ABSTRACT
The Middle East continues to be one of the most volatile and dynamic regions of the world. Beyond the dramatic impact of developments after 9/11 on the region’s security, the Middle East has in recent years acquired a further strategic edge as demand for its hydrocarbon resources has soared. The substantial growth in this demand has followed the rapid globalisation of China and India, and sustained growth in the other pivotal regional economies (such as Brazil, South Africa and the East Asia tigers). Despite the dramatic downturn in the global economy following the 2008/9 financial crisis demand for hydrocarbons rebounded very rapidly, enabling the most resilient oil states (such as Saudi Arabia, Kuwait, Libya, the UAE, Qatar) to bounce back. The global financial crisis left its mark on many Middle East economies, but it also provided some with the opportunity to accumulate Western assets at bargain prices, and indeed also brought unexpected prominence for Saudi Arabia. The Kingdom became the first Middle Eastern country to join the high table of global power, as its membership of the G20 community of states also confirmed its position as the region’s leading economy.
