GULF WEEKLY: Dubai issues, Oman VAT approved, PMIs weaken, Israelis fly to UAE

GULF COUNTRIES - Report 04 Sep 2020 by Rory Fyfe and Justin Alexander

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include:

* Dubai issued $2bn in bonds and sukuk, and Bahrain started talks with banks about an issuance to take advantage of the sharp fall in yields.
* The first Israel-UAE flight travelled over Saudi Arabia as normalization continued.
* PMIs fell back into contraction in UAE and Saudi as rebounds faded; Qatar’s also dipped.
* Aramco is reportedly slowing its domestic and international investments.
* A Kuwaiti newspaper said the government will pass the debt law by decree if parliament doesn’t.
* Oman’s parliament approved the VAT law but proposed delaying it until 2022.
* Oman posted a weak June fiscal outturn, bringing the H1 deficit to $2.4bn.
* The ICJ held hearings on Qatar’s claim of racial discrimination by the UAE.
* Lebanon got a new prime minister and Tunisia a technocratic government.

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