The political scene of the Middle East has experienced important transformations in a short time frame. The Qatar blockade has been lifted, Turkey and UAE entered a swift rapprochement process and Gulf countries have started normalization talks with Iran. There are various explanations for this abrupt change. Focusing on economic explanations, some assert that governments have started to prioritize economic interests over ideology. This could be partly explained by the increasing cost of lingering conflicts. Another important factor is the increasing focus of the oil-rich countries on the attempts to diversify their economy. The push for diversification increases the stakes for economic cooperation and bilateral trade deals.
This workshop will explore the economics of the de-escalation process. It will address whether the economic factors are driving the new atmosphere of dialogue. Will this rapprochement process last? What will be the impact of higher fuel prices on the de-escalation incentives? How will the trade and economic cooperation in the region evolve and will it ease the diversification attempts of Gulf countries? How would a possible Iran nuclear deal affect the direction of the de-escalation process? This panel will delve into these questions and more.
Speakers:
Tarik Yousef: Senior Fellow at Brookings Institution
Carole Nakhle: CEO of Crystol Energy
Moderator:
Nurullah Gulec: Al Sharq Strategic Research
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Despite immense hydrocarbon wealth, strategic location, and a youthful workforce, the Middle East faces profound economic challenges. Why we haven’t we solved our challenges yet?