What Wall Street Never Understood About Gulf Investors

The rift between Saudi Arabia and the United Arab Emirates is spilling over from geopolitics into global finance. Global banks — long accustomed to treating the Gulf as a single, large and obliging wallet — are now being forced to make difficult choices, preparing for a time when money, people and assets might not flow as freely across the region as they do now. Together with the impacts of the Iran war, this has upended their notions of how the Gulf works.