(Reuters Breakingviews) - Why did Qatar pass up the chance to invest in Saudi Ar...
DOHA - Why did Qatar pass up the chance to invest in Saudi Aramco? It’s the question on nobody’s lips, at least publicly, at the Doha Forum, the emirate’s annual bash for international politicians and investors taking place in its capital this weekend. That’s a pity. Unpacking why Doha didn’t buy into the Saudi kingdom’s stock offering of its $1.7 trillion oil giant helps show why an ongoing spat between two Gulf petroleum-states still has a bit further to run.
Relations between Doha and Riyadh have been icy ever since June 2017, when Saudi and allies including the UAE and Egypt blockaded routes representing 90% of domestic trade and stopped Qataris from visiting or even using their airspace. Yet Saudi officials still approached Qatar about investing, Bloomberg reported on Dec. 11.
An investment of, say, $1 billion in Aramco by the QIA could, therefore, have been the icing on a cake that has already been rising in the oven. When Saudi King Salman invited Qatar’s Sheikh Tamim bin Hamad al-Thani to the Gulf Cooperation Council meeting in Riyadh on Dec. 10, there was more than a whiff of compromise in the air. A soccer match between Qatar and Saudi in the semi-finals of the Arabian Gulf Cup on Dec. 5 passed without a hitch in Doha.
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