DECRYPTION – The conflict weighs on these economies which are very dependent on energy. Despite solid financial reserves, the war threatens their ambitions for diversification and shakes up the haven of stability.
For many, Dubai had become the Switzerland of the Middle East. A haven of stability and prosperity. But the emirate does not have France, Germany or Italy as neighbors. Just 145 kilometers from the Iranian coast, the war which has shaken the region for more than 100 days is a stark reminder of this. Closer to Israel in recent years and host to several American military installations, the United Arab Emirates have been the target of Tehran from the first days of the conflict.
Hundreds of cruise missiles were intercepted over the territory. In mid-March, a hotel located on Palm Jumeirah, Dubai’s emblematic artificial island, was hit by missile debris. Drones descended on the Fujairah oil site in early May, causing a fire. The first economic damage is visible. Since the end of February, the tourist ecosystem has been slowing down. Many hotels have decided to close for work, including the iconic Burj Al Arab. The…
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