GULF WEEKLY: Saudi deficit narrows, Saudi-Turkey talks, new Qatar finance minister
A skimmable summary overlaid with our analysis and links. Headlines:
* Coronavirus cases rebounded in Bahrain but eased elsewhere in the Gulf.
* Erdogan spoke with King Salman, and Cavusoglu will visit Riyadh next week.
* The Saudi deficit narrowed to just -1% of GDP in Q1 but will deteriorate over the rest of the year.
* The IMF Article IV statement said Saudi could slow its capex reduction to support recovery.
* A minor reshuffle included the appointment of Faisal al-Ibrahim as Saudi economy minister.
* PMIs rose in Saudi and UAE but eased back in Qatar.
* UAE non-oil GDP contracted by -6.2% last year, led by hospitality (-23.6%).
* Moody’s affirmed Abu Dhabi and UAE.
* The head of Emirates is among the first round of foreigners being granted UAE citizenship.
* Ali Kuwari, Qatar’s minister of commerce & industry, was also named acting finance minister.
* Bahrain issued a 5yr BD200m ($530m) local bond at 3.6%.
* Bahrain’s oil minister hinted at progress towards auctioning shale reserves and monetizing pipelines.
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