The Gulf economies

Greece's recent overtures toward two of the largest economies of the Gulf - highlighted by the recent visits of Greek Prime Minister Kyriakos Mitsotakis to Riyadh and Abu Dhabi - are strategic and historically well placed. Despite the drop in oil prices, both countries are very asset rich. Saudi Arabia is the largest economy in the Middle East, 18th largest in the world and the only Arab country to be a founding member of the Group of 20 of the world's largest economies. This year, Saudi Arabia takes on the chairmanship of the G20. The Kingdom's central bank foreign assets are two and half times Greece's GDP. The UAE's sovereign fund is roughly six to seven times larger than the Greek economy. The above facts are mentioned not to belittle the Greek economy or to exaggerate the importance of the two Gulf economies. Both Greece and the Gulf economies have their own challenges. Greece...