In March and April, Iraqi Prime Minister Mustafa al-Kadhimi visited Saudi Arabia and the United Arab Emirates in search of financial aid. What he got instead was a commitment of investment: $3 billion from each government. And both capitals noted at least part of their investments will target renewable energy. That won’t do much to alleviate a budget deficit projected for nearly $20 billion this year or prevent another currency devaluation, but it is a sign of new realities in the Gulf. Wealthier oil producers are willing to help, but they will expect a return on it, and they will prefer to channel it through their own firms and investment vehicles to meet their domestic economic development needs.
