Saudi Arabia’s intention to join the Shanghai Cooperation Organization as a dialogue member signals that the U.S. is quickly losing influence on the Arabian Peninsula
The SCO is the world’s biggest regional political, economic and defence organisation both in terms of geographic scope and population. It covers 60 percent of the Eurasian continent , 40 percent of the world’s population, and more than 20 percent of global GDP. It was formed in 2001 on the foundation of the ‘Shanghai Five’ that was set up in 1996 by China, Russia, and three states of the former USSR .
In order to rebuild his reputation with a view to usurping MbN as Crown Prince, MbS came up with an idea that he thought would win over senior Saudis who supported his rival. That idea was to float a stake in the Kingdom’s flagship company, Saudi Aramco, through an initial public offering , as analysed in depth in . In theory, the idea had several positive factors going for it that would benefit MbS.
At that point, China stepped in with an offer to save MbS’s face, an offer that he has apparently never forgotten. The offer was that China would buy the entire 5% stake for the required US$100 million, and it would be done in a private placement, meaning no possibly embarrassing details about anything surrounding the deal would ever be made public, including to those senior Saudis who opposed MbS. Although the offer was declined as King Salman did not at that point want to alienate the U.S.
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