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COUNTRY INSIGHTS

​GULF WEEKLY: Biden calls King Salman, Saudi issues €1.5bn, Kuwait MPs oppose asset withdrawals
GULF COUNTRIES · Report · 26 Feb 2021

A skimmable summary overlaid with our analysis and links. Headlines include: * A temporary IAEA nuclear monitoring agreement provides space for US-Iran talks. * The US bombed pro-Iranian militia on the Syria-Iraq border, in retaliation for an attack last week. * Saudi issued €1.5bn in 3 and ...

KUWAIT: Government proposes large annual sovereign wealth withdrawals to part-finance deficits
GULF COUNTRIES · In Brief · 22 Feb 2021 · 1 response

The government has proposed an amendment to the 1976 law on the Future Generations Fund (FGF) that would permit the withdrawal of up to KD5bn ($16.5bn) annually to finance deficits (Qabas-Arabic). During the last year, the government has been in a bind because it is not able to withdraw from the ...

​GULF WEEKLY: US open to EU-Iran mediation, Sharjah nears junk status, Kuwait suspends parliament
GULF COUNTRIES · Report · 19 Feb 2021

A skimmable summary overlaid with our analysis and links. Headlines include: * The US welcomed an EU proposal to mediate with Iran. This comes days before Iran is planning to limit nuclear inspections and after an attack on a US base in Iraq by an Iran-linked militia. * Oil hit $65 and could ...

​QATAR: Upgrade likely as LNG expansion moves forward and benefits from the energy transition
GULF COUNTRIES · Report · 17 Feb 2021 · 1 response

* Qatar should have the lowest yields and strongest ratings in the Gulf given its fiscal strength. * Sovereign bond supplies could become constrained, although new GRE issuance is likely. * Qatar invested in gas when it was unfashionable and reaped the rewards, but developed an independent s...

GULF WEEKLY: Qatar commissions LNG expansion, Saudi activist freed, Khamenei digs in heels
GULF COUNTRIES · Report · 12 Feb 2021

A skimmable summary of key developments, overlaid with our analysis and links to further information. Headlines include: * Khamenei and Biden reasserted “you first” positions, and Iran produced uranium metal. * Biden will reverse the terrorism designation of the Houthis in Yemen, although the...

GULF WEEKLY: Biden focuses on Yemen, Kuwait on negative outlook, BP sells Oman gas stake
GULF COUNTRIES · Report · 05 Feb 2021 · 1 response

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include: * Restrictions expanded across the region in response to the current Covid wave. * Oil has risen to $59, the most in nearly a year, supported by the voluntary Saudi cuts. *...

​GULF WEEKLY: Saudi bonds and new governor, Kuwaiti budget and reappointed prime minister
GULF COUNTRIES · Report · 29 Jan 2021 · 1 response

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include: * Increased vaccine supplies are on the way as Covid cases continue to rise. * The US and Iran insist the other comply first, but Rob Malley’s appointment points to a deal. ...

​GULF WEEKLY: Bahrain issues bond, Qatar’s Q3 GDP rebounds, Covid surges in Dubai
GULF COUNTRIES · Report · 22 Jan 2021 · 1 response

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include: * Biden will consult with allies before dealing with Iran, but his key nominees support the JCPOA. * Dubai cancelled live entertainment as Covid surges, although it is 2nd g...

​BAHRAIN: Fiscals look weak ahead of bond issuance
GULF COUNTRIES · Report · 19 Jan 2021

Bahrain is looking to issue around $2bn in 7-30 year bonds, its third issuance in less than a year. This is to refinance a bond maturing next week, given a paucity of FX reserves, and partly finance the large and structural deficit. The data from the bond prospectus on the 2020 fiscal outturn loo...

​GULF WEEKLY: Oman issues bonds and appoints heir, Kuwait’s cabinet resigns, Covid rates rise
GULF COUNTRIES · Report · 15 Jan 2021 · 1 response

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include: * The UAE has reached 14% vaccination but covid infection rates have tripled in two weeks. * The core of Neom is envisaged as a 170km futuristic zero-carbon linear city call...

OMAN: Raising up to $5bn in bonds and loans
GULF COUNTRIES · In Brief · 14 Jan 2021

Today Oman is building a book for a bond issuance thought to be targeting $2-3bn. The bonds are a tap on the 2025 issuance from last October along with new 10 and 30 year tranches (Rt, BB). This follows the $2.5bn issued in October/November and comes at the same time that it has also mandated ban...

​OMAN: Budget discloses detailed projections until 2025 but takes oil spending off-budget
GULF COUNTRIES · Report · 08 Jan 2021 · 3 responses

* The new fiscal projections until 2025 seem to be derived from the existing Tawazun plan. * However, oil expenditure has been taken off-budget and some other minor changes were made. * More detailed disclosures show the budgeted path for subsidy reform and non-oil revenue growth. * The oil as...

​GULF WEEKLY: Qatar reconciliation, Saudi oil cut, Kuwaiti cabinet may resign, Omani budget
GULF COUNTRIES · Report · 08 Jan 2021 · 1 response

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include: * OPEC agreed to hold production largely flat for two months, then Saudi voluntarily cut by 1m b/d. * The cut pushed oil to a post-Covid high. Unrelatedly, the Asian LNG spo...

Gulf rift resolution expected tomorrow
GULF COUNTRIES · In Brief · 04 Jan 2021

Kuwait's foreign minister has just announced (6.51pm GMT / 1.51pm EST) that Saudi Arabia will reopen its land and air borders to Qatar this evening, the day before it hosts the GCC Summit (Kuna-Arabic). We had heard reports a few hours earlier that officials at the border had been instructed to p...

​GULF WEEKLY: Saudi & Qatar Q3 BoP, Dubai budget, Saudi activist sentenced
GULF COUNTRIES · Report · 31 Dec 2020

A skimmable summary of key developments, overlaid with our analysis and links to further information. Headlines include: * Saudi’s Q3 current account returned to a 1.3% of GDP surplus, from a -12% deficit in Q2. * Qatar’s Q3 current deficit narrowed slightly to -7% of GDP as remittances rebou...

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