Wall Street’s Gulf Boom Faces Risks From Iran-Israel Tensions
- Gulf countries have pushed for peace and financial expansion
- Rise in hostilities could impact the investment environment
A boy watches a smoke plume rise in the Jabalia camp for Palestinian refugees in the northern Gaza Strip on Oct. 9.
Photographer: Omar Al-Qattaa/AFP/Getty ImagesThis article is for subscribers only.
Wall Street giants have been flocking to the Middle East for a slice of the region’s vast oil wealth, but escalating tensions between Iran and Israel are throwing up new uncertainties.
In recent years, the United Arab Emirates and Saudi Arabia have pushed for regional peace and spent billions from their vast oil revenues to expand their economies. They’ve become more important than ever to the world of finance and business, using a $3 trillion pile of sovereign wealth to bankroll global deals and attract the biggest hedge funds and banks.