KSA, Agility & Vingroup on Thriving in Tumultuous Times
H.E. Bandar Ibrahim Abdullah Al Khorayef, Minister of Industry & Mineral Resources, KSA; Henadi Al-Saleh, Chairperson, Agility and Le Thi Thu Thuy, Vice Chairwoman, Vingroup, discuss navigating the challenges and opportunities of doing global business in an era of economic and geopolitical uncertainty with Bloomberg's Francine Lacqua at the 2025 Qatar Economic Forum, Powered by Bloomberg. (Source: Bloomberg)
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Fox News
31 minutes ago
- Fox News
Trump's unpredictable Middle East moves actually follow a brilliant master plan
President Donald Trump came back into office promising no new wars. So far, he's kept that promise. But he's also left much of Washington — and many of America's allies — confused by a series of rapid, unexpected moves across the Middle East. In just a few months, Trump has reopened backchannels with Iran, then turned around and threatened its regime with collapse. He's kept Israel at arm's length — skipping it on his regional tour — before signaling support once again. He lifted U.S. sanctions on Syria's Islamist leader, a figure long treated as untouchable in Washington. And he made headlines by hosting Pakistan's top general at the White House, even as India publicly objected. For those watching closely, it's been hard to pin down a clear doctrine. Critics see improvisation — sometimes even contradiction. But step back, and a pattern begins to emerge. It's not about ideology, democracy promotion, or traditional alliances. It's about access. Geography. Trade. More specifically, it may be about restarting a long-stalled infrastructure project meant to bypass China — and put the United States back at the center of a strategic economic corridor stretching from India to Europe. The project is called the India–Middle East–Europe Corridor, or IMEC. Most Americans have never heard of it. It was launched in 2023 at the G20 summit in New Delhi, as a joint initiative among the U.S., India, Saudi Arabia, the UAE and the European Union. Its goal? To build a modern infrastructure link connecting South Asia to Europe — without passing through Chinese territory or relying on Chinese capital. IMEC's vision is bold but simple: Indian goods would travel west via rail and ports through the Gulf, across Israel, and on to European markets. Along the way, the corridor would connect not just trade routes, but energy pipelines, digital cables, and logistics hubs. It would be the first serious alternative to China's Belt and Road Initiative — a way for the U.S. and its partners to build influence without boots on the ground. But before construction could begin, war broke out in Gaza. The October 2023 Hamas attacks and Israel's military response sent the region into crisis. Normalization talks between Saudi Arabia and Israel fell apart. The Red Sea became a warzone for shipping. And Gulf capital flows paused. The corridor — and the broader idea of using infrastructure to tie the region together — was quietly shelved. That's the backdrop for Trump's current moves. Taken individually, they seem scattered. Taken together, they align with the logic of clearing obstacles to infrastructure. Trump may not be drawing maps in the Situation Room. But his instincts — for leverage, dealmaking and unpredictability — are removing the very roadblocks that halted IMEC in the first place. His approach to Iran is a prime example. In April, backchannels were reopened on the nuclear front. In May, a Yemen truce was brokered — reducing attacks on Gulf shipping. In June, after Israeli strikes inside Iran, Trump escalated rhetorically, calling for Iran's "unconditional surrender." That combination of engagement and pressure may sound erratic. But it mirrors the approach that cleared a diplomatic path with North Korea: soften the edges, then apply public pressure. Meanwhile, Trump's temporary distancing from Israel is harder to miss. He skipped it on his regional tour and avoided aligning with Prime Minister Netanyahu's continued hard-line approach to Gaza. Instead, he praised Qatar — a U.S. military partner and quiet mediator in the Gaza talks — and signaled support for Gulf-led reconstruction plans. The message: if Israel refuses to engage in regional stabilization, it won't control the map. Trump also made the unexpected decision to lift U.S. sanctions on Syria's new leader, President Ahmad al-Sharaa — a figure with a past in Islamist groups, now leading a transitional