GULF WEEKLY: Qatar commissions LNG expansion, Saudi activist freed, Khamenei digs in heels

GULF COUNTRIES - Report 12 Feb 2021 by Justin Alexander

A skimmable summary of key developments, overlaid with our analysis and links to further information. Headlines include:

* Khamenei and Biden reasserted “you first” positions, and Iran produced uranium metal.
* Biden will reverse the terrorism designation of the Houthis in Yemen, although they subsequently attacked a Saudi civilian airport.
* Saudi Q4 flash GDP suggested the non-oil sector had recovered to pre-Covid levels.
* Saudi female activist Loujain al-Hathloul was released, and judicial reforms were announced.
* Anwar Gargash, a strong Qatar critic, was replaced as UAE minister of state for foreign affairs.
* Qatar awarded the main contract for its $29bn North Field East LNG expansion.
* Capital Intelligence followed Fitch in putting Kuwait on negative outlook.
* Oman clocked another $0.8bn monthly deficit in October, bringing the YTD total to $7.4bn.
* Bahrain’s preliminary 2020 deficit of -$4.3bn was slightly less than in the bond prospectus.
* The oil price assumption in the 2021 budget was raised to $50, showing a $3.2bn deficit.
* Egypt issued a $3.8bn bond in 5-40 year tranches. Qatar hinted at potential support for Lebanon.
* New lockdown measures were implemented as Covid cases increased everywhere, bar the UAE.
* Libyan peace talks agreed on a transitional government (although it needs ratification).

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