Editor’s Picks 26 May 2016 at 2:35 GMT

Saudis take rearguard action to curb Iran's economic rise

Saudi Arabia couldn’t stop the Iran nuclear deal from being signed. Plan B is to limit Iran’s ability to reap its benefits. The kingdom is mobilizing its Gulf allies to make sure that Iran’s opening-up doesn’t go smoothly. Last month the Saudis scuttled a bid to stabilize crude prices because it would have allowed their bitter foe to grab a larger share of oil markets. It’s a rearguard action by the Saudis as the US reassesses its role in the Middle East and investors are drawn to Iran as the last untapped major frontier market. Still, there are other drags on doing business with Iran: European banks are reluctant to do business in the Islamic Republic for fear of possible US sanctions.
Read full article at Bloomberg


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