government backed by the UAE. Critics saw the move as legitimizing extremism. But in practice, it unlocked regional financing and access to transit corridors once blocked by U.S. policy. Even the outreach to Pakistan — which angered India — fits a broader infrastructure lens. Pakistan borders Iran, influences Taliban-controlled Afghanistan, and maintains ties with Gulf militaries. Welcoming Pakistan's military chief was less about loyalty, and more about leverage. In corridor politics, geography often trumps alliances. None of this means Trump has a master plan. There's no confirmed strategy memo that links these moves to IMEC. And the region remains volatile. Iran's internal stability is far from guaranteed. The Gaza conflict could reignite. Saudi and Qatari interests don't always align. But there's a growing logic underneath the diplomacy: de-escalate just enough conflict to make capital flow again — and make corridors investable. That logic may not be ideologically pure. It certainly isn't about spreading democracy. But it reflects a real shift in U.S. foreign policy. Call it infrastructure-first geopolitics — where trade routes, ports and pipelines matter more than treaties and summits. To be clear, the United States isn't the only player thinking this way. China's Belt and Road Initiative has been advancing the same model for over a decade. Turkey, Iran and Russia are also exploring new logistics and energy corridors. But what sets IMEC apart — and what makes Trump's recent moves notable — is that it offers an opening for the U.S. to compete without large-scale military deployments or decades-long aid packages. Even the outreach to Pakistan — which angered India — fits a broader infrastructure lens. Pakistan borders Iran, influences Taliban-controlled Afghanistan, and maintains ties with Gulf militaries. For all his unpredictability, Trump has always had a sense for economic leverage. That may be what we're seeing here: less a doctrine than a direction. Less about grand visions, and more about unlocking chokepoints. There's no guarantee it will work. The region could turn on a dime. And the corridor could remain, as it is now, a partially built concept waiting on political will. But Trump's moves suggest he's trying to build the conditions for it to restart — not by talking about peace, but by making peace a condition for investment. In a region long shaped by wars over ideology and territory, that may be its own kind of strategy.
Yahoo
41 minutes ago
- Yahoo
Crude sinks as Trump delays decision on Iran strike
Oil prices tumbled Friday and equity traders fought to end a volatile week on a positive note after Donald Trump said he would consider over the next two weeks whether to join Israel's attacks on Iran. Speculation had been swirling that Trump would throw his lot in with Israel, but on Thursday he said he would decide "within the next two weeks" whether to involve the United States, giving diplomacy a shot to end the hostilities. While tensions are sky high amid fears of an escalation, the US president's remarks suggested the crisis could be prevented from spiralling into all-out war between the Middle East foes. Since Israel first hit Iran last Friday, the two have exchanged deadly strikes and apocalyptic warnings, though observers said the conflict has not seen a critical escalation. European foreign ministers were due to meet their Iranian counterpart on Friday in Geneva. In a statement read out by White House Press Secretary Karoline Leavitt, the president said: "Based on the fact that there's a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks." Leavitt added: "If there's a chance for diplomacy the president's always going to grab it, but he's not afraid to use strength as well." Both main oil contracts were down around two percent from Thursday but uncertainty prevailed and traders remained nervous. "Crude still calls the shots, and volatility's the devil in the room -- and every trader on the street knows we're two headlines away from chaos," said Stephen Innes at SPI Asset Management. "Make no mistake: we're trading a geopolitical powder keg with a lit fuse. "President Trump's two-week 'thinking window' on whether to join Israel's war against Iran is no cooling-off period -- it's a ticking volatility clock." Stocks were mixed following a public holiday in New York, with Hong Kong, Taipei, Mumbai and Bangkok all up with London, Paris and Frankfurt. Seoul's Kospi led the gains, rising more than one percent to break 3,000 points