In June 2017, Saudi Arabia, the United Arab Emirates (the
"UAE"), Egypt and Bahrain announced that
they would sever diplomatic ties with, and cut off transport links
to, Qatar. Three and a half years later, the states have agreed to
restore diplomatic relations. While details of the reconciliation
continue to emerge, we highlight below some key opportunities for
businesses.
On 5 January 2021, the Al Ula Declaration (the
"Declaration") was signed with Qatar
during the 41st Gulf Cooperation Council Summit at Al-Ula in Saudi
Arabia. Although the Declaration has not been published, we
understand that the participating states have agreed not to
"infringe on the sovereignty, threaten the security or
target the social fabric" of the other participating
states. While acknowledging that more work needs to be done
following the June 2017 rift, the UAE Minister of Foreign Affairs,
Anwar Gargash, has said that the move is aimed at ensuring
"that the security, stability and
