GULF WEEKLY: Bahrain announces fiscal reforms, Oman projects small deficits until 2030, South Yemen clashes continue
A skimmable summary overlaid with our analysis and links. Headlines:
* Clashes in Yemen between UAE and Saudi-backed forces continued today.
* Saudi Arabia’s current account deficit continued for a fifth quarter in Q3, narrowing to -2.6% of GDP.
* Aramco reduced diesel subsidies, hiking the price by 8%.
* Humain received its first shipment of high-end Nvidia AI chips.
* Sharjah’s public sector budget plans a 3% increase in spending and sees tax revenue doubling.
* Qatar’s GDP growth rebounded in Q3 to 2.9% (0.1% oil, 4.4% non-oil, led by construction, up 9.1%).
* Qatar’s current account surplus expanded to 18% of GDP in Q3 due to a surge in investment income.
* Qatar transferred the $3.5bn payment to Egypt for its Mediterranean tourism development project.
* Oman’s budget sees a -1.3% of GDP deficit on a $60 oil assumption and has similar 2027-30 projections.
* Oman’s GDP growth was flat at 2% in Q3 as oil accelerated, but finance and transportation slowed.
* Bahrain announced plans for fiscal reforms, including corporate tax and some subsidy reduction.
* Iran saw major protests over inflation and affordability, and the central bank governor was replaced.
* Iraq’s new parliament met for the first time since the elections and appointed a speaker.
* Lebanon’s cabinet approved the draft financial gap law to restructure bank deposits.
* Israel approved 19 new settlements, spread across the West Bank, undermining peace prospects.
* Databank updates: Oman and Sharjah budgets, Qatar and Oman GDP, Qatar & Saudi BoP, Sharjah and UAE forecasts…
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