Why this is important to Wisconsin businesses: Wisconsin companies doing business in the region may not be affected.
As tensions remain high between Israel and Hamas following the October 2023 terrorist attack in southern Israel, questions are arising about U.S. trade with the Gulf Cooperation Council (GCC) countries of Saudi Arabia, United Arab Emirates (UAE), Qatar, Kuwait, and Bahrain.
Consultant firm Channels Business Solutions says initial indications are that GCC countries are continuing to focus on their own economies rather than the nearby conflict.
Saudi Arabia and UAE are working toward economic diversification so they can become less dependent on oil. Saudi Arabia’s mega-project developments continue to multiply, and UAE is committed to developing its industrial base, space exploration, digitization, and adopting artificial intelligence, according to a Channels Business Solutions representative in the UAE.
, Israel, UAE, and Bahrain normalized relations by signing the 2020 Abraham Accords, easing trade barriers that had been in place for decades. The agreement has resulted in a significant boost in commercial trade interests, the consultant group says, and should make the GCC more invested in promoting dialogue and a resolution to the conflict.
