Breakingviews - Why didn’t Qatar support Saudi Aramco’s big deal? - Reuters:
Why did Qatar pass up the chance to invest in Saudi Aramco? It’s the question on nobody’s lips, at least publicly, at the Doha Forum, the emirate’s annual bash for international politicians and investors taking place in its capital this weekend. That’s a pity. Unpacking why Doha didn’t buy into the Saudi kingdom’s stock offering of its $1.7 trillion oil giant helps show why an ongoing spat between two Gulf petroleum-states still has a bit further to run.
In fairness to Doha Forum attendees, there are far more pressing questions to obsess about. While Abu Dhabi’s Aramco investment was always on the cards given Saudi’s status as a close ally, and Kuwait’s was mildly surprising given its neutral position on regional beefs, a contribution from the Qatar Investment Authority would have had jaws dropping.
Relations between Doha and Riyadh have been icy ever since June 2017, when Saudi and allies including the UAE and Egypt blockaded routes representing 90% of domestic trade and stopped Qataris from visiting or even using their airspace. Yet Saudi officials still approached Qatar about investing, Bloomberg reported on Dec. 11.
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