Saudi Arabia has been making a lot of money off Iran.
Its investments in Iranian companies have tripled in the past 10 years, and its sovereign wealth fund has invested in at least 13 Iranian companies, according to the United States.
But what’s really driving the Saudi investment boom is a country that has been buying oil from Iran for decades: the United Arab Emirates.
So far, it’s not clear why Saudi Arabia is buying oil more cheaply from Iran than from its neighbors.
The answer has to do with the UAE.
The U.A.E. has been a major beneficiary of Saudi largesse over the years.
Its investment boom has come as the Gulf states have been fighting a war in the Persian Gulf.
But that war has been mostly in the realm of oil.
When the U.S. imposed sanctions on Iran in the 1970s, Saudi Arabia was the biggest beneficiary.
Its oil output quadrupled from 1977 to the mid-1980s, and by the early 1990s, it was the No. 1 oil exporter in the world.
It also made big bets on oil companies, including Aramco, Saudi Aramco and Saudi Aram Oil.
But by the mid 2000s, things were changing.
The war in Afghanistan and the subsequent collapse of the Soviet Union led to a glut of oil in the Middle East, and U.M.A., a major oil producer in the region, began to struggle.
It eventually went bankrupt in 2004, and it has been struggling ever since.
In 2009, the U,A.A.’s oil production fell by almost a quarter to 1.8 million barrels per day.
But Saudi Arabia didn’t give up its investments in Aramco.
Instead, the kingdom bought a controlling stake in a company called Jubeir Oil and Gas.
The Jubeirs are the largest oil company in the UAE, with assets of $8 billion.
In 2011, Jubeireas state oil company bought Aramco for $12 billion.
Then, in 2014, the UAE government decided that the UAE had to get more involved in the oil markets.
It decided to buy Aramco from Jubeira, which is owned by Saudi Arabia.
So in 2014 and 2015, the oil market was plunged into chaos.
Saudi Arabia bought up huge amounts of crude from the UAYE, which meant that the Saudis were essentially taking the market over from Aramco at the expense of UAEs own companies.
By 2018, Aramco had to turn to selling off some of its assets to the UAHU, a state oil firm.
That meant that Jubeiri, which was once the largest company in UAE oil production, would have to pay Aramco billions in severance payments.
It was a terrible idea.
After the fall of the Taliban in 2014 in Afghanistan, the Middle Eastern oil market exploded.
The U.N. oil agency estimated that the country’s reserves stood at just over $100 billion.
It was estimated that U.AK would need to spend $5 trillion on new oil fields, refineries and pipelines in the next few years to keep up with the demand.
Aramco and Jubeiris own oil reserves in the UAR, the United Kingdom’s eastern region.
Saudi Arabia also controls about 15 percent of the URA, the other main UAE market.
Now the price of oil is about $115 a barrel, making it a huge advantage for Saudi Arabia over Aramco in the event of a war.
Meanwhile, Aram was still profitable.
It had enough cash on hand to pay for a war with Iran, and in the end, the war did not break out.
But by then, Aram had turned to the market again.
In 2018, it sold off its remaining oil reserves and bought back some of the stock of UAYe.
And in 2019, it bought back another stake in Jubeirin.
This time, the price for oil in U.AE was $130 a barrel.
By 2019, the Jubeires own oil output was almost half what it was in 2018.
At this point, it made sense for the UAA to take Aramco out of the market and buy back its own shares.
A’s oil output dropped to around 1.3 million barrels a day in 2020.
It has since been slowly picking up again.
While U.AA is not a state-owned company, the share price has doubled every year since.
Its market capitalization now stands at more than $150 billion.
So if the war against Iran were to break out, Aram would be in a strong position.
However, the real reason for the increase in Saudi Arabias share price is that Aram has become more of a player in the market than JubeIR in the Gulf.
It now has more than 80 percent of Saudi Arabia oil production.
Aram also has its own