Rivalry between Dubai and Riyadh: Broken alliance!

• Financial

According to Saudi Crown Prince Mohammed bin Salman, the United Arab Emirates "stabbed them in the back." As a result of a change in geopolitical relations, the UAE and Saudi Arabia are now rivals in the Persian Gulf, writes the Wall Street Journal.

The UAE and Saudi Arabia have been allies for decades, but are now rivals. For years, UAE President Muhammad bin Zayed Al Nahyan has been like a mentor to Mohamed bin Salman, 37. In the Middle East and on the world oil market, the two former collaborators became rivals after the US reduced its diplomatic presence in the area.

Washington was unhappy with OPEC's decision to cut production last October to keep oil prices high, which Washington opposed. Despite agreeing with the decision, the UAE pointed out that Saudi Arabia, as a bigger and stronger neighbor, forced their hand.

OPEC, the world's largest crude oil exporter and dominated by the Saudis, has long been a source of contention between neighboring countries. OPEC policy prohibits the Emirates from producing more than three million barrels per day, but the Emirates plan to increase production to over four million barrels per day.

A huge amount of money is being lost, which makes them angry. As part of OPEC's last meeting in June, some increases were permitted, so the Emirati energy minister held hands with his Saudi counterpart.

TENSENESS RISES

The Wall Street Journal reports that the leaders of Saudi Arabia and the United Arab Emirates have not spoken for more than six months.

ICG's Dina Esfandiary says MBS wants to get out of the shadow of MBZ, which is why tensions are growing. According to her, things will get worse as both countries become more confident and assertive. It could be difficult for the US and Israeli governments to work together to confront Iran, end the eight-year war in Yemen, and expand diplomatic ties between Israel and other Muslim-majority nations because of the rivalry between the Gulf leaders.

It has been reported by a WSJ reporter that a senior Biden administration official stated that the Saudi crown prince is still working with Emirates' leader "at some level."