​GULF WEEKLY: Oil pulls back on UAE comments, Saudi deficit eases in 2021, Kuwait acquits former PM

GULF COUNTRIES - Report 11 Mar 2022 by Justin Alexander

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

* Oil eased to about $111, after hitting a 14-year high of $130 when the US banned Russian imports.
* The Saudi and Abu Dhabi crown princes reportedly refused calls from Biden.
* Iran nuclear talks are on pause again, this time due to Russian demands.
* Saudi Arabia's deficit eased to -2.4% of GDP in 2021, as spending fell -3% and revenue rose 23%.
* The UAE was put on the FATF illicit financing gray list, just as Russian money relocates to Dubai.
* Dubai’s PMI rebounded in February, as the region emerges from Omicron and related restrictions.
* Qatar’s population surged by 5.7% y/y to a new record in February as World Cup workers arrive.
* Kuwait appointed interior and defense ministers and controversially acquitted a former PM of corruption.
* Oman expanded the scope of permitted foreign real estate ownership.
* Bahrain tourist numbers crashed in February, possibly a sign of competition from Saudis partying at home.
* An oil spill in the Red Sea will hopefully be averted after a UN-Houthi deal on the Safer tanker.

Now read on...

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