Since China announced the Belt and Road Initiative (BRI) in 2013,
the Gulf States have regarded it as a means for diversifying their
national economies in order to reduce dependence on oil revenues
and to achieve their national development strategy. The Persian
Gulf region has a significant role in the successful implementation
of BRI. Emerging strategic, diplomatic and financial partnerships
will enable China to control the flow of its exports to world
markets. The BRI has five major goals: Policy coordination,
facilities connectivity, free trade, financial integration, and
people-to-people bonds. Facilities connectivity, which focuses on
transportation and energy infrastructure, is the initiatives
priority. The integration between the national development plans of
Gulf monarchies, the economic reconstruction plans of Iraq and
Iran, and the new economic goals of Saudi Arabia, with Chinas Belt
and Road vision have converged to bring forward opportunities. The
implementation of the new Silk Road strategy will unleash a
regional infrastructure boom by connecting China with Asia, Europe,
and Africa by land and sea, boosting renminbi internationalization.
Nevertheless, there are challenges that could complicate the
envisaged bilateral partnerships. Saudi Arabia: The strategic
synergy between the BRI and Saudi Vision 2030 has forged a joint
economic development path, but external conflicts (Yemen, Iran)
could derail plans. Iran: While Tehran has a special geographical
status in West Asia, Washingtons decision to withdraw from the Iran
nuclear agreement might create Sino-Iranian trade barriers. The
UAE: In July 2018 bilateral relations were elevated to a
comprehensive strategic partnership. The synergy between the BRI
and UAE Vision 2021 is multifaceted trade, energy, infrastructure
and logistics, financial services, military ties, tourism and
cultural cooperation but very complex. Most of the Gulf States are
governed by monarchies, are at the primary stage of
industrialization, and are susceptible to US and European
influence. The challenges Chinas ascendancy poses for the US, and
the inevitable geopolitical fight back, in conjunction with Gulf
regional turbulence, mean that the BRI project will face
substantive challenges in the years ahead.
General
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