Bahrain-Israel: Signal on Saudi intentions is ambiguous
- No question of Bahrain breaking ranks and risking the bilateral financial support from Saudi et al on which it depends
- Saudi signal more important but ambiguous: either this is as far as it will go or Bahrain is a test for citizen reaction
- Context for normalisation (not "peace deals") is shared suspicion of Iran, alignment with the US, and a Biden hedge
This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a res...