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Purpose – Study the investment and risk management approach of sovereign wealth funds when national wealth including natural resources is accounted for rather than only financial asset.

Methodology/Approach – Using a range of widely used asset classes, we simulate sovereign wealth fund returns when considering only financial assets but also under varying levels of national wealth holdings in oil. We optimize two-asset financial portfolios and three-asset portfolios when including oil to maximize the risk-adjusted returns.

Findings – Sovereign wealth funds by failing to invest for the national wealth portfolio are overlooking a major source of volatility. To reduce the level of volatility associated with yearly national wealth returns, allocating a higher percentage of fixed assets to high-quality fixed income and low-risk equities will maximize the risk-adjusted returns of national wealth for sovereign wealth fund states.

Social implications – By focusing solely on the financial assets managed by sovereign wealth funds, states are exposing themselves to significant national wealth risk.

Originality/Value of the paper – This is the first work to estimate the impact on national wealth of oil-dependent states by failing to account for volatile commodity prices through the investment strategies of sovereign wealth funds.

A growing literature links oil to conflict, particularly civil war. Greed/opportunity, grievance, and weak state arguments have been advanced to explain this relationship. This chapter builds on the literature on oil and conflict in two important ways. First, I examine a novel dependent variable, domestic terrorism. Much is known about the effect of oil on the onset, duration, and intensity of civil war, though we know surprisingly little about the potential influence of oil on smaller, more frequent forms of violence. Second, I treat oil ownership as a variable, not a constant, coding oil rents based on ownership structure. This is contrary to other related studies that assume oil is necessarily owned by the state. Using a large, cross-national sample of states from 1971 to 2007, several key findings emerge. Notably, publicly owned oil exhibits a positive effect on domestic terrorism. This positive effect dissipates, however, when political performance and state terror are controlled for. Privately owned oil, on the other hand, does not correlate with increased incidences of terror. This suggests that oil is not a curse, per se.

Multiple dimensions influencing women's status in the Middle East and North Africa (MENA) region – factoring in socio-demographic, economic, and political forces are discussed in this paper. Process of modernization has been complicated by a strong patriarchal culture, the overlap of religion and government, and the absence of a diversified economy along with presence of wealth producing oil resources. Religious ideology, cultural beliefs, and traditional principles, however, cannot be argued as the only reason for women's status lagging behind in these countries. The paper aims to discuss these issues.

Six diverse MENA countries – Iran, Libya, Tunisia, Saudi Arabia, United Arab Emirates, and Yemen – that differ from one another with respect to geography, economy, demographics, modernization characteristics and cultural history are examined for comparative reasons.

Even though Islam is commonly portrayed as the main factor controlling women's lives and opportunities in MENA, the analysis shows that there are other significant processes at work. To date, women's higher level of educational attainment and unusually swift fertility decline in the MENA region deviates from the expectation that predicts a strong positive correlation between these demographic factors and increased women's social status and higher social mobility.

This conceptual paper demystifies the connection between women's social status and empowerment in the MENA region and its connection to economic development, employment opportunities, and political stability.

This paper critically analyses major shifts in the UAE's public and economic policy, particularly examining the transition from oil dependency to diversification and then to sustainability and resilience. It aims to provide insight into the facilitators, inhibitors and future of sustainable development in the UAE.

The paper reviews evidence on diversification resistance, the resource trap and sustainable development, and draws attention to the dynamics of policy reform in the UAE, especially after the COVID-19 pandemic.

The findings of this study indicate that not all patterns of diversification result in sustainable development and resilient economies. The evidence also suggests that achieving sustainable and resilient growth does not necessarily come at the cost of economic prosperity. After decades of extraordinary diversification, the UAE's economic policy has undergone a paradigm shift. Years of fluctuating oil revenues, increasingly globalised markets, environmental obligations and significant recent structural changes in energy markets have paved the way for a new emphasis on sustainable diversification and economic resilience.

The paper provides novel insight on the UAE's transition to a sustainable and resilient economy and contributes to the current public policy debate about the future of economic policies in the UAE on sustainable diversification initiatives and the trade-offs that emerge from embracing sustainable diversification and economic resilience goals.

Despite the huge financial resources associated with oil, Nigeria has consistently recorded poor growth performance. Therefore, this study aims to examine how corruption and oil rent influence Nigeria’s economic performance during the 1996–2021 period.

