Within just days of his inauguration Obama had agreed to carry out a one-on-one interview with Al Arabiya - a huge coup for the channel.

This move by Obama shows just how much emphasis he plans to put on building relations between the US and the Middle East.

Of course the content of the interview was mostly political and focussed on the Middle East peace process. But we must also remember the very important role the Middle East now plays in the World economy.

Oil prices may be dropping but Western companies are still benefitting from massive investment by Gulf-based sovereign wealth funds and private companies.

President Obama's move was a wise one and a sign, hopefully, of the foreign policy approach he plans to adopt.