BusinessPostCorner.com
No Result
View All Result
Saturday, May 24, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

The strange world of the Euro-Gulf 

January 11, 2025
in Finance
Reading Time: 4 mins read
A A
0
The strange world of the Euro-Gulf 
ShareShareShareShareShare

Stay informed with free updates

Simply sign up to the Life & Arts myFT Digest — delivered directly to your inbox.

Waiting for the Tube, I see a poster for an upmarket gym chain. Locations? “City of London. High Street Kensington. Dubai.” What a shame to choose a setting that is so disfigured with bad taste and clueless expats. Still, the City and Dubai branches must be first-rate.  

Soon after, I am in Doha, and again the Euro-Gulf linkage is inescapable. The emir of Qatar is back from a state visit to Britain, where the hosts were angling for a trade deal. Swiss-headquartered Fifa has just given the World Cup hosting rights to Saudi Arabia. Even in skyscraper-free Muscat, where alleys that might have been rationalised elsewhere in the Gulf twist freely behind the corniche, three restaurants in my hotel are outposts of Mayfair brands. 

What a shame the word “Eurabia” is taken. And by such cranks. (It is a far-right term for a supposed plot to Islamise Europe.) Because we are going to need a word for this relationship. The Arabian peninsula has what Europe lacks: space, natural wealth and the resulting budget surpluses to invest in things. For its part, Europe has “soft” assets that Gulf states must acquire, host or emulate to carve out a post-oil role in the world. This isn’t the Gulf’s deepest external connection. Not while 38 per cent of people in the UAE and a quarter in Qatar are Indian. But it might be the most symbiotic, if I understand that word correctly. 

True, the US has a defence presence in all six Gulf Cooperation Council states. This includes the Saudi footprint that Osama bin Laden wasn’t super-stoked about. But everyday contact? America is a 15-hour flight away. Its soft assets are either harder to buy or less coveted. Its citizens have little fiscal incentive to live in tax havens, as Uncle Sam charges them at least some of the difference.  

It wouldn’t take much for Europe’s exposure to the Gulf to age as badly as its former porousness to Russia

In the 1970s, when Opec profits gushed through London, Anthony Burgess wrote a dystopia in which grand hotels became “al-Klaridges” and “al-Dorchester”. What a mental jolt it was for even the worldliest Europeans to see — we mustn’t pussyfoot around this — non-white people with more money than them. Still, they could condescend to the Gulf as being no place to live. Half a century on, their grandchildren would call that copium. In fact, their grandchildren might literally live there for economic opportunities. (Al-Dorado?) As a banker friend explains it, the time zones allow you to sleep late, trade the European markets, then dine late, so it is the young ones who do a Gulf stint, not the burnouts who are my age. 

For how long, though? It is the sheer unlikelihood of this tryst, between a universal rights culture and monarchical absolutism, between a mostly secular continent and the home peninsula of an ancient faith, that distinguishes it from anything I can think of. A relationship can be both necessary and untenable. It wouldn’t take much — some intra-GCC violence, say, which seemed close in 2017 — for Europe’s exposure to the Gulf to age as badly as its former openness to Russia. If Abu Dhabi-owned Manchester City are found to have committed financial chicanery, a chunk of Premier League history will be tainted. Because it is “just” sport, I sense people are underprepared for the backlash. 

Recommended

And it is parochial to assume that the relationship could only ever break down on one end. It is the Gulf side that has to make the awkwardest cultural adjustments. Because Europeans associate 1979 with Iran and perhaps with Margaret Thatcher, they sometimes pass over the seizure of the Grand Mosque in Mecca by zealots who thought the House of Saud had grown soft on western habits. Governments in the region assuredly don’t forget.  

How far a place can liberalise without tripping a cultural wire occupies (and is answered differently in) each state, or emirate. Everyone is very nice to “Mister Janan” in his Doha hotel. But the metal scanners that must be passed on each re-entry to the building stand as a reminder of the stakes here. I wonder if Europe and the Gulf throw so much into their liaison out of a niggling doubt that it can last. 

Email Janan at janan.ganesh@ft.com

Find out about our latest stories first — follow FT Weekend on Instagram and X, and sign up to receive the FT Weekend newsletter every Saturday morning


Credit: Source link

ShareTweetSendPinShare
Previous Post

Medicare and telehealth: more restrictive rules could hit patients in 2025

Next Post

Rachel Reeves pledges to ‘make UK better off’ as she arrives in China

Next Post
Rachel Reeves pledges to ‘make UK better off’ as she arrives in China

Rachel Reeves pledges to 'make UK better off' as she arrives in China

Apple designer Sir Jony Ive joins OpenAI

Apple designer Sir Jony Ive joins OpenAI

May 21, 2025
Illicit Bitcoin Service Lands US Man 6-Year Sentence, Must Surrender .5M

Illicit Bitcoin Service Lands US Man 6-Year Sentence, Must Surrender $1.5M

May 23, 2025
Hyperliquid Hits Record .9B Open Interest as Bitcoin Surges Past 1K

Hyperliquid Hits Record $8.9B Open Interest as Bitcoin Surges Past $111K

May 22, 2025
How a joke about rice cost a Japan cabinet minister his job

How a joke about rice cost a Japan cabinet minister his job

May 21, 2025
Paraguay Foils Crypto Mining Theft Near Itaipu Dam, 3 Deported, 1 Arrested

Paraguay Foils Crypto Mining Theft Near Itaipu Dam, 3 Deported, 1 Arrested

May 17, 2025
What Trump’s prescription drug prices order means for employers

What Trump’s prescription drug prices order means for employers

May 20, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Trump touts ‘planned partnership’ between U.S. Steel and Nippon Steel, signaling potential approval of Japanese company’s buyout bid

Trump touts ‘planned partnership’ between U.S. Steel and Nippon Steel, signaling potential approval of Japanese company’s buyout bid

May 23, 2025
Is Pi Network About to Miss the Bull Run? Insider Selling Raises Major Red Flags (Pi Network Price Prediction)

Is Pi Network About to Miss the Bull Run? Insider Selling Raises Major Red Flags (Pi Network Price Prediction)

May 23, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!