The Middle East & Gulf Economies: Checkpoint 1

Quick checkpoint - five questions on Gulf oil wealth, budgets, Vision 2030, Dubai and migrant workers.

Question 1 of 5 What is a fiscal breakeven oil price?

The price at which oil companies make no profit The oil price at which a government's budget balances The lowest oil price ever recorded A tax on oil exports

When oil trades below this price, the government runs a deficit.

Question 2 of 5 Which tax did Saudi Arabia and the UAE introduce in 2018?

Income tax on all residents Value added tax Wealth tax Inheritance tax

Saudi Arabia later raised its VAT rate to 15 percent in 2020.

Question 3 of 5 How did Dubai build its economy with little oil of its own?

By becoming a hub for trade, aviation, tourism and finance By banning foreign companies By mining gold By relying on farming

Jebel Ali port, Emirates airline and free zones were key building blocks.

Question 4 of 5 What did the traditional kafala system do?

Guaranteed high wages Tied a worker's legal residence to an employer, limiting job changes Allowed workers to become citizens Banned migrant labour

Qatar and others have reformed parts of the system, allowing job changes.

Question 5 of 5 What is widely regarded as the world's oldest sovereign wealth fund?

Norway's oil fund The Kuwait Investment Authority, dating to 1953 Saudi Arabia's Public Investment Fund The Qatar Investment Authority

Gulf funds now manage several trillion dollars.

← Back to Gulf Sovereign Wealth Funds Next lesson → Israel's Technology Economy

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