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☆ Saudi Arabia and the UAE are battling to become the Middle East's economic superpower
▼ + stars: | 2023-09-24 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +11 min

Saudi Arabia's crown prince is shaking up his economy in a move escalating its UAE rivalry. In March, Saudi Arabia unveiled Riyadh Air , a new airline serving as an alternative to the UAE's Emirates and Etihad Airways. If you want to do business with Saudi Arabia or Saudi state-owned entities, you've got to base your regional HQ in Saudi Arabia." "Saudi Arabia sees the separation project in Yemen as a way to let the Houthis control the north and therefore have a more-threatening border at the south of Saudi Arabia." Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERSHow far the rivalry between the two nations goes largely depends on Saudi Arabia's actions.

Persons: Saudi Arabia's, Mohammed bin Salman, Sheikh Mohamed bin Zayed Al Nahyan, MBZ, Obama, You've, Kristian Ulrichsen, Rice, Sheikh Mohamed, Prince Mohammed, Sheikh Mohamed —, —, Leon Neal, Shaybah, Ulrichsen, Sheikh Zayed, Sultan Al Nahyan, Abu, Prince Mohammed bin Salman, Neom, Abishur Prakash, Jorg Greuel, Abdullah Alaoudh, Prakash, you've, Saudi Crown Prince Mohammed, Ludovic Marin, Mohammed's, Jamal Khashoggi, Biden, Baker Institute's Ulrichsen, Alaoudh, wouldn't Organizations: United Arab Emirates, UAE, Service, Baker Institute, Saudi, UAE —, Qatar, Dubai, United, Freedom Initiative, UAE's Emirates, Etihad Airways, Saudi Public Investment Fund, Newcastle United FC, English Premier League, Manchester City, Saudi Crown, Getty, Ritz Carlton, Saudi Royal Court, REUTERS, Saudi Aramco, United Nations Locations: Saudi, Wall, Silicon, Saudi Arabia, East, Washington, London, UAE, Persian, Al Ain, British, Qatar, Abu Dhabi, United Arab, Riyadh, Manchester City . Saudi Arabia, New Delhi, Istanbul, Yemen, Iran, Saudi Arabia's, Bandar, Ukraine

☆ New US-backed India-Middle East trade route to challenge China’s ambitions
▼ + stars: | 2023-09-11 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +8 min

It is comprised of two separate routes – an east corridor linking India to the Gulf Arab states and a northern corridor connecting the Gulf states to Europe. “I don’t think we would be here without you.”Goods and services would transit through the UAE, Saudi Arabia, Jordan, Israel and Europe. “The heart of the matter is that it is an alternative (to China’s BRI),” she said. Baharoon added that the project, if perceived as a “replacement” or “competitor” to China’s BRI, would fail to realize its potential. Despite pressure to choose sides, Gulf states have insisted that they maintain a balanced position that involves political and economic cooperation across the board, something that analysts say makes Gulf states strategically vital.

Persons: Joe Biden, ” Biden, Mohammed Bin Zayed, Narendra Modi, MBZ, Biden, ”, “, Xi Jinping, Cinzia Bianco, Bianco, China’s BRI, Beijing’s, China’s, Giorgia Meloni, Rome, Italy’s, Meloni, ‘, ” Mohammed Baharoon, Baharoon, Abu, ” Bianco Organizations: UAE CNN —, United Arab, Initiative, Group, European Union, UAE, Indian, US, European Council, Foreign Relations, Dubai Public Policy Research Center, CNN Locations: Abu Dhabi, UAE, India, Saudi Arabia, United Arab Emirates, East, Europe, Beijing, China, France, Italy, Germany, Gulf, Jordan, Israel, Salt Lake City , Utah, Vietnam, Berlin, Middle, Dubai, Brazil, Russia, South Africa, BRICS

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Persons: Dow Jones Locations: saudi, uae

☆ ANALYST VIEW Markets tumble as Turkey faces runoff election after Erdogan leads first round
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +6 min

[1/2] Supporters of Turkish President Tayyip Erdogan wave flags outside the AK Party headquarters, in Ankara, Turkey May 15, 2023. DEBT: Five-year credit default swaps jumped over 100 basis points from Friday and dollar bonds fell more than 7 cents. STOCKS: Borsa Istanbul issued a market-wide circuit breaker after the benchmark index (.XU100) dropped 6.38% in pre-market trading and was last down 2.7%. PIOTR MATYS, SENIOR FOX ANALYST, IN TOUCH CAPITAL MARKETS, POLAND:"When/if President Erdogan is re-elected, the lira should be trading far more freely. CLEMENS GRAFE AND BASAK EDIZGIL, GOLDMAN SACHS, LONDON:"The (rates and CDS) market dynamics post the initial move will be dependent on the FX market.

☆ UAE leader breaks with tradition, appoints son as crown prince
▼ + stars: | 2023-03-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

Sheikh Khaled bin Mohammed bin Zayed Al Nahyan, the UAE leader's eldest son, is now the oil-rich Middle Eastern country's crown prince, effectively next in line for its leadership. Sheikh Tahnoon was already named chair of the $790 billion Abu Dhabi Investment Authority, the emirate's main sovereign wealth fund, earlier in March. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of the Emirate of Abu Dhabi. He described the decision as "formalizing the leverage Abu Dhabi has over Dubai, and how little Dubai will be allowed to say in foreign policy." Prime Minister and Vice-President of the United Arab Emirates and ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum attends the Global Women's Forum in Dubai, United Arab Emirates, February 16, 2020.

Sheikh Mohammed, who became president and Abu Dhabi ruler last year after running the U.S.-allied OPEC oil producer for years, named his brother Sheikh Mansour as UAE vice president, alongside Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum. This appeared to further centralise power in Abu Dhabi, which is the political capital by virtue of its immense oil wealth, of the UAE federation of seven emirates. Abu Dhabi has held the presidency since the founding of the UAE federation by Sheikh Mohammed's father in 1971. Sheikh Mohammed, known as MbZ, had been grooming his son in positions of authority in security - including intelligence - economy and governance, analysts say. Earlier this month, Sheikh Tahnoun was named chair of Abu Dhabi Investment Authority, among the world's largest sovereign wealth funds.

☆ UAE will look to a world beyond OPEC
▼ + stars: | 2022-12-19 | by ( George Hay | ) www.reuters.com time to read: +3 min

The UAE has chafed at OPEC restrictions before, in 2020 and 2021. OPEC’s alliance with Russia, as part of the wider OPEC+ group, similarly risks lumping its members in with a wider anti-Western bloc. But ADNOC’s accelerated oil production timetable is arguably more in keeping with a different outlook, preferred by the International Energy Agency, whereby oil demand peaks much sooner. If MbZ were to use the COP28 conference to make that more explicit, it could push the UAE further away from OPEC. And quitting OPEC to pump more oil would be awkward while hosting a climate conference.

A helicopter flies over the downtown skyline, amid the coronavirus disease (COVID-19) outbreak, as seen from the Cleveland Clinic hospital in Abu Dhabi, United Arab Emirates, April 20, 2020. ADQ, the smallest of Abu Dhabi's three main sovereign wealth funds, began in 2018 as a vehicle for holding state assets. ADQ and the UAE foreign ministry did not respond to emailed requests for comment. Among recent deals, ADQ launched a $300 million technology fund in March with Turkey's sovereign wealth fund to invest in venture capital funds and opportunities inside Turkey. "They are the ones that promote UAE economic diplomacy, its regional and global influence," he said.

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