The U.S.-U.A.E. Business Council brought together prominent journalists from leading U.S., U.A.E., and Israeli news outlets to explore how the Abraham Accords, Covid-19 pandemic, low oil prices, and Chinese competition have reshaped the modern Middle East. Journalists Mustafa AlRawi, Sophie Shulman, and John Defterios discussed, in particular, how these major developments have created new opportunities as well as challenges for business. This September 21 conversation came as part of the Business Council’s Back to Business Webinar Series.  A video of this event can be found here.

Clockwise from top left: Danny Sebright, President, U.S.-U.A.E. Business Council; John Defterios, Emerging Markets Editor and Anchor, CNN; Mustafa AlRawi, Assistant Editor-in-Chief, The National; and Sophie Shulman, Capital Markets Editor, Calcalist

The webinar kicked off with a discussion of the recent signing of the Abraham Accords between Israel, the U.A.E., and Bahrain. Mustafa AlRawi, Assistant Editor-in-Chief at The National, who covered the signing in Washington D.C. and was one of the journalists in the Oval Office meeting with President Trump and Sheikh Abdullah bin Zayed, offered his observations from the ceremony and gave a firsthand look into the implications of the historic moment for businesses in the region. He described the Abraham Accords as a “major win for the region” and a diplomatic victory for all countries involved.

Sophie Shulman, Capital Markets Editor for the Israeli journal, Calcalist, then provided an update on sentiment in Israel, reviewed a few of the commercial partnerships that have already emerged from the peace agreement, and looked ahead to future opportunities emerging from the deal. Specifically, she noted that there is potential for the U.A.E. and Israel to “go to third countries together,” for joint ventures.  Ms. Shulman also discussed her impressions as an Israeli from her recent trip to the U.A.E.

The journalists spoke to the broader implications of the accord for regional peace as well. CNN’s Emerging Markets Editor and Anchor, John Defterios, explained that business ties can “serve as the cement upon which peace can be built.”

Discussion turned next to geopolitical developments involving Iran, competition in the Eastern Mediterranean, and the effects of U.S.-China competition on businesses in the region. Panelists shared insight into the impact of these developments on Gulf economies and businesses in the broader Middle East region. Mr. Defterios also spoke to the implications of depressed oil prices and the coronavirus pandemic on economic diversification efforts and businesses in the Middle East.

The webinar concluded with a conversation about the future outlook for Middle East economies in light of both the pandemic and the signing of the historic Abraham Accords.

For more information about the U.S.-U.A.E. Business Council’s Back to Business webinar series, please contact the Business Council’s head of communications, Mary Zuccarello, at mzuccarello@usuaebusiness.org.