The US deal granting it future revenue and access to Ukraine’s mineral sector raises a broader question: is this the beginning of a model for American foreign policy, one that links strategic resource access to long-term diplomatic and financial commitments?
Shaped by the exceptional circumstances of war, the Ukraine deal may appear to be a one-off. Yet US President Donald Trump’s recent Middle East visit, in which the White House claimed more than a trillion dollars in investment deals were signed, points to a broader trend: Washington’s increasing willingness to align foreign policy with long-term economic interests, particularly in critical minerals.
It is tempting to imagine the US might apply the Ukraine model in the Middle East, particularly with countries like Saudi Arabia and Jordan, where mining has become a growing policy focus. Riyadh especially is pursuing large-scale development of critical minerals as part of its economic diversification strategy to lessen dependence on oil.
Riyadh has also overhauled its mining laws to attract foreign investment and accelerate exploration. Its state-owned mining giant, Ma’aden, has already entered partnerships with global firms like Barrick Gold and Ivanhoe Electric, signalling serious intent to build a world-class mining sector.
But unlike Ukraine, neither is in a position of acute geopolitical distress. Saudi Arabia is wealthy, and critically, not short on suitors. It boasts a huge sovereign wealth fund, the Public Investment Fund, that finances domestic megaprojects.
While Jordan's aid dependent economy is struggling, especially after the sudden suspension of US aid in February, it fairs better than Ukraine's dire straits of enduring a more than three-year war.
Therefore, neither country is under pressure to pledge away its resources at a loss. That may not preclude Mr Trump from exploring similar proposals, however unlikely their acceptance.
The American president has long preferred diplomacy with a balance sheet. His latest Gulf tour was no exception, with discussions focused on investment deals and economic co-operation, including energy sales.
Administration officials have indicated a growing interest in financing structures that expand US access to critical minerals without increasing federal spending.
Minerals race
Minerals are no longer just commodities. Lithium, copper, and other rare earth metals are national security assets. From electric vehicles to semiconductors, the green transition is mineral-intensive, and China controls much of the supply chain. China processes more than 80 per cent of rare earths, dominates refining of lithium and cobalt, and plays a major role in battery and solar manufacturing.
For Washington, ensuring access is becoming as vital as defending shipping lanes.
Still, any notion of Saudi Arabia or Jordan signing over future profits or access to the US is, at best, aspirational. Riyadh has no intention of sharing control, or upside, of its mineral development. It might accept a US partner in a technical capacity, especially to access mining expertise or green tech. But anything more is unlikely.
This does not mean deals will not be struck. Rather, the model would be likely to differ from used in Ukraine’s. In Jordan’s case, Washington might offer technology transfer or enhanced security guarantees, particularly in light of regional tensions with Iran, in exchange for priority access to minerals or a stake in local mining projects.
Jordan, while more modest in scale, has significant reserves of phosphates and is exploring its potential in rare earth elements. The country’s established mining infrastructure and close ties to Washington could make it a more flexible partner for future mineral agreements.
With Saudi Arabia, it’s harder. Saudi Arabia doesn’t need a deal; the US does. That’s leverage, and Riyadh knows it.
Diplomatic capital
Even if formal resource-sharing deals are unlikely, Washington’s economic footprint in the Gulf is not insignificant. Access can take less visible forms.
One route is through US companies that attract investment from Gulf sovereign wealth funds, like Abu Dhabi’s ADQ, the Qatar Investment Authority and Saudi Arabia’s Public Investment Fund. Capital often travels with a diplomatic agenda.
In 2021, for instance, Saudi Arabia’s PIF gave $2 billion to Jared Kushner, Mr Trump’s son-in-law and former senior adviser, for his newly launched private equity firm, Affinity Partners. Many in the region regard the move as a gesture aimed at maintaining ties with Mr Trump’s inner circle.
However, if the US is indeed pivoting to a resource-driven foreign policy, it is doing so late in the day. China has spent two decades building state-backed mineral partnerships across Africa, Latin America, and increasingly the Middle East, often under its flagship Belt and Road Initiative.
The US, by contrast, is just now scrambling to catch up. In this context, resource-sharing arrangements, however opaque, may become a new diplomatic currency.
But even within Washington, the path forward is uneven. The push to secure minerals is tied closely to the green transition, a central concern for US tech giants, who need stable supplies for electric vehicles, batteries and data infrastructure.
Yet on Capitol Hill, the political will is fragmented. While some Republicans support domestic mining as part of a broader push for energy independence and competition with China, many in the Make America Great Again wing of the party remain sceptical of the green agenda itself.
Still, lithium, cobalt, rare earths are vital to American interests. Electric vehicles, wind turbines, and advanced batteries all depend on them. But securing reliable access to these materials will take more than high-profile deals in Riyadh.
It will require sustained investment in mining and processing capacity, long-term contracts with trusted partners, and clear policy signals that outlast election cycles.
Ukraine’s resource-for-support deal may remain an outlier: born of war, scarcity and political imbalance. The Middle East, by contrast, is rich and assertive.
Mr Trump may hope to carve out a mineral foothold, but the region is unlikely to surrender its resources without extracting something far more valuable in return.
And in the transactional world of today’s geopolitics, the price of access is always going up.
Karl Schmedders is professor of finance at IMD
What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
The specs: 2018 Infiniti QX80
Price: base / as tested: Dh335,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 400hp @ 5,800rpm
Torque: 560Nm @ 4,000rpm
Fuel economy, combined: 12.1L / 100km
Killing of Qassem Suleimani
The bio
Favourite food: Japanese
Favourite car: Lamborghini
Favourite hobby: Football
Favourite quote: If your dreams don’t scare you, they are not big enough
Favourite country: UAE
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
Abdul Jabar Qahraman was meeting supporters in his campaign office in the southern Afghan province of Helmand when a bomb hidden under a sofa exploded on Wednesday.
