​GULF WEEKLY: Omani spending rises, solid Saudi Q1 GDP, Israel normalization tested

GULF COUNTRIES - Report 14 May 2021 by Justin Alexander

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

* The worst Israeli-Palestinian conflict since 2014 presents a challenge to Gulf-Israel normalization.
* US-Iran talks entered a critical phase, just two weeks before Iranian electioneering begins.
* Saudi Arabia confirmed it is talking with Iran, which Hezbollah signalled it approves.
* Saudi’s flash Q1 GDP showed stronger-than-expected private sector growth of 4.0% q/q.
* Saudi hosted Turkey’s foreign minister and Qatar’s Emir, in related reconciliation moves.
* Dubai’s PMI hit a post-2019 high, and its property prices saw the fastest rise in seven years.
* Qatar froze the assets of six businessmen, possibly linked to the arrest of the finance minister.
* Qatari LNG sales could benefit from frosty Chinese relations with rival exporter Australia.
* Oman's 2020 deficit of $11.5bn was worse than budgeted, although spending cuts and non-oil revenue were better.
* Oman published detailed Q1 expenditure data, higher than previously reported and up 11% y/y.
* Bahraini officials visited Kuwait and Abu Dhabi to cement relations with key financial backers.

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