​GULF WEEKLY: Dubai Q1 worse than Saudi, stimuluses extended, Iraq hopes for IMF loan

GULF COUNTRIES - Report 03 Jul 2020 by Justin Alexander

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include:
* Dubai’s Q1 GDP (-3.5% y/y) was much weaker than Saudi's because of its more open economy.
* Oil rose but Angola could be a spoiler to the OPEC+ deal and a Libyan restart is a wildcard.
* Saudi and Bahrain extended some temporary stimulus measures into July and beyond.
* SAMA data shows some sizable shifts within its assets in May and in the Q1 international investment position.
* Saudi point of sales transactions rebounding strongly in May (45% m/m).
* Turkey’s Khashoggi trial and an uptick in the Yemen war continue to damage Saudi’s image.
* Dubai World completed its 2009 crisis restructuring with a final $8bn repayment.
* Another banking merger has been mooted, between Qatar’s Masraf al-Rayan and Al Khaliji.
* IMF loans: Egypt approved, Lebanon talks on hold, Iraq talks begin.
* Iran tensions are on the rise again after a blast at a nuclear plant that could be sabotage.

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