GULF WEEKLY: Tanker attacks overshadow Raisi inauguration, Gulf PMIs are strong, Oman backtracks on subsidy reform

GULF COUNTRIES - Report 06 Aug 2021 by Justin Alexander

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

* Gulf ministers from UAE, Qatar, Kuwait and Oman attended President Raisi’s inauguration.
* Two Europeans were killed in a drone strike on a tanker off Oman, and there was an attempted hijacking of another, both blamed on Iran. A US-Iran prisoner swap seems to be off.
* PMI readings were very strong in Saudi, Qatar and UAE.
* The court battle between former spy chief Saad AlJabri and MBS heated up.
* The UK removed UAE, Bahrain and Qatar from its Covid red list, facilitating travel and tourism.
* Qatar won two gold medals at the Olympics, a GCC record. Kuwait won a bronze.
* Oman eased summer electricity tariffs for citizens, but the subsidy backtrack is not too serious.
* Oman is considering a 2050 net-zero target, and even Saudi Arabia has been playing a more positive role in G20 climate talks.
* Oman’s current account recorded a -$8.8bn deficit in 2020.
* Bahrain’s FX reserves surged in June to the highest since 2015 and it issued a local 3-year bond.
* MBZ visited Bahrain for a second time this year, highlighting the increasingly close bilateral ties.
* The Saudi foreign minister visited Tunisia, and Bahrain expressed support for President Saied.
* A French donor conference raised $370m for Lebanon.
* Israel’s supreme court proposed a compromise on the explosive Sheikh Jarrah land dispute.

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