The blast in the provincial capital Lashkar Gah killed the Afghan election candidate and at least another three people, Interior Minister Wais Ahmad Barmak told reporters. Another three were wounded, while three suspects were detained, he said.
The Taliban – which controls much of Helmand and has vowed to disrupt the October 20 parliamentary elections – claimed responsibility for the attack.
Mr Qahraman was at least the 10th candidate killed so far during the campaign season, and the second from Lashkar Gah this month. Another candidate, Saleh Mohammad Asikzai, was among eight people killed in a suicide attack last week. Most of the slain candidates were murdered in targeted assassinations, including Avtar Singh Khalsa, the first Afghan Sikh to run for the lower house of the parliament.
The same week the Taliban warned candidates to withdraw from the elections. On Wednesday the group issued fresh warnings, calling on educational workers to stop schools from being used as polling centres.
CHATGPT%20ENTERPRISE%20FEATURES
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Stats at a glance:
Cost: 1.05 billion pounds (Dh 4.8 billion)
Number in service: 6
Complement 191 (space for up to 285)
Top speed: over 32 knots
Range: Over 7,000 nautical miles
Length 152.4 m
Displacement: 8,700 tonnes
Beam: 21.2 m
Draught: 7.4 m
Fifa Club World Cup quarter-final
Kashima Antlers 3 (Nagaki 49’, Serginho 69’, Abe 84’)
Guadalajara 2 (Zaldivar 03’, Pulido 90')
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
Killing of Qassem Suleimani
Killing of Qassem Suleimani
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Global state-owned investor ranking by size
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1.
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United States
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China
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UAE
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4.
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Getting%20there%20
%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Ftravel%2F2023%2F01%2F12%2Fwhat-does-it-take-to-be-cabin-crew-at-one-of-the-worlds-best-airlines-in-2023%2F%22%20target%3D%22_self%22%3EEtihad%20Airways%20%3C%2Fa%3Eflies%20daily%20to%20the%20Maldives%20from%20Abu%20Dhabi.%20The%20journey%20takes%20four%20hours%20and%20return%20fares%20start%20from%20Dh3%2C995.%20Opt%20for%20the%203am%20flight%20and%20you%E2%80%99ll%20land%20at%206am%2C%20giving%20you%20the%20entire%20day%20to%20adjust%20to%20island%20time.%20%C2%A0%3C%2Fp%3E%0A%3Cp%3ERound%20trip%20speedboat%20transfers%20to%20the%20resort%20are%20bookable%20via%20Anantara%20and%20cost%20%24265%20per%20person.%20%C2%A0%3C%2Fp%3E%0A
One in four Americans don't plan to retire
Nearly a quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals' retirement plans and the realities of ageing in the workforce.
Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they'd like.
According to the poll from The Associated Press-NORC Centre for Public Affairs Research, 23 per cent of workers, including nearly two in 10 of those over 50, don't expect to stop working. Roughly another quarter of Americans say they will continue working beyond their 65th birthday.
According to government data, about one in five people 65 and older was working or actively looking for a job in June. The study surveyed 1,423 adults in February this year.
For many, money has a lot to do with the decision to keep working.
"The average retirement age that we see in the data has gone up a little bit, but it hasn't gone up that much," says Anqi Chen, assistant director of savings research at the Centre for Retirement Research at Boston College. "So people have to live in retirement much longer, and they may not have enough assets to support themselves in retirement."
When asked how financially comfortable they feel about retirement, 14 per cent of Americans under the age of 50 and 29 per cent over 50 say they feel extremely or very prepared, according to the poll. About another four in 10 older adults say they do feel somewhat prepared, while just about one-third feel unprepared.
"One of the things about thinking about never retiring is that you didn't save a whole lot of money," says Ronni Bennett, 78, who was pushed out of her job as a New York City-based website editor at 63.
She searched for work in the immediate aftermath of her layoff, a process she describes as akin to "banging my head against a wall." Finding Manhattan too expensive without a steady stream of income, she eventually moved to Portland, Maine. A few years later, she moved again, to Lake Oswego, Oregon. "Sometimes I fantasise that if I win the lottery, I'd go back to New York," says Ms Bennett.
Zayed Sustainability Prize
COMPANY%20PROFILE
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
BMW%20M4%20Competition
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.0%20twin-turbo%20inline%20six-cylinder%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20eight-speed%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E503hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20600Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20from%20Dh617%2C600%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%0D%3C%2Fp%3E%0A
ASIAN%20RUGBY%20CHAMPIONSHIP%202024
%3Cp%3E%3Cstrong%3EResults%3C%2Fstrong%3E%3Cbr%3EHong%20Kong%2052-5%20UAE%3Cbr%3ESouth%20Korea%2055-5%20Malaysia%3Cbr%3EMalaysia%206-70%20Hong%20Kong%3Cbr%3EUAE%2036-32%20South%20Korea%3Cbr%3E%3Cbr%3E%3Cstrong%3EFixtures%3C%2Fstrong%3E%3Cbr%3EFriday%2C%20June%2021%2C%207.30pm%20kick-off%3A%20UAE%20v%20Malaysia%3Cbr%3EAt%20The%20Sevens%2C%20Dubai%20(admission%20is%20free).%3Cbr%3ESaturday%3A%20Hong%20Kong%20v%20South%20Korea%3Cbr%3E%3C%2Fp%3E%0A
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Killing of Qassem Suleimani
MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45 2')
