Gulf states punched above their weight on the global stage in 2023, from driving dealmaking worldwide to shaping the debate and direction of the energy transition at COP28. Fueled by sovereign wealth funds armed with fresh cash generated by booming oil prices in 2022, regional economic diversification drives kicked into high gear this year, delivering everything from green hydrogen mega projects to Saudi Arabia’s billion-dollar soccer spending spree.
Yet hype and headlines have since been overshadowed by the eruption of the Israel-Hamas war, which poses significant risks for the Gulf Cooperation Council’s (GCC) outlook and complicates economic overhauls. At a minimum, the specter of conflict now looms over the Gulf, distracting from efforts spearheaded by Saudi Arabia to preside over a so-called new Middle East, one where economic development and stability wash away conflict…
