The Development and Political Effects Of a Pan-Arab Corporate Elite

Abstract

Gulf investment across the Arab states has skyrocketed since the 2000s. Such activity not only links corporate entities but also weaves new connections between business leaders. We take a birds-eye view of the pan-Arab corporate elite by analyzing the network of transnational interlocking directorships. These involve directors who sit on boards of two or more firms headquartered in different countries. We include 1,111 directors of the 135 largest firms from across the Arab world. A transnational pan-Arab corporate elite has indeed emerged, though it is less dense than its counterparts in regions such as Europe or Latin America. The network radiates from the Gulf to other parts of the region. Arab autocrats may find it more difficult to maintain political control of transnational corporate elites than domestic business leaders, who tend to be more reliant on regime goodwill. But transnational corporate elites are more likely to push for further neoliberal restructuring and regional economic integration than for democratization.