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Resource Poor! :D
What is meant by “black gold”
Oil
How dependent is Jordan on importing energy?
95%
It’s U-Shaped
What shift in public policy has the UAE adopted in its recent diversification efforts?
From traditional diversification focused on hydrocarbons to sustainable diversification and economic resilience
What are stranded assets?
This term describes the risk that fossil fuel assets may become obsolete due to the energy transition.
While oil brought prosperity, it also … (downsides)
deepened societal divisions and political instability
What term is used in the article to describe the UAE's challenge of relying on oil revenues to fund diversification initiatives (El Anshasy & Khalid, 2023)?
Diversification resistance or the "resource trap"
What are the potential macroeconomic effects on fossil fuel-exporting countries as global demand for fossil fuels declines?
Impacts include reduced export revenues, fiscal instability, balance of payments challenges, slower economic growth, increased unemployment, and higher risks of financial sector instability.
Do centralised energy system help with energy independence?
No they don’t! Decentralised does tho!
What sector contributes less than 9% of the UAE's total economic output, highlighting its limited diversification (El Anshasy & Khalid, 2023)?
The manufacturing sector
What are the four main implications of oil’s declining influence on Middle Eastern political stability as identified in the article by Mann (2021)?
1) Increased risk due to reduced Western security support,
2) Necessity for economic diversification,
3) Shift in the civil contract between rulers and citizens, and
4) Questioning the legitimacy of new rulers lacking the founding fathers' charisma and experience.
Explain the concept of "late rentierism" as discussed in the article and its significance to the UAE's economic strategy.
"Late rentierism" refers to the evolution of rentier states into mixed economies that are more globally integrated and adopt an entrepreneurial state-capitalist model. For the UAE, it signifies a shift towards technology-driven economic diversification while maintaining some oil dependency, driven by increased state capacity and political stability.