GULF WEEKLY: Ceasefire extended, but Hormuz closed, and oil rebounds, Moody’s puts Bahrain on a negative outlook, Dubai approves metro extension

GULF COUNTRIES - Report 24 Apr 2026 by Justin Alexander

A skimmable summary overlaid with our analysis and links. Headlines:

* Oil has rebounded as Hormuz remains closed and the US and Iran both seize ships.
* A report that it could take up to six months to clear mines added to market concerns.
* Trump extended the ceasefire indefinitely, and the Lebanon ceasefire was also extended.
* Saudi T-sukuk will join both the JP Morgan and Bloomberg local currency bond indices in 2027.
* Moody’s narrowed its Saudi deficit forecast to -2.5% of GDP, as higher oil prices offset the war impact.
* Dubai revised up its GDP, nearing parity with Abu Dhabi and reducing its debt to 12% of GDP.
* The UAE federal government achieved a record fiscal surplus of $4.7bn in 2025.
* The UAE requested a swap line from the US, but is not short on dollars.
* UAE banks delivered solid Q1 earnings results, but made precautionary increases in provisioning.
* Dubai approved plans for the Metro Gold Line, expanding its network by a quarter by 2032.
* Qatar’s central bank reserves were steady in March, despite the war and lower gold prices.
* Kuwait sold $1.3bn in local bonds, following a $2bn private Eurobond placement last week.
* Kuwait reopened its airspace for the first time during the war, and is restarting flights on Sunday.
* Moody’s sees -8.3% GDP contraction for Kuwait but narrowed its deficit forecast to -8.8% of GDP.
* Moody’s placed Bahrain on a Negative Outlook and revised its deficit forecast to -15% of GDP.
* The US halted dollar shipments to Iraq over militias. Moody’s put Iraq on a Negative Outlook.
* Databank updates: Dubai GDP, UAE fiscal, forecast for Bahrain, Saudi Arabia and Kuwait.

Now read on...

Register to sample a report

Register
Must have at least 8 characters
Sign-in
Forgot your password?
Copyright 2026 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.