The Middle East may be at a turning point, with Gulf cities such as Dubai and Doha facing financial risks due to their economic stability. This comes after the killing of Iranian Revolutionary Guard commander Qassem Soleimani, which marked a turning moment in the conflict between Washington and Tehran. The conflict has also caused concerns for the region's investment safety, with airlines and airports operating at reduced capacity due to restrictions and conflict. The Gulf states’ economic model, which was built on the expectation that regional stability would attract global investment despite ongoing political tensions, is now in serious jeopardy. For decades, US military bases in the Gulf have been deterred Iran and protected Washington’s allies, but this war has now raised the question: Have these bases become part of the security problem they aimed to solve?