UAE Says It Is Discussing Currency Swap Line with U.S.

The United Arab Emirates is discussing a currency swap line with the United States, its ‌trade minister said on Monday, Reuters reported. "We have this discussion and conversation ‌with many, it's part of an elite group that the U.S. is having this swap policy ​with. They are only having it with five countries," Thani Al Zeyoudi said at a conference in Abu Dhabi. "Being part of that group means that transactions... trade, investments between both nations reach a level where that swap is highly ‌needed ... so it is ⁠an elite matter, (it) is not about bailing out," he said.
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UAE, Qatar Seek New Gulf-Asia Trade Corridor in Landmark Agreement with South Korea

The United Arab Emirates signed a new trade agreement with South Korea the day after it left OPEC, cutting tariffs on most traded goods, seeking an increase in trade exchanges and cementing economic ties between the two countries, as part of a wider push by the Gulf states towards Asia, EuroNews.com reported. The agreement marks South Korea’s first trade pact with a country in the Gulf Cooperation Council and the wider Middle East and North Africa region, at a time when supply chains and wider geopolitical dynamics are reshaping global trade.

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Analysis: The U.A.E.’s OPEC Bombshell Signals a New Middle East Order

The United Arab Emirates’ decision to withdraw from OPEC did more than deliver a shock to the cartel that has long ruled the global oil market. It also rang the opening bell for the new geopolitical order that the war with Iran is ushering in across the Middle East, the Wall Street Journal reported. The new alignment is redrawing political fault lines between the Arab world and Israel that defined the region for decades.
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