Book Publications

This book on sovereign wealth funds (SWFs) in the Middle East and Asia brings together leading scholars and practitioners focusing on investment trends in two prominent and influential regions of the globe. The resulting political economy mapping of these investment vehicles breaks new ground in elucidating prominent geographic contours of the global SWF sector. The interregional framing likewise reveals the strategic economic significance of SWF-facilitated linkages between the Middle East and Asia. The work probes three cross-cutting themes. The initial chapters explore the dynamics of competition and collaboration amongst Middle Eastern and Asian SWFs. This book then turns to the energy, environmental, and sustainability issues shaping SWF investment behavior. Finally, country-specific chapters examine how and why SWF investments materialize within key markets. These interregional connections enabled by sovereign wealth represent an expanding economic frontier with long-term implications for the Middle East, Asia, and the global economy.

Reviews:

"A Political Economy of Sovereign Wealth Funds in the Middle East and Asia, edited by Robert Mogielnicki, is an important and valuable addition to the literature on SWFs ... . The volume consists of eight chapters, six of which are authored by scholars with extensive experience studying SWFs or analyzing their investment transactions. ... While major economic institutions are ultimately political, the book persuasively demonstrates that scholarly research in this domain remains a worthwhile and necessary investment." 

--Ghiyath F. Nakshbendi, Middle East Journal, Vol. 79 (1), 2026

“Full of new information and uncommon insights, this volume is richly rewarding. There has been a good deal of ink spilled about Asian ties with the Middle East, but there is no better source than this book to understand the important role that huge sovereign wealth funds play in those ties.” 

--Dr. Jon B. Alterman, Senior Vice President, Brzezinski Chair in Global Security and Geostrategy and Director, Middle East Program, Center for Strategic and International Studies

“The expansion of relations between Asia and the Gulf is one of the great geopolitical stories of our time, and sovereign wealth funds drive many of the most interesting plot lines.  Mogielnicki has brought together a top-notch group of contributors to help us understand the financial influence of these funds and to explain their role in linking two dynamic regions.” --Dr. Jonathan Fulton, Associate Professor, Zayed University, Abu Dhabi, UAE

“Sovereign wealth funds in the Middle East and Asia are both reflecting and shaping political economy realities in two vast and vibrant regions of the world. In this timely edited volume, experts specialized in the Gulf, the Middle East's most vibrant economic sub-region, and in various Asian countries highlight similarities and differences between sovereign wealth funds and discuss their investment strategies and global competitiveness. The outcome is a revealing analytical map of political economy developments in the two regions that is highly relevant for policy practitioners.” 

--Dr. Amr Hamzawy is the director of the Middle East Program of the Carnegie Endowment for International Peace in Washington, DC

“The book provides a clear-headed look at the scene of SWFs in the Middle East and their relationship with peers in Asia. Mogielnicki puts his expertise and that of his colleagues toward an expert examination of the relationship–including modality–between Gulf SWFs and their Asian counterparts, going beyond the geopolitical discourse.” 

--Mohammed Baharoon, Director General of b'huth, the Dubai Public Policy Research Centre

“Sovereign Wealth Funds (SWFs) have been significant economic institutions in the Gulf countries for many years. Their size, investment strategies, and investment universe have evolved over time. With the expansion of Gulf-Asia relations, SWFs have been used as important institutions to advance those ties. This book is a unique series of essays, each of which explore the role of SWFs in the broader context of the Gulf-Asia relationships. It is a timely contribution to the existing knowledge of academics and practitioners.” 

--Dr. Sara Bazoobandi, Marie Curie Fellow, German Institute for Global and Area Studies

“This edited volume provides fresh insights into the political economy of sovereign wealth funds (SWFs), focusing on the growing economic interdependence between the Middle East and Asia. By examining the strategic intentions and market dynamics driving SWF activity in these regions, it fills a critical gap in the literature on their expanding influence in the global economy.” 

--Dr. John Calabrese, Assistant Professor at American University and non-resident Senior Fellow at the Middle East Institute

 This is the first book-length empirical study of free zones (FZs) in Gulf Cooperation Council (GCC) countries. The volume systematically illustrates the development processes behind FZs in Gulf Arab states and assesses the impact of these commercial entities on regional integration, global trade and investment trends, and the Gulf’s foreign relations. Order your copy here.

Reviews:

“An insightful and original contribution…This book is essential reading for anyone seeking a more nuanced understanding of the political economy of the Arab Gulf states.”

