Introduction

Abstract

The Middle East and North Africa (MENA) has witnessed much change over the past few decades. It has experienced the difficulties of post-colonial independence marred by a number of wars. This political instability coupled with too much government control and regulation caused much of the international financial and business community to shun this region for emerging superstars of Southeast Asia. Fund managers estimated that out of a total of US$65 billion of capital floated into emerging markets in the peak year of 1993, only 0.3% trickled to Arab markets. Yet, this region is rich in human capital and natural resources. It is the home of 6% of the world's population with a wealth of highly skilled workers and a gross domestic product (GDP) of over US$600 billion. The region also has some of the world's largest oil reserves. This volume sets out to offer a reappraisal of the performance of international financial arrangements in the MENA region over the past two decades. Reappraisal offers much insight into how countries in the MENA region have been attempting to restructure their financial markets over the past two decades in hopes of attracting and utilizing international capital more effectively. It also proffers an analysis of the future prospects of international capital flows in this region as well as examining a number of case studies for insights into how financial markets operate in the Middle East.

Citation

Neaime, S. and Colton, N.A. (2005), "Introduction", Neaime, S. and Colton, N.A. (Ed.) Money and Finance in the Middle East: Missed Oportunities or Future Prospects? (Research in Middle East Economics, Vol. 6), Emerald Group Publishing Limited, Leeds, pp. xi-xviii. https://doi.org/10.1016/S1094-5334(05)06012-7