GULF WEEKLY: Kuwait's 2020 deficit 30% of GDP, Covid rates ease regionally, Oman’s H1 deficit 9% of GDP
A skimmable summary overlaid with our analysis and links. Headlines:
* The IPCC gave a grim climate assessment that could spur an accelerated energy transition.
* Raisi nominated his cabinet, and hints began to emerge for the future of nuclear negotiations.
* Coronavirus rates have fallen sharply in Oman and Kuwait and are now low across the Gulf.
* The Saudi deficit narrowed to -0.6% of GDP in Q2, and real GDP growth rebounded to 1.5% y/y.
* Dubai tourism began to pick up in June, although visitor numbers are still a third of pre-Covid levels.
* UPDATE: Qatar posted a Q2 surplus of QR3.8bn (about 2.5% of GDP).
* There were rare protests in Qatar from the Al Murrah tribe over restrictions in the electoral law.
* Kuwait’s 2020/21 deficit nearly tripled to a record -30% of GDP. Subsidy reforms are being considered.
* Kuwait Investment Authority appointed a new managing director and board.
* Oman’s final 2020 account showed a deficit of -16.0% of GDP. The H1 2021 deficit narrowed to -9% of GDP.
* Lebanon’s central bank ended its subsidy for fuel imports.
Now read on...
Register to sample a report