Bahraini Minister of Interior Sheikh Rashid bin Abdulla Al Khalifa said on Tuesday the ‘Arabian Gulf’ suffered losses of more than $100 billion as a result of the first and second Gulf Wars, and getting classified as a ‘region of instability’.
Speaking at a conference titled ‘Security of the Arabian Gulf”, organised by the Bahrain Centre for Strategic Studies, Sheikh Rashid blamed wars and conflicts for the instability in the region which have pushed it far away from foreign direct investment and modern technology.
He explained that despite possessing a sizeable chunk of world’s sovereign wealth, the size of investment flow amounted to less than three per cent of the global flows, underscoring the fact that the region has lost hundreds of thousands of people as a result of wars. He also blamed the deepening of sectarian tensions on the Gulf Wars that took place in 1991 and 2003.
The Bahraini minister stressed the importance of the conference and said that it is taking place at a time when the security of the region is gaining new dimensions. Sheikh Rashid highlighted the multiplicity of sources of security threat in the light of the presence of unstable regional conditions. “Some regime changes represented in the rise of some parties and powers, in addition to the failure of others, which encouraged Iran to expand in the region at the military, political and media levels,” the Bahraini interior minister said in his keynote speech.