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Gulf businesses eye US opportunities after Trump win

“I want to tell the world community that while we will always put America’s interests first, we will deal fairly with … all other nations. We will seek common ground, not hostility; partnership, not conflict.” President-elect Donald Trump’s victory speech, sure, did hit the right notes compared with his inflammatory planks in a mean-spirited campaign. 
The hostile takeover of the White House by “protectionist” Trump, who had railed at the loss of US jobs to overseas competitors, is sending shockwaves through the financial world. But the Gulf countries, which are open-minded and professional enough to put the national interests of security and economic growth first, are soon coming to terms with the “Trump-in-the-White-House” reality. 
Post-election, top Gulf executives have taken more a conciliatory tone, especially after Trump seemed to be distancing himself from his campaign stance of imposing a temporary ban on all Muslims entering the US. 
Saudi billionaire Prince Alwaleed bin Talal, who has a substantial portfolio of US holdings, was among those wishing him well last Wednesday. Prominent UAE businessman Khalaf al-Habtoor said Trump’s comments on Muslims were just election-specific and a toned-down President Trump would be open to boosting business ties with the Gulf. 
Qatar Airways’ Group chief executive Akbar al-Baker also welcomed Trump’s victory. 
Gulf business links with the US are strong. The US imported $32.4bn of goods including oil from the six Gulf Cooperation Council countries in 2015; the region is also the most important client base for Boeing and a number of US defence firms. 
The Abu Dhabi Investment Authority has the largest geographical weighting for its estimated $792bn portfolio in North America at between 35% and 50%. The Qatar Investment Authority plans to invest $35bn in the US over five years.
There are, however, areas of concerns for the Gulf. Trump’s surprise win could weaken global oil prices by aiding a revival in US shale oil production. Gulf airlines are also waiting to see where Trump will stand on the disagreement with US carriers, who have called for a review of the Open Skies deal with Gulf nations.
In a wider sense, the historic victory of Trump, who had never previously run for public office, is a tonic for disaffected Americans. Six out of ten Americans don’t even like Trump; but two-thirds of the voters said the US was on the wrong track. For many of these people, Trump is exactly the president they want.
“Many Americans seemed to have found in Donald Trump, someone who can fit the bill,” Abdulbasit al-Shaibei, CEO of QIIB, said in an exclusive column in Gulf Times yesterday. The prevailing concern of the US immediately walking away from many of its cross-border trade pacts are too far-fetched, he said.
With arguably the world’s most powerful job in hand, President Donald Trump has a duty to do. While he has to bring a deeply-divided nation together, he should also demonstrate to the world that he really is seeking partnership and common ground. 
Make no mistake, in a globalised world, no country can ensure quality growth in inward-looking isolation and restrictive trade protection.


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