Research Briefing | Aug 26, 2021

MENA | Saudi oil exports; GCC travel; Kuwait spending cuts

 Saudi oil exports; GCC travel; Kuwait spending cuts

Oil exports from Saudi Arabia soared to SAR61.5bn in June, a 123% increase from a year earlier, as oil output started to rise and oil prices strengthened. Non-oil exports rose 41%, taking total exports 92% higher than June 2020, when international trade and travel were hit by Covid-19 restrictions.

What you will learn:

  • Saudi Arabia lifted the ban on travel from 20 countries which has been in operation since February to curb the spread of Covid-19. This means that expats can now travel to or transit through the Kingdom from countries including the UAE, the UK and the US. Travel bans have also been lifted for some eligible vaccinated travellers in Oman and Bahrain.
  • After Kuwait’s budget deficit rose to an historic high of KWD10.8bn in 2020 (almost 29% of GDP), state entities have been ordered to cut spending by at least 10% in an effort to plug the widening deficit.
  • There are a number of suggested measures, including a “revision of incentives” for higher government officials.
Back to Resource Hub

Related Services

Post

Dumping? Key categories of Chinese imports have surged in Europe

China has been accused of dumping stock onto the European market within the automotive, metals and chemicals sectors with the possibility of the EU placing tariffs on these products. Dumping is defined as a company exporting at a price lower than its domestic price and requires greater evidence than just a surge in imports, which will take time to gather and assess

Find Out More

Post

House price indexes rose steadily in most US metros

House prices increased in all but a handful of metros in Q4 2023 as indicated by their Federal Housing Finance Agency (FHFA) purchase-only house price indexes. However, the quarterly growth rates of the indexes decelerated in Q4 compared to Q3.

Find Out More