“This is certainly the beginning of the end for oil wealth at this sustainable level,” said Karen Young, a senior fellow at the Middle East Institute in Washington.
“Today’s boom is different in that it is more than just an oil crisis,” Young said. “It’s a major shift in the structure of how we meet global energy needs.”
“Construction projects are often started and then abandoned when the oil money runs out,” said Eileen Wald, a non-resident fellow at the Atlantic Council in Washington, D.C. “Because they have a lot to spend there often not a lot of oversight and there has traditionally been a lot of corruption.”
According to Omar Al-Obaidli, director of research at the Bahrain-based Derasat Research Centre, there has also traditionally been a heavy focus on increases in public sector employment and in public sector salaries through bonuses or raises.
The report said that focusing on investment in the energy transition is critical as many parts of the world are accelerating the transition to renewable energy.
Gulf states have backed away from the idea that hydrocarbons could be phased out as a primary source of energy as environmentally conscious nations moved to alternative sources. They say that oil plays a crucial role in the global economy and will continue to do so.
Critics object that it is in the interest of oil exporters to push this narrative, but oil nations have pointed to rising demand for crude that has coincided with the removal of Covid-19 restrictions around the world.
The United Arab Emirates, one of the world’s largest oil exporters, has warned that a very rapid transition away from hydrocarbons could cause an economic crisis.
Young of the Middle East Institute said that even if economies move away from oil as an energy source, oil-based products such as petrochemicals and plastics will continue to be in demand.
However, experts say the Gulf states realize that even as demand for oil continues, such price hikes may not occur again with the same degree or frequency.
“There is a tangible feeling that this is a fleeting boom and that it may represent the last sustained rise in oil prices,” Al-Obaidli said. “Governments and people alike feel that this is an opportunity that should be fully exploited, rather than squandered by short-sighted decision-making.”
An Iranian woman dies after falling into a coma while in the custody of the morality police
- background: On Tuesday evening, Mahsa Amini and her family, who had traveled from Iran’s Kurdistan Region to visit relatives in the capital, Tehran, were stopped by a patrol of the Morality Police – a unit that enforces strict dress codes for women. According to IranWire, human rights activists who spoke to the family said that police arrested Amini and forced her into a police car. On Thursday, Tehran police said Amini had suffered a “heart attack”. Iranian officials said, on Saturday, that an autopsy had been carried out, and the results would be announced after an examination by experts.
- why does it matter: The incident sparked global outrage, with many using the hashtag #MahsaAmini in English and Farsi on social media to protest Iran’s morality police and the assault women face in relation to the country’s strict hijab rules. It also comes on the heels of recent protests on social media in Tehran against the “National Hijab and Chastity Day”.
Erdogan wants Turkey to join the Shanghai Cooperation Organization
President Recep Tayyip Erdogan has said he is targeting membership in the Shanghai Cooperation Organization (SCO) for NATO member Turkey, Reuters reported, citing Turkish broadcaster NTV and other media on Saturday. He was speaking to reporters after attending the Shanghai Cooperation Organization summit in Uzbekistan. “Our relations with these countries will move to a much different position with this step,” Erdogan said. When asked if he intended membership in the Shanghai Cooperation Organization, he said, “Of course, that is the goal.”
- backgroundTurkey is currently a dialogue partner of the Shanghai Cooperation Organization, an economic, political and security group whose members include China, Russia, India, Pakistan, Iran, Kyrgyzstan, Tajikistan, Kazakhstan and Uzbekistan.
- why does it matter: Joining the Shanghai Cooperation Organization will bring Ankara closer to Russia and China as the Ukraine war polarizes global politics. NATO member Turkey maintained good relations with Russia during the war and refrained from joining its Western allies in punishing the country.
Photos show the Iranian leader at an event amid reports of deteriorating health
Pictures and a video posted on Iranian government websites and state media showed the country’s Supreme Leader Ayatollah Seyyed Ali Khamenei sitting in a mosque in Tehran to attend the Arbaeen mourning ceremony, at the end of a 40-day period of mourning for the killing of one of the prophets. Muhammad’s grandsons, a day after news came of the ayatollah’s health deteriorating.
- background: The New York Times reported on Friday that Khamenei canceled all public appearances last week after he fell “seriously ill” and was under the watch of a team of doctors. Citing four unidentified people familiar with his health, the New York Times said Khamenei was resting in bed after undergoing surgery sometime last week for a bowel obstruction.
- why does it matterKhamenei has been Iran’s leader for the past three decades and is one of the longest serving rulers in the Middle East. It remains unclear who might succeed the leader, but in the event of his death it is expected that the Assembly of Experts will meet to discuss his successor.
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Queen Rania of Jordan talks to CNN’s Becky Anderson about advice given to her by the late British Queen Elizabeth II, saying she stays with her to this day.
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The 24-year-old Casablanca-born defeated English golfer Megan McClaren in a playoff on Saturday, and said her victory at the French Open Women’s Championship would be something she will remember “for the rest of my life” as she celebrated her historic victory. In Deauville next to her husband Ali, who also works in cans.
“It feels great,” said Laclaleche’s women’s website. “It’s great to hear that. I don’t have any words to describe it.”
She added that “Morocco is doing a great job in promoting golf” and that “a Moroccan victory in a grand tour would be a huge thing for the country and the Arab world in general.”
Laclaleche also said she is a huge fan of Tunisian tennis star Anas Jabeur, who became the first African woman to play in a Grand Slam final when she reached Wimbledon and the US Open this year.
Written by Amy Lewis