Various estimation techniques were used. These include the bootstrap autoregressive distributed lag (ARDL) bounds-testing, dynamic ordinary least squares (DOLS), the fully modified OLS (FMOLS) and the canonical cointegration regression (CCR) estimators and the Toda–Yamamoto causality.

The bounds testing results provide evidence of a cointegrating relationship between the variables. In addition, the results of the ARDL, DOLS, CCR and FMOLS estimators demonstrate that oil rent and corruption have a significant positive impact on growth. Further, the results indicate that human capital and financial development enhance economic growth, whereas domestic investment and unemployment rates slow down long-term growth. Additionally, the causality test results illustrate the presence of a one-way causality from oil rent to economic growth and a bi-directional causal relationship between corruption and economic growth.

Existing studies focused on the effects of either oil rent or corruption on growth in Nigeria. Little attention has been paid to the exploration of how the rent from oil and the pervasiveness of corruption contribute to the performance of the Nigerian economy. Based on the outcome of this study, strategies and policies geared towards reducing oil dependence and the pervasiveness of corruption, enhancing human capital and financial development and reducing unemployment are recommended.

This paper aims to assess and empirically analyze the impact of marine production manufacturing on gross domestic product (GDP) indicators as a comparative study in Gulf Cooperation Council (GCC) countries.

This study used analytical quantitative approaches to assess the impact of marine production manufacturing on GDP between GCC countries over the period from 2007 to 2015. The data were collected from Global Competitiveness Reports during 2006-2016 and from Food and Agriculture Organization of the United Nations, FAO 2015 reports.

The results show that Saudi Arabia country has the highest production of marine while Bahrain country is the lowest in GCC. The results of ordinary least squares test show that marine production has a statistical significance on GDP indicators as Pearson correlation matrix shows a strong relationship between all variables.

The main conclusion is that GCC countries must adopt a regional strategy to support maritime activities, especially in the light of green environmental fluctuations. Integrated management plans are also needed to protect vital coastal ecosystems while allowing economic growth and ensuring a better quality of life for all coastal populations. Comprehensive and collaborative leadership provides effective long-term management of coastal ecosystems in the GCC. In addition, GCC countries have high competition with each other for their market share in the global export-based marine production manufacturing.

This paper is the first to present most wealthy GCC countries in terms of marine production manufacturing. Marine production manufacturing introduces to create a new competitive market that generates distinctive internal capabilities for survival and growth in international markets.

Income and wealth in Brazil is distributed as unequally and unjustly as in any other nation or region of the world. This chapter examines how wealth and income has been, is, or might be made available to the population. Using the conceptual framework of the substantive economics developed by Karl Polanyi, Conrad Arensberg, and their colleagues, the distribution of goods and services is analyzed as a socially “instituted process,” separate from production and other factors generally included in studies of economics. Four approaches are presented as they were elaborated in the thinking of authors who wrote at different times in history: The Infante Dom Pedro of Portugal in the early 15th century, Adam Smith in the late 18th century, Karl Marx in the 19th century, and Louis Kelso in the mid-20th century. Each approach, three of which have been, and one which might be instituted, is explored in terms of its potential for reducing poverty and correcting distributive injustice.

The purpose of this paper is to examine how shadow constituents are redefining corporate social responsibility (CSR) through activism, and how oil companies in Nigeria are responding to this development.

This paper contributes to the conceptual framework of CSR which asserts that whereas all stakeholders of a company do not have an equal say in its strategic direction, they are affected by such direction, and must hence be considered.

The findings reveal these points: activists are gaining a strong foothold in forcing oil companies to cooperate with their vision of social change; Nigeria lacks legislation compelling oil companies to contribute to the development of their host communities; and although internal oil company documents suggest efforts to help their hosts communities have been made, no meaningful agreement between the oil companies and the indigenous communities have been reached.

The paper encourages a broader conception of CSR. Shadow constituents have become such influence wielding stakeholders in organizations today that we need to explore more fully the role they play in dictating public agenda and influencing policy globally.

Multinational corporations can develop a better understanding of strategies and techniques that can enable them to balance the interests of a wider group of stakeholders and manage the interconnected social, environmental and economic impacts of their businesses.

This paper enriches the research database on CSR.