IBOV 174,913.04 ▲ 0.19% IPSA 11,426.41 ▲ 0.50% IPC MEX 66,090.98 ▼ 0.15% MERVAL 3,007,801 ▼ 0.57% COLCAP 2,493.41 ▼ 0.45% BVL PERÚ 60,629.82 ▼ 0.05% USD/BRL5.17▲ 0.30% USD/MXN16.96▲ 0.04% USD/CLP923.61▲ 0.21% USD/COP3,143▲ 1.59% USD/PEN3.34▼ 0.04% USD/ARS1,514▼ 0.05% USD/UYU40.25▲ 1.53% USD/PYG5,905▲ 0.48% USD/BOB11.65▲ 2.81% USD/DOP58.25▲ 0.75% USD/CRC448.38▲ 1.62% USD/GTQ7.63▲ 2.37% USD/HNL26.83▲ 1.77% USD/NIO36.62▲ 0.79% USD/VES789.35▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD 157.28 — 0.00% USD/TTD6.73▲ 1.14% EUR/BRL6.02▲ 0.25% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73% IBOV 174,913.04 ▲ 0.19% IPSA 11,426.41 ▲ 0.50% IPC MEX 66,090.98 ▼ 0.15% MERVAL 3,007,801 ▼ 0.57% COLCAP 2,493.41 ▼ 0.45% BVL PERÚ 60,629.82 ▼ 0.05% USD/BRL 5.16 ▲ 0.01% USD/MXN 17.06 ▼ 0.24% USD/CLP 913.98 ▲ 0.04% USD/COP 3,140 ▲ 0.03% USD/PEN 3.36 ▼ 0.66% USD/ARS 1,493 ▲ 0.10% USD/UYU 40.27 ▲ 1.24% USD/PYG 5,939 ▲ 1.68% USD/BOB 11.64 ▼ 0.76% USD/DOP 58.34 ▲ 1.25% USD/CRC 445.92 ▲ 0.89% USD/GTQ 7.62 ▲ 2.21% USD/HNL 26.79 ▲ 1.57% USD/NIO 36.62 ▲ 0.69% USD/VES 762.44 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.28 — 0.00% USD/TTD 6.70 ▲ 0.61% EUR/BRL 5.95 ▲ 1.01% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73%
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World Middle East

Gulf monarchies seek alliances in South Pacific, actively leveraging their wealth

By · June 29, 2023 · 2 min read

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Oil-rich Gulf monarchies, including Saudi Arabia and the United Arab Emirates (UAE), are actively leveraging their wealth to gain influence in the South Pacific region, following a path similar to China, according to analysts interviewed by AFP.

Driven by the desire to counter their reputation as contributors to global climate issues, Saudi Arabia and the UAE have directed financial resources and attention towards small, vulnerable, and indebted nations in the Pacific, where concerns about rising sea levels persist.

Emirates has invested over US$50 million in infrastructure projects in the Pacific islands since 2015, focusing on renewable energy initiatives.

Gulf monarchies seek alliances in Pacific. (Photo Internet reproduction)
Gulf monarchies seek alliances in Pacific. (Photo Internet reproduction)
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Projects funded by Emirati investments include a wind farm in Samoa, a water reservoir in the Marshall Islands, and solar power projects in Kiribati, Tuvalu, and the Solomon Islands.

Saudi Arabia has established diplomatic ties with various Pacific countries, such as Tuvalu, Fiji, Tonga, Vanuatu, and the Cook Islands.

Notably, it has developed a close relationship with the Solomon Islands, providing financial support of US$8 million for hosting the Pacific Games.

In addition to their financial investments, the Gulf countries seek to build strong diplomatic relationships in the region, akin to a scaled-down version of China’s Belt and Road Initiative.

These endeavors reflect their evolving foreign policies and aspirations for a more prominent international role.

Experts suggest that while financial gain may not be the primary motive, the Gulf countries aim to secure diplomatic partners who will align with their interests in the future.

Despite their small populations and limited economic power, the Pacific island nations hold significant diplomatic influence, with 12 out of 55 votes in the Asia Pacific region at the United Nations.

The Gulf countries’ engagement in the Pacific bolsters their diplomatic standing and improves their climate credentials, which have been historically weak due to their reliance on fossil fuel production.

These alliances allow them to align with global trends and enhance their reputation in climate-related discussions.

Overall, the Gulf oil countries’ efforts to forge alliances in the Pacific serve multiple objectives, including expanding their influence, securing diplomatic partnerships, and improving their climate image, ultimately aiming for long-term benefits.

With information from AFP

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error

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