​GULF WEEKLY: Strong Saudi Q1 GDP, Dubai bails out Emirates, Egypt-Qatar reconciliation

GULF COUNTRIES - Report 18 Jun 2021 by Justin Alexander

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

* Oman’s coronavirus cases and deaths hit new records, and hospitals are under strain.
* Saudi non-oil Q1 GDP grew by 4.9% q/q SA, even stronger than the earlier flash indicator.
* However, the tourism sector will suffer a blow from a ban on foreign Hajj pilgrims.
* Saudi Arabia executed a Shia protestor, possibly for offenses committed as a child.
* Emirates posted a $5.5bn loss and revealed it has received $3bn in support from Dubai.
* The UAE was elected to the UN Security Council for 2022-23.
* Fitch affirmed Qatar and forecast declining debt levels, although not the aggressive paydown previously expected.
* Egypt’s foreign minister visited Qatar for the first time since 2013 as relations warmed further.
* A flurry of Omani-Saudi diplomatic activity is linked to mediation on Yemen and possibly Iran.
* Bahrain issued a $398m 5-year local bond at 3.6%.
* The Lebanese pound dropped to a record low of -90% below its official peg.

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