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UAE and Qatari Money Lands in Venezuelan Gas, and the Pegs Close Where They Opened
A BP-led consortium pulls Gulf capital into Caracas, Turkey floats a defence pact with Riyadh, and the dirham and riyal end the week exactly where mandate requires.
The dirham closed at 3.6725 to the dollar. The riyal closed at 3.7500. If those two lines look identical to yesterday's, and the day before, and the week before that, congratulations — you have understood the point of a currency peg.
The interesting movement this Friday was not in FX screens but in the map of where Gulf capital is willing to travel. Reporting during the week placed UAE and Qatari firms inside a BP-led gas venture in Venezuela — a debut, not a top-up. Caracas has been off the me…
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