Attack on Abu Dhabi risks upsetting a cautious detente in the Gulf
Highlights
– The assault risks ending the first serious attempts in decades to build detente across the Gulf between the Sunni Arab monarchies and Iran’s Shia Islamic republic.
– After the 2019 attack on Aramco, and the failure of the US under then-president Donald Trump to respond, the UAE largely withdrew from Yemen and declared it would be concentrating on expanding its thriving economy, based on trade and tourism — and stability. That took a hit with this week’s exposure of its vulnerability.
– These strikes were so precise that analysts and officials in and outside the UAE are wondering whether Iran was behind them, rather than Houthi militiamen.
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Saudi Arabia Seeks $170 Billion of Mining Investment By 2030 – Bloomberg — www.bloomberg.com
Highlights:
– The investment will come from foreign and local firms, including state miner Maaden. It should enable the sector’s contribution to gross domestic product to reach $64 billion annually by 2030, he said, more than four times today’s figure of $17 billion.
– Saudi ministry said it will auction exploration licenses to foreign investors for the first time. The sale will be for deposits of copper, zinc, gold, silver and lead about 200 kilometres from Riyadh, the capital.
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US in talks with Qatar over gas supplies to Europe in event of Ukraine invasion
Highlights:
– Preliminary discussions have started between Qatar, the world’s biggest exporter of LNG, the UK and European states about long-term gas supply “solutions,”
– Fatih Birol, head of the International Energy Agency, said last week that Russia was throttling gas supplies to Europe at a time of “heightened geopolitical tensions”.
– The person added that Europe needed to guarantee a long-term deal with Qatar or others to ensure stability and reduced dependence on Russia.
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Middle East Rivalries Cool as the Region’s Political and Economic Outlook Shifts – Bloomberg — www.bloomberg.com
Highlights:
– In January 2021, Saudi Crown Prince Mohammed bin Salman invited Sheikh Tamim bin Hamad Al Thani, the Qatari emir, to a Gulf summit, where they signed an agreement ending the three-year-plus boycott of Qatar that the kingdom had led.
– The UAE-Syria meeting in November signalled the possibility of a normalization of Syria’s regional ties at the upcoming Arab League summit, to take place in Algeria in March.
– Also in November the UAE’s de facto ruler, Sheikh Mohammed bin Zayed Al Nahyan, paid a visit to Turkey, launching a $10 billion fund to invest in the country.
– Iran has had rounds of talks with Saudi Arabia in Iraq, and Iranian President Ebrahim Raisi has been invited to the UAE, a visit that’s expected to mark a turning point in relations between the countries.
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Hottest Countries: Kuwait, a Wealthy Oil Exporter, Is Becoming Unlivable – Bloomberg — www.bloomberg.com
Highlights:
– Kuwait — one of the hottest countries on the planet — is fast becoming unlivable. In 2016, thermometers hit 54 degrees Celsius (129 Fahrenheit), the highest reading on Earth in the last 76 years.
– Home to the world’s third-largest sovereign wealth fund and just over 4.5 million people, it’s not a lack of resources that stands in the way of cutting greenhouse gases and adapting to a warmer planet, but rather political inaction.
– The London School of Economics, which conducted the only comprehensive survey of climate opinions in Kuwait, found older residents remain skeptical of the urgency, with some speaking of a conspiracy to hobble Gulf economies.
– A study published in Science Direct last year found that on extremely hot days, the overall number of deaths doubles, but it triples for non-Kuwaiti men, more likely to take on low-paid work.
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China Experts Map Out Endgame for Xi’s Revamped Property Sector – Bloomberg — www.bloomberg.com
Highlights:
– China watchers predict the days of home-price surges and debt-fueled building sprees by billionaire property tycoons are set to fade.
– They’ll be replaced by a much more staid market where authorities are quick to clamp down on speculative frenzies and development is dominated by state-run companies earning utility-like returns.
– Craig Botham, chief China economist at Pantheon Macroeconomics says “China will need to find new drivers of consumption and alternative savings vehicles. And it will need to step away from the growth target — Xi Jinping can’t double income by 2035, this is neither achievable or sustainable.”
– Gabriel Wildau. a senior vice president at global business advisory firm Teneo says “Larger and often state-owned developers will likely take over the weaker players. That consolidation suits the government’s long-term objectives for the housing sector quite well.”
– Gary Ng, senior economist at Natixis SA says “The golden age of booming property prices and soaring revenue for developers is probably gone.”
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Generation Start-up: How a company is helping entrepreneurs one connection at a time — www.thenationalnews.com
Highlights:
– Founded in June, Wasta helps users build their professional networks. The platform curates one-to-one professional introductions between people who share common goals, interests and objectives across the region.
– Wasta helps founders, investors and entrepreneurs build stronger connections,” Mr Visavadia, chief executive and co-founder of the start-up, says.
– Wasta’s automation technology matches users with people closely aligned to their goals and they are then introduced through opt-in emails, allowing them to connect and plan an in-person or a virtual meeting.
– Wasta currently operates across the UAE, Saudi Arabia and Egypt — the Arab world’s largest economies
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