History has not been kind to the aspiring cultural and finance hubs of the Middle East over the past 50 years, from Beirut’s descent into civil war to Kuwait’s invasion by neighboring Iraq. Hence why Gulf economies such as Dubai and Abu Dhabi are determined to show they can overcome their biggest test yet, a US-Israeli war with Iran that’s killed thousands across the region, displaced many and massively disrupted oil supplies. The omens haven’t been great.

Officially, things are fine in the United Arab Emirates despite the missile strikes and economic worries. They’ll be even better if President Donald Trump is right about the US exiting the war within two to three weeks, and that leads to a broader cessation of the fighting and a reopening of the Strait of Hormuz, a crucial waterway for oil out of the Gulf.

© Bloomberg