From rift to rapprochement: Saudi-UAE reset over Yemen
In this week’s Fortune Gulf Brief.
Fortune Gulf Brief highlights the Saudi-UAE effort to mend relations in Yemen, the U.S.-Iran negotiations, and Microsoft's $10 billion investment in Gulf AI amid war risks. Saudi Arabia invited Saudi Crown Prince Mohammed bin Salman to Riyadh for their first high-level meeting in over a year, following a rift over Yemen. The UAE pulled out of Yemen earlier this year but the Houthi rebels pushed southwards, prompting a redrawing of strategic priorities.
The upcoming role of the UAE in Yemen was discussed in a meeting in Abu Dhabi with several other Arab states. Simultaneously, indirect talks between the U.S. and Iran on ending the Yemen conflict continue, with Iran proposing a seven-day opening of the Strait of Hormuz if the U.S. lifts its naval blockade and relaxes sanctions. Iran's foreign minister left New York after receiving a formal response to Tehran's proposal on Tuesday.
Iran's rial hit a record low against the U.S. dollar, highlighting the economic impact of the conflict.
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