​Gulf weekly: Aramco hits $2trn, Saudi budget unveiled & Qatar dispute thaws

GULF COUNTRIES - Report 15 Dec 2019 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:
* Aramco nominally achieved MBS’s magical $2trn valuation on its second day trading.
* The Saudi 2020 budget envisages the deficit rising to 6.4% of GDP, despite spending cuts.
* There were further signs of Saudi-Iran de-escalation and the UN was unable to say if the Abqaiq attack used Iranian weapons.
* The blockade of Qatar did not end at the GCC Summit, but there were further signs of a thaw.
* Oman’s monthly deficit in October rose to $1bn and it lost a similar amount in FX reserves.
* Sultan Qaboos returned home after a week of medical treatment in Belgium.
* Lebanon faced a downgrade but failed to form a new government.

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