--Dr Sanam Vakil: Deputy Director & Senior Research Fellow, Middle East North Africa Programme, Chatham House

“Mogielnicki provides a wide-ranging, theoretically nuanced analysis of the phenomenon, reflecting a deep understanding of both the economic and political context of free zones.”

--Dr Steffen Hertog: Associate Professor in Comparative Politics, The London School of Economics and Political Science

“We get a detailed view of the politics and social engineering that undergird the creation and management of the free zones. This monograph is a must for all who study the Arab Gulf."

-- Jean-François Seznec: Scholar, Middle East Institute

“A highly original and valuable contribution…This analysis will only become more important in the future as Gulf countries move to reform and diversify their economies. In refining our theoretical understanding of rentier state theory, the book’s relevance goes far beyond the Gulf region.”

--Prof. Luigi Narbone: Director, Middle East Directions Programme, European University Institute

This book chapter is part of an edited volume, The Foreign Policies of the Gulf Cooperation Council: Geopolitics and Global Order in the 21st Century, published by Bloomsbury (October 2026). 

This book chapter is part of The Red Sea: Divided By Water, United by Opportunities published in 2026 with the Mediterranean Platform and Middle East Council on Global Affairs. 

This book chapter is part of Nationalization of Gulf Labour Markets: Higher Education and Skills Development in Industry 4.0 (Palgrave Macmillan May 2023).

This timely book chapter is part of the Palgrave Handbook of Natural Gas and Global Energy Transitions (Palgrave Macmillan 2022).

This chapter, which examines the commercial technology linkages between China and the Middle East, is part of the Routledge Handbook on China – MENA Relations (January 2022).

This book chapter is based on research for a Gulf Research Meeting workshop in Cambridge, UK and appears in Artificial Intelligence in the Gulf: Challenges and Opportunities, Palgrave Macmillan (August 2021).

This report excerpt functions as a book chapter in Water & Human Societies: Historical and Contemporary Perspectives, Palgrave Macmillan (May 2021).

This chapter in Revisiting Natural Resources in the Middle East and North Africa followed a presentation at the European University Institute's annual Middle East conference in Florence. Read here.

This book chapter appears in Aspiring Powers, Regional Rivals, a publication spearheaded by The Middle East Institute and University of Central Florida. Read here. 

This chapter is part of Fractured Stability: War Economies and Reconstruction in the MENA, a book published by the European University Institute in Florence. Read more. 

This short journal article appears in the Oxford Gulf and Arabian Peninsula Society Quarterly Magazine (Fall 2016). Read here.

ISPI (Italy) – "The Omani Alternative: How Muscat is Carving Out a Trade and Logistics Niche," 07/17/26

Arabian Gulf Business Insight – "Saudi holds the key to a new bloc with Turkey, Egypt and Pakistan," 06/30/26

Parameters [Army War College] – Book review of Rebuilding Arab Defense: US Security Cooperation in the Middle East (Saab), Summer 2023 

Al Monitor – “Gulf states changing labor, visa and residency policies...,” 08/15/22

The Cairo Review of Global Affairs – “Competing Economic Visions in the Gulf,” 03/22/22

The Washington Post – “China may not see the Middle East as a priority,” 10/09/21

World Politics Review – “Saudi Arabia’s Economic Ambitions Could Fuel Gulf Rivalries,” 07/16/21 

Henley & Partners – Global Mobility Report 2021 Q3, “Lingering Coronavirus Concerns Pose Obstacles to Livability and Investment Initiatives” 07/01/21

MED Dialogues | ISPI – “Beyond the Protests: What’s At Stake for Oman?” 06/11/21 

Journal of International Affairs, Columbia University – "The United Arab Emirates' Post-Covid-19 Outlook," 03/30/21

Deep Knowledge Analytics | Henley & Partners – “MENA Investment Migration Programs Health Risk Assessment," 03/15/21

Foreign Policy – “How Free Zones Became the Middle East Diplomacy Tool of Choice,” 10/01/20

World Politics Review – “How China is quietly expanding its economic influence in the Gulf,” 07/21/20

Les cles du Moyen-Orient, “Interview: The UAE within a shifting landscape: building strategies for multiple challenges,” 07/21/20

Cairo Review of Global Affairs, “Gulf Arab States Review Tax Regime Amid Economic Slowdown,” 05/28/20

LSE Middle East Centre Blog, “Dubai Expo 2020 and Ancient Mercantile Heritage,” May 8, 2020

