Author’s note: This is the third in a series of five posts on the financial ties that have publicly emerged between President Trump and the regime of the United Arab Emirates. See part 1 and part 2.
The United Arab Emirates is an absolute monarchy, rooted in Islamic law (although sharia is more loosely applied, especially to foreigners, than it is in more fundamentalist Arab societies). It is a tiny nation, smaller geographically than West Virginia, comprising seven emirates, the most notable of which are Abu Dhabi — where the dominant royal family is anchored, along with 95 percent of the country’s oil reserves — and Dubai, an ambitious center of finance, luxury, and conspicuous consumption. There are more than 10 million residents of the UAE, and only about a million of them are Emirati citizens. The nation’s oil wealth is phenomenal: It is the sixth or seventh largest producer in the world, churning out over 3 million barrels a day. Its GDP of nearly $540 billion is just amazing for a country of its size.
Comments