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The forces unleashed by the Arab political awakening have the power to be transformational. One critical parameter of success will be whether the Arab political awakening is accompanied by a concurrent economic awakening. Such an economic awakening would need to generate quality employment for the millions of young men and women who are looking for jobs and a decent life. In most Arab countries, it has become evident that the development paradigm of the past cannot achieve the qualitative and inclusive growth expected by the population. Economic integration through increased trade and foreign direct investment (FDI) is one key means available to policy makers in the short to medium term to put the Partnership countries on a higher path of sustainable economic growth and in a position to decisively tackle the problem of unemployment, especially youth unemployment. The comprehensiveness of the proposed integration strategy is also designed to facilitate its political feasibility and acceptance. Although any single efficiency-enhancing reform may hurt a particular group or individual, once it is part of a broad and comprehensive reform agenda, the potential negative effects of reform tend to cancel out each other, making everyone a winner.

PurposeThe present research study aims to explore the impact of the most recent Israeli–Palestinian conflict, which unfolded in October 2023, on global equity markets, including a wide range of both emerging and developed markets (as per the Morgan Stanley Capital Investment country classification).Design/methodology/approachThe market model of event study methodology, with an estimation window of 200 days and 28-day event window (including event day, i.e. October 7, 2023), has been employed to investigate the event’s impact on the stock markets of different countries, with 24 emerging countries and 23 developed countries. The daily closing prices of the prominent indices of all 47 countries have been analyzed to examine the impact of the conflict on emerging markets, developed markets and overall global equity markets. Additionally, cross-sectional regression analysis has been performed to investigate the possible explanations for abnormal returns.FindingsThe findings of the study suggest the heterogeneous impact of the selected event on different markets. Notably, emerging markets and the overall global equity landscape exhibited substantial negative responses on the event day, as reflected in average abnormal returns of −0.47% and −0.397%, respectively. In contrast, developed markets displayed resilience, with no significant negative impact observed on the day of the event. A closer examination of individual countries revealed diverse reactions, with Poland, Egypt, Greece, Denmark and Portugal standing out for their positive or resilient market responses. Poland, in particular, demonstrated significantly positive cumulative abnormal returns (CARs) of 7.16% in the short-term and 8.59% in the long-term event windows (−7, +7 and −7, +20, respectively), emphasizing its robust performance amid the geopolitical turmoil. The study also found that, during various event windows, specific variables had a significant impact on the CARs.Practical implicationsThe study suggests diversification and monitoring of geopolitical risks are key strategies for investors to enhance portfolio resilience during the Israeli–Palestinian conflict. This study identifies countries such as Poland, Egypt, Greece, Denmark and Portugal with positive or resilient market reactions, providing practical insights for strategic investment decisions. Key takeaways include identifying resilient markets, leveraging opportunistic strategies and navigating market dynamics during geopolitical uncertainties.Originality/valueAs per the authors’ thorough investigation and review of the literature, the present study is the earliest attempt to explore the short-term and long-term impact of the 2023 Israeli–Palestinian conflict on equity markets worldwide using the event study approach and cross-sectional regression analysis.

This paper examines the impact of adopting IFRS on economic growth and further development in the Arab Gulf countries, with a particular focus on Saudi Arabia, UAE, Qatar, Oman, Kuwait, and Bahrain. It, therefore, answers the research question of how IFRS adoption affects financial transparency, regulatory frameworks, and economic stability in general in oil-dependent economies. Using data from 2010 to 2020, the research uses regression models to test the influence of IFRS adoption on several key economic indicators. The results, thus, indicate that the adoption of IFRS considerably increases the level of transparency and, hence, enables the inflow of FDI as well, therefore ensuring economic growth. This result also sheds light on the critical roles that regulatory solid frameworks and political stability play in amplifying the benefits of IFRS adoption. However, family-based and state-owned enterprises' resistance to increased demands for transparency is an issue that would provide a challenge. Implications for policy will be such that comprehensive reforms will be required with the countries' regulatory frameworks, including more transparency and fitting the IFRS guidelines into local business practice and the cultural context. Future studies should also underscore sector-wise impact and go deeper into how cultural and institutional factors impact the effectiveness of implementing IFRS in the Arab Gulf region.

The current study aims to explore the role of various macroeconomic factors in determining corporate investment. Using firm-level data of six Gulf Cooperation Council (GCC) region countries for a 14 year period (2007–2020), the current study establishes the empirical analysis by employing the system generalized method of moments (GMM) technique. The empirical results reveal the negative impact of foreign direct investment whilst the positive impact of economic growth, financial development, and inflation rate on corporate investment decisions. Due to high market competition, foreign direct investment can hamper the growth of domestic industrial sectors. However, economic growth, financial development, and inflation rate positively drive the investment by enhancing the demand for industrial products, cheap financing, and price appreciation effect on production enrichment respectively. Based on results, it is suggested that corporate managers should consider the economic sensitivity of investment. The novelty of study can be listed, as the current analysis presents the dynamic role of various economic factors in determining the corporate investment decisions specifically in GCC region countries.

