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Issue 982 - 27 November 2014

Risk Management Report: Kuwait

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POLITICS: Kuwait has been governed by the Al-Sabah family since the 18th century. It gained independence from Britain in 1961; a new constitution written that year confirmed the hereditary monarchy, but gave significant powers to an independent judiciary and an elected assembly. The emir – currently Sheikh Sabah Al-Ahmed Al-Sabah – retains final say and political parties are banned. But the 50-member assembly has proven more vibrant than expected, and Kuwait has often been held up as a beacon for democratisation in the region. Friction between the elected parliament and the appointed government has been an ongoing problem, however, often resulting in paralysis of the state. Parliament has twice been shut down – from 1976 to 1981 and from 1986 to 1992 – and there have been three general elections since February 2012.

Kuwait
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On 16 November, opposition-led demonstrators stormed the parliamentary building, calling for prime minister Nasser Mohammed Al- Ahmed Al-Sabah to resign. Their anger was directed at the recent corruption and bribery scandals that have rocked the government, and an October constitutional ruling preventing the opposition from grilling the prime minister over the illegal money transfers.

Kuwait
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Although Syria is a bastion of Levantine culture, its portrayal in the media is often dominated by its politics. The West mistrusts its relationship with Iran and organisations such as Lebanon’s Hizbollah. Years of meddling in Lebanese affairs have strained relations, although efforts at reconciliation have been made, with Syria naming its first ambassador to Lebanon in 2009.

Syria
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Yemen is in a very fragile state. After 33 years of rule, president Ali Abdullah Saleh let go of power in February 2012, and the nation entered a two-year transitional period intended to steer it towards democracy and stability. His successor,Abd-Rabbu Mansour Hadi, has inherited a nation beset by violence and competing factions. A smouldering insurgency in the north, secessionism in the south, a powerful jihadist movement and remnants of the old guard are all high on the agenda.

Yemen
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Despite a wave of protests and calls for reform throughout the Gulf Co-operation Council (GCC), Qatar has so far remained unaffected. There have been no protests, and the Qatari government has not followed other GCC countries in announcing measures to address domestic issues.

Qatar
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Suspicions about Saudi Arabia’s nuclear intentions are growing in the United States, amid evidence of undeclared uranium activities in the north and other undisclosed activity. The concerns led the US House of Representatives Intelligence Committee in early August to insert a provision in the Intelligence Authorisation Bill which requires the US administration to investigate Riyadh’s efforts to develop a nuclear capability.

Saudi Arabia
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Dubai deputy ruler and UAE finance and industry minister Sheikh Hamdan Bin Rashid Al-Maktoum returned to a warm welcome in Dubai on 10 September following surgery abroad for an unspecified condition.

United Arab Emirates (UAE)
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UAE Team Emirates rider Tadej Pogacar won the Tour de France on 20 September, scoring a soft power victory for the UAE in the process. In three previous attempts at professional cycling’s most prestigious event the team had never finished higher than eighth.

Bahrain | United Arab Emirates (UAE)
Issue 1112 - 15 October 2020

UAE: Dubai debts estimated at $110bn

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Dubai’s total debts are likely to be far higher than the $33.6bn the emirate stated in a $2bn bond and sukuk prospectus last month, according to London-based Capital Economics.

United Arab Emirates (UAE)
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Announcing job losses and investment cutbacks, many of Big Oil’s flagship companies have been making dramatic announcements of changes in strategic direction. This is most marked among European majors BP, Eni, Royal Dutch Shell and Total, if not by their US peers ExxonMobil and Chevron Corporation; it suggests that many industry leaders now see their futures as diversified energy companies, rather than old-style international oil companies (IOCs).

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Qatar’s future parliamentarians will have legislative powers, the right of veto over the budget and be able to scrutinise ministers — but only two-thirds will be elected, under the proposed new Constitution. One-third of the 45-member Legislative Council — probably including ministers — will be nominated by Emir Sheikh Hamad Bin Khalifa Al-Thani, who will decide when the Constitution is put into effect, probably by early in 2003.

Qatar
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Kuwait is preparing for legislative elections on 5 December in what is shaping into one of the most important polls in recent history. Candidate registration closed on 4 November, by when 395 individuals had put  themselves forward. That is significantly down from the last election in 2016, when 440 candidates signed up. Among the new crop are 33 women, the largest number of female contenders yet.

Kuwait
Issue 1116 - 10 December 2020

UAE: 49th National Day

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Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed Bin Rashid Al-Maktoum and Abu Dhabi Crown Prince and UAE Armed Forces deputy supreme commander Sheikh Mohammed Bin Zayed Al-Nahyan attended 2 December celebrations for the 49th UAE National Day.

United Arab Emirates (UAE)
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GSN’s year-end Perspective/Agenda feature provides a look back – and forwards – at key events across the region in 2020-21. It gives an opportunity to update the Risk Grades included with each of our regular Risk management reports. After another year of tragedy, Yemen is effectively a failed state (rated F6, the bottom political and financial grades). Qatar has shown itself to be robust in the face of its neighbours’ boycott, its finances warranting an upgrade to 1, putting it on a par with the UAE. Iraq’s political standoffs and financial woes remain deeply troubling, but the situation is improving rather than deteriorating and the prospect of higher oil prices next year should help further; it has been upgraded from E5↑ to D4↓. Oman’s fiscal challenges continue to mount, prompting a downgrade of its economic rating to 3. 

Iran | Kuwait | Saudi Arabia | Bahrain | Yemen | Oman | United Arab Emirates (UAE) | Iraq | Qatar
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Federal Vice President and prime minister, and Dubai Ruler Sheikh Mohammed Bin Rashid Al-Maktoum (MBR) officially joined the TikTok social media network on 19 December.

United Arab Emirates (UAE)