The globe is now in ecological turmoil as a result of the unrelenting increase in global warming. As a result, governments worldwide are committing to decarbonizing the environment, with the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia (KSA) playing an important role in this effort. Hence, this paper evaluates the nonlinear (asymmetric) impact of natural gas consumption on renewable energy consumption and economic growth in the KSA and the UAE utilizing data stretching from 1990 to 2020. The study also considers other drivers of renewable energy consumption and economic growth, such as trade openness and CO2 emissions. The study utilizes nonlinear autoregressive distributed lag (ARDL) to evaluate these associations. The outcomes of bounds nonlinear ARDL (NARDL), affirm the long-run association between the variables in both countries. The nonlinear results show that positive and negative shocks in natural gas consumption have a negative impact on renewable energy in both UAE and KSA. In contrast, positive and negative shocks in natural gas consumption impact economic growth positively. The study proposed vital policy recommendations based on these results.

The United Arab Emirates (UAE) has often been addressed as a success case in the GCC region due to its implemented policies that spurred growth and development with a market-friendly approach. This study aims to investigate the relationship between economic diversification and private sector development. For this, we employed an ARDL con-integration method to check the long run as well as short run relationship between variables. We found that the domestic credit to private sector has a positive relationship with diversification index. Also, domestic credit to private sector (DCPS) percentage of GDP has both short and long run relationship with economic diversification index. The results indicate that the domestic credit to private sector will promote the economic diversification in both the short and long runs. Moreover, the government infrastructure will also promote economic diversification in the long run but not in the short run. The trade openness has a negative impact on economic diversification in the long run, but it has a positive impact in the short run.

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In this paper, we examine the impact of monetary policy in the GCC on major macroeconomic outcomes as well as dependence of monetary policy within the GCC. We then employ Structural Vector Autoregression methodology to capture dynamics as well as estimate both short and long-run impact of monetary policy shocks within the GCC. We extend this analysis by having a closer look into monetary policy dependence between two largest GCC economies: United Arab Emirates and Saudi Arabia. The results of our Structural Vector Autoregression estimates imply that monetary policy plays a key role and impacts GDP per capita and investments both in the short and long-run. Nevertheless, the impact of monetary policy on each other"s economyis somewhat limited.

This essay beginswith a discussion of the literature that links foreign direct investments to GDP per capita growth. Second, we reviewacademic literature on public policies, foreign direct investments and GDP per capita growth. Based on taht literatura review, we present our own quantitative analysis whichshows that foreign direct investments in the UAE has a net positive effect on output per capita growth. We further extend this analysis to show that UAE's foreign ownership law has a positive effect on foreign direct investment. By demonstrating that the foreign ownership law has affected FDI, which in turn affectedGDP per capita growth; we are able to provide the channel that connects FDI and GDP per capita growth. This implies that foreign ownership legislation is an important driver of output growth in UAE.