​GULF WEEKLY: Kuwait downgraded, phone hacking scandal, MBZ visits MBS

GULF COUNTRIES - Report 23 Jul 2021 by Justin Alexander

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

* After dipping following Sunday’s OPEC+ deal, oil has recovered back to last week’s level (Brent $73).
* The UAE and Saudi crown princes met in Riyadh to signal their ongoing alliance despite differences.
* There were embarrassing revelations about widespread UAE and Saudi Arabia phone hacking, using Israeli software. As well as dissidents and journalists, politicians were apparently targeted, including in Lebanon, Yemen, Iraq, Egypt and the UK.
* Another scandal emerged as Trump financier Tom Barrack was arrested by the FBI on charges of being a UAE agent.
* There was little economic or market data during the week because of the Eid holidays.
* Qatar’s real estate prices were up 7.7% in June from their recent low.
* Qatar and Kuwait will host thousands of evacuated Afghan translators for the US military.
* S&P downgraded Kuwait to A+, maintaining a negative outlook, given political obstacles to fiscal reform and to agreeing on a mechanism for deficit financing.
* Kuwait’s Emir has returned from a month of cancer-related medical treatment in Germany.
* Kuwait, Saudi Arabia and Abu Dhabi have indicated support for Sudan’s Paris Club debt relief.

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