FT News Briefing Gulf states caught between US and China
Sep 22, 2021
Gulf states are caught in a complex tug-of-war between the US and China, trying to maintain a balance in their shifting alliances. The evolving economic landscape sees a stronger partnership with China, especially in technology and renewable energy. Meanwhile, Uber is on track for its first profitable quarter after years of losses, emphasizing the challenge of profit in the ridesharing industry. Additionally, discussions about EU funding consequences for Poland and Hungary due to human rights issues add another layer to the geopolitical narrative.
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Gulf States Turn to China for Drones
- The UAE and Saudi Arabia wanted to buy armed drones from the U.S.
- Unable to procure them from the U.S., they turned to China.
EU Funds and Human Rights
- The EU might withhold funds from Poland and Hungary due to human rights concerns.
- These funds aim to reduce economic disparities, but are tied to rule of law compliance.
Uber's First Profitable Quarter
- After a decade and billions of dollars spent, Uber is projected to have its first profitable quarter.
- This follows a history of heavy subsidies to gain market share.