GULF WEEKLY: PMIs rise with reopenings, Dubai firms junked and UAE government restructured
A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include:
* Oil demand remains uncertain but OPEC+ will raise August output, and Libyan exports are restarting.
* PMIs rose in most of the region and signaled a return to expansion in the UAE, which has moved ahead the most rapidly with reopening, including restarting international travel this week.
* There was criticism in the US of Saudi (over Aljabri) and the UAE (blocking a deal on Qatar).
* S&P junked three Dubai real estate firms and warned the emirate will need four years to recover from an -11% GDP contraction.
* The UAE federal government saw a major restructuring, and an Abu Dhabi figure was appointed to head Arabtec, Dubai’s largest construction firm.
* Kuwait’s parliament advanced bills to radically cut expat numbers, and the government announced a stimulus package to support (the few) Kuwaitis in the private sector.
* Bahrain’s Q1 GDP saw a -1.7% non-oil decline, and a government report claimed progress on shale oil evaluations.
* Tensions with Iran continued, including another mysterious explosion and the killing of an Iraqi analyst critical of Iranian militias.
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