This paper investigates the adequacy of entrepreneurship training programs across diverse geographical regions, examining how various factors—such as the nature of the training, accessibility of digital resources, contextual conditions, and institutional support—affect the enhancement of trainees’ skills. The objective is to offer evidence-based recommendations for the development of effective and equitable training initiatives that facilitate opportunities for successful entrepreneurship on a global scale. The research design employed a multi-methods approach, integrating Fermatean Step-wise Weight Assessment, Monte Carlo Simulation, Latent Dirichlet Allocation, sentiment analysis, and a spatial econometric model. Researchers collected data from entrepreneurial development centers across the United States, United Arab Emirates, China, India, and Pakistan through surveys and feedback from entrepreneurs, trainers, and program administrators. The comprehensive methodology facilitated examining the relationships among training methods, regional disparities, and skill enhancement outcomes. The results indicate that the training process, access to digital tools, and trainer competencies significantly predict program success. The duplication of resource access and geographically uneven disparities challenge entrepreneurial development, with more favorable outcomes observed in developed economies. Furthermore, participant sentiment and perceived usefulness mediate the relationship between training and the formation of inherent entrepreneurial skills. The research highlights the interplay among training methodologies, access to digital tools, and geographic factors in fostering entrepreneurial success. The study proposes a comprehensive framework for scaling effective training models and addressing systemic inequalities by focusing on trainees. The findings have significant practical implications for developing adaptive, technology-driven training ecosystems supporting global entrepreneurial growth.

PurposeThis paper aims to discuss the main characteristics of the Middle East North Africa (MENA) region's capital inflows volatility. It also examines the effect of institutional quality and information availability on capital inflows volatility in selected MENA countries (Bahrain, Egypt, Israel, Jordan, Kuwait, Libya, Morocco, Oman, Saudi Arabia and Tunisia) in the period 1996–2017.Design/methodology/approachThe study's assessments are based on the International Country Risk Guide (ICRG) and globalization indices. It also employs an updated data set of balance of payments indicators released by the International Monetary Fund. Moreover, the study uses econometric panel modeling of random effect model, with Driscoll-Kraay robust standard error, to analyze the relationship between capital inflows volatility, institutional quality and information availability.FindingsThe paper finds that both institutional quality and information availability are in an inverse relationship with the total capital inflows volatility in the MENA region. However, the findings vary across the different components of total capital inflows. For example, the volatility of foreign direct investment (FDI) declines, like total capital flows, as the two factors improve. However, the volatility of foreign portfolio investment (FPI) is negatively related to institutional quality but does not have any significant relationship with information availability. While the volatility of foreign other investments (FOI) decreases with the availability of information, but does not have any significant relationship with institutional quality.Originality/valueThis paper expands the limited literature regarding the determinants of capital inflows volatility. Furthermore, it is the first study that investigates the effect of institutional quality and information availability on capital inflows volatility in the MENA region.

The aim of this study is to analyze the impact of the political violence during the Arab Spring on the stock market return of international defense firms. The direction of this impact is not directly straightforward as the civil unrests influence the expectations of investors in two opposite ways. On the one hand, investors might expect that when the peaceful demonstrations were turned into violent events, the Arab governments involved will start acquiring more military-strategic goods to repress the protests or send a strong signal of power to ensure their stay in office. However, on the other hand, when the popular protests escalated, investors, perhaps, became more concerned about the possible imposition of international military sanctions against the Arab Spring countries to restore peace and protect human rights. The main empirical findings of a dynamic panel model clearly confirm this pattern and point out that when the Arab Spring originated, the abnormal return of international defense stocks starts to rise immediately. However, in the course of time, the concerns of the introduction of arms embargoes become stronger and eventually start to dominate, causing the abnormal return to fall again, while the idiosyncratic risk began to fall due to enhanced diversification. It turns out that firm-specific factors can explain a substantial part of the effect found. For instance, the reaction of investors to the Arab Spring is significantly larger for firms that produce predominantly military goods.

This study examines the impact of foreign direct investment (FDI) on women's labor force participation in 14 Arab countries from 1991 to 2021. Theoretically, FDI supports gender equality by creating more jobs for women, providing them with better working conditions, and increasing their wages relative to those provided by local firms. It also does this via increasing the demand for labor and technological spillovers. Unlike previous studies, we utilize likelihood-based panel cointegration and multivariate analysis to examine cointegration between the variables, considering cross-sectional dependence and slope heterogeneity. The results demonstrate that FDI inflows boost women's participation in the labor force in nearly half of the sample countries. Policywise, the findings imply that FDI inflows can assist central governments in achieving better gender development and equality through either higher female labor demand or sustainable labor practices and gender-equal norms.

Purpose This study aims to show the relationship between competition, financial stability and ownership structure of banks in the Middle East and North African (MENA) countries. Design/methodology/approach This study uses the generalized method of moments (GMM) estimators to generate research results. This study uses an unbalanced panel dynamic data set. It covers the period 2011 to 2017 in MENA banks. Findings This study implies that there is a significant and positive relationship between market power and the financial stability of banks in MENA countries. It explains a competitive market focus on credit risk, which turns them risky. From the bank’s ownership view, Islamic banks are in a less risky position which means Islamic banks are more stable than other ownership structures. On the other hand, government specialized institute displays their poor financial stability and risky from other ownership structures. Unfortunately, there is no significant impact of ownership structure on competition unless Islamic banks prove that they (Islamic banks) perform better in market power. Practical implications The empirical findings of this study suggest that MENA banks should improve the process of managing and monitoring the non-performing loan (loan segment business). It reduces the level of credit risk, which leads to achieving more profit. It also recommends that loan quality should improve immediately in this region for declining financial disruption. Based on the ownership structure, policymakers and stakeholders should adjust their risk and financial stability. Notably, the stakeholders can focus on Islamic banks in this region as this type of ownership structure showing superiority over other ownership structures. Originality/value This study is based on the latest data set and produced outcomes by using a GMM estimator. It also uses multiple measures of competition and risk variables to get robust results. Moreover, to the best of the knowledge, this study is the pioneer to examine the competition, risk (financial stability) and ownership structure of banks in the MENA countries.