GULF WEEKLY: Fitch downgrades Kuwait, Adnoc bond pending, Houthis strike UAE again
A skimmable summary overlaid with our analysis and links. Headlines:
* Oil keeps climbing, but OPEC+ is not expected to accelerate its tapering plan next week.
* Iran nuclear talks are looking more hopeful, including mediation by Qatar on a prisoner exchange.
* The Saudi sovereign borrowing plan is a third the size of last year, just $11.5bn in refinancing.
* Adnoc is preparing to issue $3-5bn in bonds through its new Adnoc Murban subsidiary.
* Ras Al Khaimah is set to host the Gulf’s first casino, developed by Wynn Resorts.
* Houthis fired more missiles at Abu Dhabi, which were intercepted with a US system.
* The US is urging Qatar to help Europe diversify its gas supply away from Russia.
* Qatar is reported to be planning to issue a debut green bond.
* Fitch downgraded Kuwait to AA- on governance problems, still its highest rating.
* Kuwait’s draft budget sees a -$10bn deficit at $65/barrel but breakeven at $75.
* Oman has slowed down the phase-out of residential electricity subsidies (worth 1.5% of GDP).
* Saad Hariri will boycott Lebanon’s elections. Kuwait proposed a plan to end the rift with the GCC.
* The chief of staff of Tunisia’s dictatorial president has resigned as the World Bank calls for fiscal reform.
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