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The Iran-Saudi Arabia conflict is an ongoing struggle for influence in the region that has created uncertainty, affected oil prices and regional economics. This paper uses wavelet analysis to examine the frequency and time-varying co-movement and casual nexus between petroleum prices (OP) and financial liquidness (MS) with and without geopolitical risk (GPR). The aim is to test the validity of the monetary equilibrium model from 1988 to 2019. The model is supported by the findings, as both short and medium-term association is found between OP and MS at high frequencies in the presence of GPR. We find a medium-term association between OP and MS in the absence of GPR. The paper's overall conclusion suggests that GPR affects OP and OP, in turn, impact MS. Diversifying economic activities to minimize oil dependency, which is sensitive to external shocks, is suggested as a mitigation solution. [ABSTRACT FROM AUTHOR]

Karezes (qanats), historically vital sources of water for multiple uses in the driest parts of the world, have been deteriorating over the past five decades. This paper provides a review of the global literature on the status and potential of karezes, and offers country case studies for Afghanistan, Iran, Pakistan, and Kingdom of Saudi Arabia. It offers syntheses of key issues, lessons, options and proposed interventions for re-vitalizing the karez systems. The paper identifies criteria for prioritizing karez systems for rehabilitation and outlines key conditions for their effective functioning and sustainability. The paper suggests that the benefits of restoring karez systems to local communities are large and some systems, such as the Ain Zubaida in the Makkah Al-Mukaramah Region, are of global importance. [ABSTRACT FROM AUTHOR]