Over the past year, the Gulf states have lived with the highs and lows of an American president who likes to take big bets. In May 2025, he visited Riyadh, Doha, and Abu Dhabi, wagering heavily on their economic success and on the prospect of their renewed partnerships with the United States. He celebrated the region’s modernization efforts and its ambitious economic diversification plans. Standing alongside the leaders of some of America’s largest corporations, Trump announced a cascade of