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The oil boom refers to the period of rapid growth in oil revenue in the Middle East during the 1970s following the 1973 oil crisis. It significantly transformed the economies of oil-exporting countries, leading to increased wealth, urbanization, and regional influence.

The Suez Canal is a man-made waterway in Egypt, connecting the Mediterranean Sea to the Red Sea. Opened in 1869, it has significant economic importance as it facilitates faster maritime trade between Europe and Asia. The Canal is a critical artery for oil and other shipments in the region.

The discovery of oil in Persia (modern-day Iran) in 1908 marked the beginning of the Middle East's importance in the global oil market. The subsequent exploitation of oil resources greatly influenced the economic and political developments of the region.

The Arab Oil Embargo of 1973-1974 was a significant event where Arab oil-producing countries, during the Yom Kippur War, ceased oil exports to the US and other countries supporting Israel. It caused a dramatic increase in oil prices and laid the ground for the subsequent oil boom.

The Organization of the Petroleum Exporting Countries (OPEC) is an international organization founded in 1960. Many Middle Eastern countries are members, and the organization coordinates and unifies petroleum policies among Member States, aiming to secure fair and stable prices for petroleum producers.

Islamic Finance refers to financial services that comply with Sharia law, which prohibits interest and investment in businesses that provide goods or services considered contrary to Islamic principles. Its principles have shaped the financial landscape in many Middle Eastern countries.

Dutch Disease is an economic term describing the negative consequences arising when a country's economy becomes heavily dependent on a single export (such as oil). In the Middle East, it has led to a lack of diversity in the economy and can cause problems when oil prices fall.

The Aswan High Dam in Egypt, completed in 1970, controls the flow of the Nile River and mitigates the risk of flooding. It provides both hydroelectric power and water for irrigation, promoting economic development but also causing environmental challenges.

The Rentier State Theory posits that countries that obtain substantial amounts of revenue from renting natural resources to external clients, like many Middle Eastern oil-producing countries, will tend to have less democratic and transparent governance.

Desertification is the degradation of land in arid areas due to various factors, including climate change and unsustainable agricultural practices. This has serious implications for food security and the economies of Middle Eastern countries, which already face water scarcity challenges.

The Water-Energy-Food Nexus is a concept that describes the complex interdependence between water security, energy production, and food availability. In the Middle East, this nexus is particularly salient due to the scarcity of water and the importance of oil in regional economies.

The informal economy comprises businesses and workers that are not regulated by the state, often avoiding taxation and government oversight. In many Middle Eastern countries, the informal economy is a significant part of the market, providing income and employment but also posing challenges for governance and regulation.

The Green Revolution refers to the introduction of high-yield crop varieties and the use of pesticides and fertilizers in agriculture during the 20th century. While it increased agricultural productivity in the Middle East, it also led to environmental problems and water scarcity challenges.

The Balfour Declaration was a statement by the British government in 1917 expressing support for the establishment of a 'national home for the Jewish people' in Palestine. This had long-term economic implications by contributing to regional conflict and affecting the demographic and political landscape of the Middle East.

The Gulf Cooperation Council (GCC) is a political and economic alliance of six Middle Eastern countries, established in 1981 to foster economic cooperation and regional stability. Members collaborate on defense, economic policy, and oil price regulation, among others.

The Palestinian economy suffers due to prolonged conflict, political instability, and restrictions on movement and access. Economic development is hindered, making the economy heavily reliant on international aid and remittances.

The Baghdad Railway was constructed from the late 1800s to the early 1900s to connect Berlin with the Ottoman Empire city of Baghdad. It played a significant role in the economic integration of the Middle East with European markets but also had geopolitical implications, contributing to regional tensions.

The Hejaz Railway was built to connect Damascus with Medina, aiming to facilitate the pilgrimage to Mecca and improve economic conditions in the Ottoman Empire's Arab provinces. It contributed to the development of the regions but was disrupted by World War I.

Iran experienced hyperinflation in the late 2010s, influenced by international sanctions, mismanagement, and reliance on oil revenues. This led to a significant decline in purchasing power and widespread economic hardship in the country.