GULF WEEKLY: Aramco results, Bahrain budget, OPEC+ mulls deeper cuts

GULF COUNTRIES - Report 06 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:

* A divided US government could benefit the region due to lower yields and a weaker dollar.
* A President Biden, even without the Senate, will shift policy on Iran and Saudi Arabia.
* OPEC+ is considering a three-month delay to the 2021 taper or even deep cuts, as Libya surges.
* Aramco dug into its cash reserves for a third quarter to meet its dividend pledge.
* Moody’s published an update on Saudi including a stronger fiscal strength score.
* Saudi Arabia announced its plans to liberalize the migrant worker sponsorship system.
* The UAE federal budget for 2021 is -5.3% lower than this year.
* Dubai published its first tourism report since the pandemic began, showing a slight recovery.
* Qatar had its largest current account deficit since the 1990s in Q2, at -7.5% of GDP.
* Qatar will hold the first elections for its advisor Shura Council next year.
* The registration deadline for Kuwait’s elections closed with a host of interesting candidates.
* Oman published its 2020-24 fiscal balance plan, including a proposal for a personal income tax.
* Bahrain’s 2021-22 draft budget includes overly ambitious spending cuts.

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