​Gulf weekly: Lebanon nears default, Sharjah downgraded and Kuwait has a new finance minister

GULF COUNTRIES - Report 21 Feb 2020 by Rory Fyfe and Justin Alexander

The weekly is a skimmable summary of key developments by country, overlaid with our analysis and links to further information. Headlines include:

* The OPEC+ meeting will not be brought forward as coronavirus concerns ease somewhat.
* Tensions in Yemen increased after Houthi rebels shot down a Saudi jet.
* Dubai is taking DP World back under full public ownership and restructuring its debt.
* Qatar seems to be delaying its LNG expansion plans, but probably only by 3-6 months.
* Kuwait unexpectedly appointed a new finance minister due to parliamentary pressure.
* Kuwait formally cut its oil capacity targets, catching up with the reality of investment inertia.
* Moody’s & S&P downgraded Sharjah (a UAE emirate) to Baa2.
* Lebanon issued a tender for debt restructuring advice, and markets lost hope of repayment of the Eurobond maturing on March 9.
* Moody’s returned Tunisia to stable outlook; separately, a new cabinet has been proposed.
* Iran is holding its parliamentary elections today, with a focus on turnout and results in Tehran.

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