Jammu, Aug. 21 -- The US-Israel war with Iran has now stretched beyond five weeks, inflicting extensive damage on energy infrastructure, airports, ports and commercial and technology hubs across the six GCC states. The closure of the Strait of Hormuz to Gulf oil and gas exports is, in itself, an economic catastrophe. It forces the GCC to conclude that energy export security is not national security.
Drone and missile attacks triggered a sharp decline in visitor arrivals and an exodus of high-net-worth investors from financial centres such as Dubai and Abu Dhabi. Yet the UAE's robust air defences and crisis management protocols have helped to restore confidence in public safety. It is too early to calculate the full fiscal impact. But the c...