TRUMP ADMINISTRATION PROPOSES $5B TO LAUNCH A FUND REBUILDING GULF ENERGY INFRASTRUCTURE

The fund would help Middle East countries rebuild energy sites damaged in the Iran war and reduce their reliance on the Strait of Hormuz, per US and Middle Eastern officials and documents seen by WSJ.

The US would seek a matching contribution from Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait, Oman, Iraq, and Jordan, targeting a $10B fund called the Partnership for Allied Trust and Construction. It would be managed by the Development Finance Corporation.

Discussions are under way and terms could change. It is unclear when or whether other countries will sign on. Some Middle East officials said building a rebuilding fund without a peace deal would be premature, since Iran could target new infrastructure.

Drone attacks shut Saudi Arabia's bypass pipeline earlier this month, and the Houthis claimed a Saturday attack on a jet-fuel storage site near Riyadh's airport.