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Gulf States Learn the Power and Limits of Petrodollar Persuasion

Posted on AllSides April 23rd, 2024
From The Left

To understand the scale of Gulf nations’ wealth, just consider this: If the United Arab Emirates sold its stash of foreign holdings, it could make every one of its roughly 1 million citizens a millionaire. Qataris would enjoy the same windfall. Saudi Arabia, with its larger population, wouldn’t hit a million dollars per citizen, but the share allotted to each one would still be close to the average annual income in the US—a hefty sum. Of course, that leaves out the large share of those countries’ populations who aren’t citizens—not...

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