Saudi Arabia is emboldened to chart a different course than the previous decades, seeking to diversify its portfolio away from oil, which still makes up about 75% of its exports. That calculation may lead the kingdom away from the US and toward new partners.
“There is a direction of travel which is toward Saudi Arabia -- and some of its peers -- trying to hedge a bit more, be a bit more independent,” said Rachel Ziemba, a senior fellow at the Center for a New American Security. “They may act in ways that are less aligned with the US. Clearly they still see interest in investing in the US. They still see value, for now, in using the US dollar. But they’re also looking to other alternatives.”
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