The political and economic weight of the Gulf monarchies has increased considerably. These countries have diversified their economies and become logistic hubs, attracting large numbers of investors. They have also managed to extend their power beyond their borders. However, the wider regional fallout of the war begun by Hamas on October 7, 2023 has cast doubt on the Gulf’s stability, especially as it seems that the American security umbrella can no longer be taken for granted

South Asian leaders continue to reiterate how “central” ASEAN is to the region’s security architecture. However, in practice, the tendency is to prioritize bilateral agreements, gradually marginalizing the organization. This fragmentation is weakening regional cooperation, accentuating divisions, and compromising stability in the context of growing tensions in the Indo-Pacific. These trends are worrying at a time when Sino-American rivalries are becoming more acute.

The secret of success for many Southeast Asian countries has been their choice of economic and diplomatic multilateralism. Fence-sitting between rival powers is becoming fraught. China inspires a degree of fear in the region, due to its clout and geographical proximity. And under Trump, the United States is on the offensive against the multilateral trade system, with major diplomatic consequences. Can Southeast Asian countries maintain their balance by embracing new partnerships?

The sovereign wealth funds of Gulf countries have become key players in world finance. By investing colossal sums in strategic sectors, they contribute both to local development and the growing influence of the Gulf monarchies in the global economy and international politics. In the near future, they will have to grapple with two challenges: that of human capital, and that of their geopolitical position between the Global North and Global South.