​GULF WEEKLY: Oil rallies, Dubai & Oman tap bonds, Bibi visits MBS

GULF COUNTRIES - Report 27 Nov 2020 by Rory Fyfe and Justin Alexander

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

* Oil touched $49, the highest since the March OPEC+ meeting, ahead of the next key meeting. We anticipate a 3-month delay to the 2m b/d taper.
* MBS hosted Israel’s prime minister at NEOM to discuss shifts in US policy under Biden.
* Given Biden’s appointments, including Jake Sullivan, we expect an early JCPOA re-entry.
* This could be complicated by the assassination today of Iran’s top nuclear scientist near Tehran.
* SAMA has been renamed the Saudi Central Bank, with a new mandate to support growth.
* Saudi women’s rights activist Loujain al-Hathloul was ominously transferred to a terrorism court.
* Dubai issued $1.5bn in a tap of four maturities ranging from 9 to 30 years.
* Abu Dhabi approved a $122bn capex plan to boost output to 5m b/d and announced new reserves.
* Qatar stepped up investments in ally Turkey, including in Borsa Istanbul and a major mall.
* Oman issued $500m in a tap and revealed $1.5bn in new domestic borrowing in Aug/Sep.
* Expats rank Abu Dhabi, Muscat and Doha as the region’s best cities to live and work in.

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