These Iranian strikes have upended energy production and inflicted major disruption to tourism and travel, putting the region at risk of some of the most severe economic harm since the 1990-91 Gulf War. Goldman Sachs has estimated that Qatar and Kuwait could see GDP plunge 14 percent if the war lasts until the end of April, with the UAE and Saudi Arabia facing contractions of 5 percent and 3 percent, respectively. Meanwhile, Capital Economics has suggested that GDPs in the region could fall 10-15 percent if the conflict lasts at least three months and causes lasting damage to energy infrastructure. In an analysis published last week, the World Travel & Tourism Council estimated that the conflict was costing the region $600m in daily spending by international visitors. “How many tens of thousands of Europeans and Asians would have come through Doha, Dubai and Abu Dhabi in the past 15 days had it not been for America and Israel’s war on Iran?” Rutledge said. “In the near term, the scale of disruption may resemble the economic shock experienced during the pandemic, while a sustained closure could approach the magnitude of the economic fallout seen during the 1991 Gulf War,” he said.