative data for the period from 2000 to 2015. The results of analysis show that the increase in the residential electricity consumption is mainly driven by population growth and economic development. This has resulted in an increase in the fossil fuel consumption and the consequent CO2 emissions. This paper recommends conducting a residential electricity consumption survey to provide data required to inform decision making on energy saving in Kuwait. This recommendation is also extended to other GCC countries where a regional database can be developed to share experiences related to reducing residential electricity consumption

Groundwater quality levels are currently deteriorating in Gulf Cooperation Council (GCC) countries due to excessive surface and subsurface human activities. Agricultural and industrial activities, landfill seepage and seawater intrusion have been attributed to the deterioration of groundwater quality in GCC states. Such a deterioration of groundwater quality could affect water security in the region, including human health and the ecosystem. Therefore, this review aims to identify the key causes of groundwater contamination across the GCC countries from the published literature. In addition, the review summarizes the major components of the groundwater contaminants across the GCC countries. The results have shown that heavy metals, several cations and anions are the leading cause of groundwater pollution. In most cases, the level of metals and ion contaminants exceeds both the local and international water quality standards. The results have observed the presence of high levels of coliform and radioactive elements in groundwater, especially Uranium and Radium, thereby posing additional risk to human health through consumption. Considering the scarcity of freshwater resources in GCC, urgent actions are required from the decision-makers and relevant regulatory bodies to set up and implement long-term mitigation strategies and stringent policies that will protect the groundwater resources from the adverse effects of anthropogenic activities.

This study examines the impact of ownership concentration, board features and external audit on related party transactions (RPTs) of listed firms in four Gulf Cooperation Council (GCC) countries, namely Bahrain, KSA, Kuwait and UAE. A sample of 460 firm-year observations was investigated during 2016-2018. Six models of hierarchical multiple regression (HMR) were performed to regress five independent variables (ownership concentration, board size, role duality, board independence, audit quality) on RPTs which include three transactions (key management compensation, due from RP and due to RP). HMR results indicate that ownership concentration, board size and board independence are associated with only one type of RPTs, which is key management compensation by listed firms in GCC countries. However, other types of RPTs are not explained by most of independent variables. Providing practical evidence on listed firms in GCC may provide a new dimension on this part of empirical accounting research and may help in improving governance practices. This research is the first attempt in the Gulf region to investigate the impact of CG mechanisms on RPTs. It makes a unique contribution and enrichment to this area of the accounting research in emerging markets in general and in GCC countries in particular.