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7 hours ago
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Source: AFP
Ahead of US President Donald Trump's Gulf sojourn adjacent week, his lad Eric was promoting his crypto steadfast successful Dubai, portion Don Jr prepared to talk about "Monetising MAGA" successful Doha.
Last month, the Trump Organization struck its archetypal luxury existent property woody successful Qatar, and released details of a billion-dollar skyscraper successful Dubai whose apartments tin beryllium bought successful cryptocurrency.
In a monarchical portion awash with petrodollars, the database of Trump-related ventures is agelong and growing. However, the statesmanlike entourage is not the lone enactment cashing in, analysts say.
"Gulf governments apt spot the beingness of the Trump marque successful their countries arsenic a mode to make goodwill with the caller administration," said Robert Mogielnicki of the Arab Gulf States Institute successful Washington.
If the president chose, helium could hopscotch the portion from 1 Trump task to different erstwhile helium visits Saudi Arabia, Qatar and the United Arab Emirates adjacent week connected the archetypal overseas circuit of his 2nd term.
From Dubai's Trump International play course, to a high-rise flat artifact successful Jeddah and a $4-billion play and existent property task connected Omani state-owned land, business links are not hard to find successful the godforsaken autocracies.
At the Dubai crypto league successful April, Eric Trump and Zach Witkoff -- the lad of Trump's Middle East envoy, Steve -- announced that Emirati money MGX would usage USD1, a cryptocurrency developed by their firm, to put $2 cardinal successful Binance, a crypto exchange.
Political power
The archetypal rubric of Donald Trump Junior's speech astatine this month's Qatar Economic Forum, "Monetising MAGA: investing successful Trump's America" was aboriginal changed to the much neutral "Investing successful America", cached versions show.
Among specified investments is the $2 cardinal that Saudi Arabia's sovereign wealthiness money reportedly ploughed into the backstage equity money of Jared Kushner, Trump's son-in-law and erstwhile advisor.
The Qatar Investment Authority and Abu Dhabi-based plus manager Lunate person besides invested $1.5 cardinal into the fund, according to Bloomberg.
The Trump Organization has been tally by the president's 2 eldest sons, Don Jr and Eric, since his 2016 predetermination win. While helium nary longer holds an enforcement title, Trump has retained his involvement successful the household concern via a trust.
For the Gulf states, which are trying to diversify their fossil fuel-reliant economies by attracting tourism and investment, Trump-branded, luxury-focused developments are a bully fit.
However, that is not the lone benefit, arsenic they spy an casual way to entree and power astatine the bosom of the world's astir almighty country, experts say.
According to Hasan Alhasan, a elder chap for Middle East Policy astatine the IISS deliberation tank, signing deals with Trump beats the well-worn attack of buying US weaponry.
"For decades, the Gulf states' colossal weapons purchases person lined the pockets of US defence companies whose PACs (political enactment committees) are among the largest donors to US predetermination campaigns," helium said.
"Catering to the Trump family's commercialized interests is possibly seen arsenic a shorter and much effectual way toward the aforesaid objective: governmental influence," helium said.
'More than commercialized plays'
"In return, the Gulf states privation US arms, assurances and precocious technology," notably artificial intelligence, Alhasan said.
One large involvement for the UAE, which aims to beryllium a person successful artificial intelligence, is securing entree to precocious US technologies including AI chips nether restricted export.
The USD1 transaction by state-owned AI money MGX, chaired by the president's member Sheikh Tahnoon bin Zayed, came aft helium visited Washington successful March and reportedly lobbied for entree to the chips.
Gulf dealings with the Trump Organization airy successful examination with authorities pledges, including the Saudi committedness of $600 cardinal for US commercialized and investments.
The White House has said the UAE has committed to a 10-year, $1.4-trillion dollar concern framework, a fig not confirmed oregon denied by Abu Dhabi.
Riyadh was Trump's archetypal authoritative sojourn successful his inaugural term. Ahead of this trip, the United States approved a $3.5-billion merchantability of missiles to Saudi Arabia.
"From the Gulf side, these investments are acold much than conscionable commercialized plays -– they are strategical transactional levers," said Middle East expert Andreas Krieg.
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Source: AFP
