​GULF WEEKLY: Abu Dhabi issues bonds, Omanis protest, Iranian candidates culled

GULF COUNTRIES - Report 28 May 2021 by Justin Alexander

A skimmable summary overlaid with our analysis and links. Headlines:

* Coronavirus cases ticked up again across the Gulf, reversing a declining trend in most states.
* Iran’s election has become a one-horse race, but this should facilitate a JCPOA deal soon.
* Qatar pledged $500m to rebuild Gaza, and the UAE tried to involve itself in mediation efforts.
* Saudi Arabia announced viable plans to raise $38bn by 2025 through privatization asset sales.
* Abu Dhabi and two GREs (Mubadala and Adnoc) together issued $4.7bn.
* Abu Dhabi announced two hydrogen/ammonia production plans and pitched to host COP28.
* Sukuk-holders are fighting an Emirates REIT distressed debt exchange proposal. Separately, a court ruled in favor of Dubai Islamic Bank in the NMC debt restructuring.
* Non-resident deposits in Qatar are up 39% y/y and comprise a worrying 30% of total deposits.
* A Kuwaiti opposition candidate won 92% of the vote in a symbolic by-election.
* Oman’s unemployment protests quieted today, and expat work permits fees were linked to Omanization.
* NCSI corrected mistakes in Omani fiscal data from CBO, showing lower Q1 spending (-3% y/y).

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