​GULF WEEKLY: Bahrain reserves collapse, Oman downgraded, Qatar affirmed, Hajj curtailed

GULF COUNTRIES - Report 26 Jun 2020 by Rory Fyfe and Justin Alexander

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

* Bahrain belatedly published 3 months of FX reserves, which hit a record low in April.
* Moody’s downgraded Oman to Ba3 (Negative) despite expectations of GCC support.
* Fitch affirmed Qatar at AA- (Stable) and reported MoF plans to cut debt by -$20bn.
* Saudi banned 2m foreign Hajj pilgrims, at the cost of over $8bn in tourism spending.
* Curfews ended in UAE and Saudi and eased elsewhere.
* Virus trends diverged, with UAE and Qatar looking best, while Oman and Kuwait are moving in the wrong direction.
* Adnoc raised $10bn by leasing a 49% stake in its gas pipelines for 20 years.
* Divided Zone oilfields are set to restart in July.
* The UAE attributed Lebanon's problems in part to the decline in its relations with the Gulf.

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