for the first time in nearly three and a half years. The index has risen every day except one since the June 4 election of a new president, which ended months of political crisis and fuelled hopes for an economic rebound. Tokyo fell as Japanese core inflation accelerated, stoked by a doubling in the cost of rice, a hot topic issue that poses a threat to Prime Minister Shigeru Ishiba ahead of elections next month. There were also losses in Shanghai, Sydney, Singapore, Manila and Jakarta. The Middle East crisis continues to absorb most of the news but Trump's trade war remains a major obstacle for investors as the end of a 90-day pause on his April 2 tariff blitz approaches with few governments reaching deals to avert them being imposed. "While the worst of the tariffs have been paused, we suspect it won't be until those deadlines approach that new agreements may be finalised," said David Sekera, chief US market strategist at Morningstar. "Until then, as news emerges regarding the progress and substance of trade negotiations, these headlines could have an outsize positive or negative impact on markets." - Key figures at around 0810 GMT - Brent North Sea Crude: DOWN 2.2 percent at $77.09 per barrel West Texas Intermediate: DOWN 1.7 percent at $73.76 per barrel Tokyo - Nikkei 225: DOWN 0.2 percent at 38,403.23 (close) Hong Kong - Hang Seng Index: UP 1.3 percent at 23,530.48 (close) Shanghai - Composite: DOWN 0.1 percent at 3,359.90 (close) London - FTSE 100: UP 0.4 percent at 8,826.06 Euro/dollar: UP at $1.1516 from $1.1463 on Thursday Pound/dollar: UP at $1.3476 from $1.3429 Dollar/yen: DOWN at 145.40 yen from 145.63 yen Euro/pound: UP at 85.45 pence from 85.36 pence dan/mtp Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Nakheel issues $204m infrastructure contracts for Palm Jebel Ali, Dubai
Nakheel, part of Dubai Holding Real Estate, has issued three major contracts for infrastructure works on Palm Jebel Ali in Dubai, United Arab Emirates (UAE). Totalling more than Dh750m ($204.1m), these contracts are said to be a 'significant milestone' in the ongoing development of the waterfront destination, with completion expected in the fourth quarter of 2026. DBB Contracting, a construction company within the Dutco group, has been selected for these projects. The company has a history of working on the island, including previous infrastructure projects such as public access and road construction. UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum initiated the Palm Jebel Ali development, which supports the Dubai Economic Agenda D33. The infrastructure scope includes utility connections, ground works, road and pavement construction for Fronds A to G, and related utility works for 11kV power distribution and telecoms. The Spine District's infrastructure works will comprise utility mains, connections to utility links on the fronds, and major and secondary road construction. It also involves rough grading for the DEWA power transmission line serving the area, including associated works. Palm Jebel Ali spans 13.4km and features seven islands with 16 fronds and more than 90km of beachfront. It aligns with the Dubai 2040 Urban Master Plan's commitment to expanding public beach access and is poised to support waterfront living with mixed-use, pedestrian-friendly neighbourhoods offering Arabian Gulf views. The development will provide residents and visitors with diverse recreational spaces, smart city technologies, sustainable practices, and mobility solutions to enhance connectivity. Dubai Holding Real Estate CEO Khalid Al Malik said: 'Palm Jebel Ali exemplifies Dubai's ambition to redefine global waterfront living through an innovative luxury lifestyle mega project. "The iconic development is set to transform the city's urban landscape in alignment with the leadership's vision to create a world-class destination that will attract residents, tourists and investors. We are pleased to extend our association with DBB Contracting LLC, a partner whose proven expertise and unwavering dedication to quality will help ensure the successful delivery of this important project." In October 2024, Nakheel awarded contracts worth more than Dh5bn for a luxury villa development on the island. Earlier this year, Nakheel entered a partnership with six architecture companies to design ten unique styles for The Beach Collection villas at Palm Jebel Ali. "Nakheel issues $204m infrastructure contracts for Palm Jebel Ali, Dubai" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