Financial Times | The Banker, "Grim Outlook for Iran’s Economy," 01/02/2020

Foreign Policy, "China could be the big winner of Saudi Arabia’s push to become a tech hub," 10/08/19

Axios Expert Voices, "Iranian cryptocurrencies and the maximum pressure campaign," 08/23/19

"The Pull of French-Gulf Economic Ties," 07/28/26

"All About Those Ports," 06/07/26

"Oman Gets Economic Policymaking Right - For Now," 06/13/23

“Major Announcements Fuel Riyadh’s Development Ambitions,” 04/14/23

“Omani and Saudi Economic Zones Create Avenues for Cooperation,” 03/17/23

“China-Gulf Ties: Tougher Acts to Follow Successful Show,” 01/25/23 

"Expats Central to Gulf's Post-Pandemic, Oil-Fueled Growth Plans," 08/04/22

“Evolving Chinese Demand for Gulf Oil and Gas,” 07/20/22 

“Improved Fiscal Outlooks Renew Focus on Gulf Economic Diversification Efforts,” 05/20/22

“UAE Advances Tax Reform, But Not Too Quickly,” 03/24/22 

“Growing China-Gulf Economic Ties Have Limits,” 02/16/22 

“Public Investment Fund Grows, Bets Big on Tech,” 01/12/22  

“For UAE Economic Planning, Timing is Everything,” 09/29/21

“Oman’s VAT Implementation is Necessary and Not Enough,” 04/08/21

“UAE Moves to Retain and Attract Talented Expatriates,” 03/18/21

“Saudi Arabia Strives for a Sustainable Economic Future,” 02/24/21

“2021 Budgets Indicate Tough Economic Times Ahead,” 02/02/21

“Gulf Reconciliation Offers Uneven Economic Gains, “ 01/15/21

"G-20 Summit Signals Start of Challenging Economic Decade...," 11/17/20

"Oman's Economic Reforms Struggle to Keep Pace of Mounting...," 10/22/20

"UAE-Israel Economic Ties Proliferate in Wake of Normalization," 10/08/20

"Debt Maturities Loom as Gulf States Sell More Bonds," 09/15/20

“The Boutiqaat Saga: Balancing Innovation and Corporate Governance,” 08/17/20 

“Oman’s Bittersweet Economic Relations With China,” 07/21/20 

“Oman Jump-Starts its Slow-moving Tech…,” 06/30/20

“China Strengthens its Presence in Gulf…,” 06/10/20

“Saudi Arabia’s Public Investment Fund Goes…,” 05/28/20

“As the Gulf’s Digital Economy Accelerates…,” 05/12/20

“After Hard Landing, Gulf Aviation…,” 04/15/20

“Oil Price War Tests Saudi-Russian Investment…,” 04/03/20

“Oil Outlook, Coronavirus Challenge Gulf’s Economic Diversification,” 03/19/20

“Free to Game: E-sports in the Gulf,” 03/13/20

“Saudi Fund of Funds Bets $1.07 Billion on Small, Local Firms,” 02/24/20

“The Yemeni E-rial: A Digital projection of Monetary Authority,” 02/04/20

“Qaboos Successor Must Focus on Economic Prioritization,” 01/13/20

“U.S.-Iranian Tensions Offer Stress Test for Gulf Arab Economies,” 01/10/20

See full AGSIW publication list here. 

Sovereign and corporate bond issuances proved to be crucial economic policy tools and financial instruments in Gulf Arab states during the extraordinary economic challenges of 2020. While there were several major bond deals announced in early 2021, the pace of issuances and eagerness to tap international bond markets is poised to slow across the Gulf for the second half of 2021 and into 2022. Read here.

Gulf Arab states like Bahrain cannot preserve the traditional form of their economies indefinitely, but they can influence how their new digital future will unfold. Read here.

The report for the Emirates Diplomatic Academy stresses the development, deployment and adoption of innovative technologies that are pushing interregional economic engagement into new and experimental realms. Read here.

As Gulf Arab policymakers continue to confront an ambiguous future, they will rely heavily on familiar economic policy measures and avoid straying from the status quo as long as possible. Read here. 

With few available alternatives for accessing water resources, the UAE is continuing to expand existing desalination facilities and construct new desalination plants. Read here. 

Despite beginning as a regional policy, the VAT in the Gulf is becoming an increasingly country-focused initiative. Read here. 

The strategic implications of interregional engagement between the Gulf and South Asia are becoming clearer and more pronounced. Read here.