​Gulf weekly: US assassinates Iranian general, Saudi GDP contracts

GULF COUNTRIES - Report 03 Jan 2020 by Justin Alexander

The weekly is a skimmable summary of key developments by country, overlaid with our analysis and links to further information. Headlines include:

* Saudi GDP contracted by -0.5% y/y in Q3, a base effect due to high oil output a year before, but non-oil growth picked up to 4.3% (a five-year high).
* Saudi mediation efforts between its allies in Yemen began to unravel.
* Dubai’s budget sees revenue up 25% and expenditure up 17%, leaving a $0.6bn deficit.
* Oman TV said Sultan Qaboos was in “stable condition”.
* Despite stronger November fiscal data, Oman’s deficit was $4.9bn YTD, on par with 2018. Its 2020 budget plans for little consolidation.

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