The conclusion of a peace agreement on the Persian Gulf conflict is on the horizon, leaving a vital aspect to be addressed: the establishment of a viable regional management architecture. Unless a permanent structure for conflict management is established and the states reach a strategic accommodation with Iran, the security concerns will go unanswered, thereby allowing extra-regional powers to manipulate the many seams of discord within the regional context.

The foundation of the Arab side of the Persian Gulf is built on foreign investment and the steady flow of tourists of all kinds; only peace in the region will encourage foreign entrepreneurship. On the other hand, Iran, with a huge and dynamic population of 90 million, needs sustainable economic development and social tranquillity to solidify its role as an emerging middle power in the Middle East. For that, it needs to reallocate its resources from defence to economic projects. It might seem odd to the Western observer that, even during the height of recent crises, meaningful lines of communication were........

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