Services

COUNTRY INSIGHTS

​GULF WEEKLY: Saudi deficit eases, Oman got Qatari cash, France faces boycott
GULF COUNTRIES · Report · 30 Oct 2020

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include: * Oil fell to a five-month low below $38 on Covid worries and revived Libyan production. * The Saudi Q3 deficit eased to -$10.9bn on stronger oil and VAT revenue. * Major r...

UAE: Sharjah and RAK downgraded by S&P
GULF COUNTRIES · Report · 26 Oct 2020

* The downgrades were to record lows of A- (RAK) and BBB- (Sharjah). * The Covid crisis has harmed the activity they rely on to generate fees and tax revenue. * RAK runs surpluses and has more liquid assets than debt. * Sharjah has a large structural deficit relative to its revenue and s...

GULF WEEKLY: Oman cuts issuance to $2bn, Libyan ceasefire, Hariri returns
GULF COUNTRIES · Report · 23 Oct 2020

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include: * The World Bank published slightly more pessimistic forecasts than the IMF. * Apparent Iranian interference in the US election could complicate sanctions-lifting under Bide...

​OMAN: Bonds are finally coming to market
GULF COUNTRIES · Report · 19 Oct 2020

* Oman is coming to market to raise up to $4bn in 3/7/12 year tranches. * The revised budget expects a full-year deficit of -$10.9bn (-16.3% of GDP). * The fiscal deficit disclosed for Jan-Aug of -$4.3bn seems to be an undercount. * Government debt is at least $48bn (72% of GDP), and GRE d...

OMAN: S&P downgrades to record low of B+
GULF COUNTRIES · Report · 17 Oct 2020

S&P's downgrade is a result of a larger than previously expected hit from the current crisis and despite greater confidence in the government's commitment to fiscal reform. We had expected Oman would try to issue a bond before the scheduled rating update but nonetheless it could still come to mar...

​GULF WEEKLY: IMF forecasts bigger contractions, Qatar Q2 GDP, Oman VAT & gas
GULF COUNTRIES · Report · 16 Oct 2020

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include: * IMF forecasts bigger contractions but smaller deficits across GCC. * NCB and Samba merged in Saudi, and FAB-ADIB bank merger talks restarted in UAE. * Saudi lost its bid ...

OMAN: VAT law decree issued and bond now likely this week
GULF COUNTRIES · In Brief · 12 Oct 2020

Sultan Haitham just issued Royal Decree 121/2020 for the VAT Law. We are trying to get hold of a copy of the final draft. News reports say it will begin in "six months" which we are guessing means 1 April, but have yet to confirm this (OO). When parliament approved the law six weeks ago it recomm...

​GULF WEEKLY: Kuwait CP approved, PMIs rebound and Qatar eases investment restrictions
GULF COUNTRIES · Report · 09 Oct 2020

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include: * Kuwait's parliament approved the Emir’s 80-year-old brother Meshal as Crown Prince. * PMIs rebounded back to expansion in UAE and Saudi; Qatar also expanded, but more slow...

KUWAIT: Meshal al-Ahmed appointed crown prince - credit negative
GULF COUNTRIES · In Brief · 07 Oct 2020

Update: while we were drafting this quick note the formal announcement was made that Sheikh Nawaf has indeed appointed his brother Meshal (also transliterated as Mishaal) as crown prince.Meshal, aged 80, has been deputy chief of the National Guard since 2004, taking over the role when Nawaf, who ...

​GULF WEEKLY: Kuwait’s emir mourned, Q2 GDP pain for Saudi & Bahrain, Oman bond delayed
GULF COUNTRIES · Report · 02 Oct 2020 · 1 response

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include: * Sheikh Nawaf became Kuwaiti emir, and the term of parliament was extended until October 20. * Speculation mounts about when a crown prince will be named, and who it will b...

KUWAIT: Emir has died - a loss for the region but likely credit positive for Kuwait
GULF COUNTRIES · In Brief · 29 Sep 2020

State media just announced the death of the emir (KUNA). He was being treated in the Mayo Clinic in Minnesota following bladder surgery in July. Despite frequent claims by state figures that he was "stable" or "improving", we had been consistently skeptical given the lack of disclosure about his ...

OMAN: Reflections ahead of a potential issuance
GULF COUNTRIES · Report · 28 Sep 2020 · 1 response

* Oman may issue at least $3bn in bonds imminently. * This is coming sooner than expected, and ahead of reforms or external support, because of concerns about a renewed downturn in the yield environment. * The VAT law should be issued soon, but implementation could be delayed until 2022. * The...

​GULF WEEKLY: Qatar affirmed, Kuwait downgraded, Oman may issue, Libya partly restarts
GULF COUNTRIES · Report · 25 Sep 2020

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include: * Libya reopened some oil fields and export terminals, but less than a third of its capacity. * The US asserted UN sanctions had snapped back on Iran, while the UN Sec Gen s...

KUWAIT: Moody’s downgrades two notches as politics threaten liquidity
GULF COUNTRIES · Report · 23 Sep 2020 · 1 response

The downgrade came amidst an impasse between the government and parliament about financing the large deficit, either through a debt law or by drawing on sovereign wealth. This is part of broader governance challenges that make it nearly impossible to implement fiscal reform. We see a potential sc...

​GULF WEEKLY: Bahrain normalizes, US upgrades Qatar alliance, Libya to restart oil
GULF COUNTRIES · Report · 18 Sep 2020 · 2 responses

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include: * Bahrain and UAE signed normalization agreements with Israel in Washington. * We do not expect any other Gulf states to follow imminently, for differing reasons. * Coronav...

Copyright 2024 GlobalSource Partners. All rights reserved.