- Oil demand remains uncertain but OPEC+ will raise August output and Libyan exports are restarting.
- PMIs rose in most of the region and signalled a return to expansion in the UAE, which has moved ahead 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 a -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.
Read the full report here.
