GULF WEEKLY: Biden calls King Salman, Saudi issues €1.5bn, Kuwait MPs oppose asset withdrawals
A skimmable summary overlaid with our analysis and links. Headlines include:
* A temporary IAEA nuclear monitoring agreement provides space for US-Iran talks.
* The US bombed pro-Iranian militia on the Syria-Iraq border, in retaliation for an attack last week.
* Saudi issued €1.5bn in 3 and 7-year bonds, although demand was weaker than anticipated.
* PIF stands to make a large windfall from the listing of Lucid Motors, in which it will own 62%.
* Biden called King Salman ahead of the release of a report blaming MBS for Khashoggi.
* Dubai is facing ongoing embarrassment over Sheikh Mohamad’s detained daughters.
* Qatar’s 2020 fiscal outturn shows a deficit of just -2.2% of GDP, due to large capex cuts.
* S&P downgraded Qatar’s Ezdan to CCC, given challenges refinancing a bond due in May.
* Qatar met with UAE, Bahraini and Egyptian officials as part of the reconciliation process.
* Kuwaiti MPs, including the loyalist speaker, oppose the proposed FGF withdrawal bill, which we think is designed to catalyze agreement on a debt law instead.
* Oman confirmed residential electricity tariffs hikes will be phased in more slowly.
* Oman’s deficit reached $8.3bn (14% of GDP) YTD to November, and we expect a large December deficit.
* Moody’s downgraded Tunisia as social unrest constrains fiscal adjustment.
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