crypto strategy

US partners in the Middle East avoid taking sides against China

UAE has ‘no interest in choosing sides between major powers’

ABU DHABI Anouar GargashDiplomatic Advisor to the President of the UAE Mohammad bin Zayed Al Nahyansaid this week that although “The UAE has no interest in choosing sides among the major powers, our main strategic relationship remains unequivocal with the United States.”

Speaking at the ninth annual Abu Dhabi Strategy Debate hosted by the Emirates Policy Center, Gargash said the UAE’s foreign policy seeks “zero problems” with the region and has defined a unique space as a conduit and facilitator of diplomacy between East and West.

“As a mid-sized power, we also have to be pragmatic,” Gargash said, and “we sometimes have to engage with people we find disagreeable,” adding that the UAE will choose “quiet diplomacy over outspoken criticism. “in his conduct. of foreign policy. See Salim Essidit is report on the subject.

Gargash’s view of the United States and China as “great powers” is not unique to the United Arab Emirates and the Middle East.

In a separate panel discussion on Europe during the debate, a similar theme emerged. While European countries are closer to the United States on China, especially on human rights and climate, they do not necessarily all agree to make China the center of their strategy. national security, as the United States has done.

For the Middle East and much of the world, the divisions described in the National Security and Defense Strategies of the United States between democracies and autocracies and between the United States and China portend growing unease in the region with a likely escalation of “strategic competition” between Washington and Beijing.

The Biden Administration security policy sees the next 10 years as a “decisive decade” in relations with China. The “choices” the US strategy refers to extend to countries outside the Indo-Pacific to increasingly align with US policy and “deliver results”.

U.S. allies and partners are, according to the strategy, “clear-headed” about the nature of China’s challenges, but the choices required may be increasingly hazy. The question is how long they can continue to withdraw.

The case is well presented by Evan FeigenbaumVice President of the Carnegie Endowment for International Peace, former US Deputy Assistant Secretary of State and top US expert on China.

As the United States increases sanctions and regulatory pressures on Chinese tech companies, Feigenbaum says, the choice countries require could include failure to comply with U.S. laws and regulations. As U.S. trade and investment in the Middle East always overtakes Chinaan “us or them” choice may not be easy for the region.

One area where China cannot compete is in the United States’ longstanding close political and security ties in the Middle East. The region prefers US weapons, and China has so far been reluctant to deepen its security and diplomatic footprints, preferring to focus on investment, trade and energy relations. Howard Shatz has the grip here in a Al-Monitor Pro Memo.

While there may be some unease in the Gulf with US security engagement in the region, none of the GCC states see China as a possible substitute, particularly in deterring and containing Iran. This is what Gargash meant by unequivocal security ties between the United States and the United Arab Emirates.

Showdown at the new Abu Dhabi crypto hub

Al-Monitor correspondentnt Salim Essaid was there at Abu Dhabi Finance Week when Noubil Roubini, the chief economist of Atlas Capital, criticized Binance CEO Changpeng Zhao, which had just appeared on the previous panel.

Roubini said that Binance should not be allowed to operate in the UAE, that the cryptocurrency system was totally corrupt, and in a tweet highlighting his remarks referenced the CEO of Galxy Digital. Mike Novogratzwho also appeared at the Abu Dhabi Global Market forum, as “crazy”.

Both Zhao and Novogratz are “rats and cockroaches”, Roubini tweeted.

The crypto market recently lost two-thirds of its peak valuation. Binance is the world’s largest crypto infrastructure provider $1 trillion the cryptocurrency industry, reaching more than 120 million users. The company is being investigation by the US Department of Justice for possible violations of money laundering rules, Reuters reported last week.

Meanwhile, Abu Dhabi World Market (ADGM) launched a crypto hub this week, despite the market downturn. The ADGM is an economic free zone subject to its own system based on English common law. The ADGM judiciary announced this week that it will adopt blockchain technology to seal court decisions. See our report on this subject.

Salim Essid break down the questions and complexities of the crypto market in the UAE and around the world, including whether the core of the challenge lies in the trade-offs between high asset returns and inadequate security, faulty regulatory practices, or whether the technology that supports the crypto market is flawed to begin with.

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