The UAE is using a wealth fund to gain diplomatic sway
EconomistApr 25
France Open to UAE Investments in Nuclear Energy, AI
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The Facts
French Finance Minister Bruno Le Maire said on Tuesday that his country is open to investments from the United Arab Emirates (UAE) in its nuclear energy and artificial intelligence industries.
He highlighted the largely state-owned nuclear fuel specialist Orano and private companies as viable options for UAE investments, adding that France — which has recently relaunched its nuclear sector — is ready to assist the UAE to develop its own industry.
The Spin
Narrative A
As the UAE moves to pour money on Western governments to buy diplomatic pull, it's important to remember that the Gulf nation is not aligned with Western values. Though economic considerations should play a role in diplomatic and strategic negotiations, Western leaders mustn't compromise their broader obligations. They need to remain aware of what the UAE really wants, and put their sovereign democracies above Emirati funds.
Narrative B
While there are certainly differences between the UAE and the West, the Gulf state is a pivotal ally to many European countries. With its booming economy and robust investment funds, the UAE has become a global leader in technology and innovation, so it's very prudent to pursue partnerships with the country instead of alienating it. The UAE is working to become a conduit that connects all factions of the world to promote global prosperity.