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GSN Risk Grade – B↓3 Overview Politics: Sultan Haitham Bin Tariq Bin Taimur Al-Said was named ruler in January 2020, succeeding the late Qaboos Bin Said Al-Said as the 15th ruler of the Al-Busaidi dynasty (founded in 1750). Qaboos was a monumental figure who, having deposed his father in 1970, had led Oman since 1970. The succession process was quick and smooth, orchestrated via the Royal Family Council. Haitham has moved cautiously in the opening period of his rule, broadly following his predecessor’s domestic and regional policies.

Dubai’s Emirates Group slumped to a Dh22.1bn ($6bn) loss in the year to end-March, its first non-profitable year in over three decades. Group revenues tumbled 66% to Dh35.6bn due to the impact of worldwide travel restrictions and border closures in response to the Covid-19 pandemic.

The Saudi Season of entertainment events is expected to return in Q4 21, as a popular element in the kingdom’s Vision 2030 plan. The programme will begin with the return of Riyadh Season, an amalgam of events, arts and cultural activities in the capital.

Abu Dhabi National Oil Company (Adnoc) has signed an agreement with India’s Reliance Industries to develop a world-scale chloralkali (used in water treatment and the manufacture of textiles and metals), ethylene dichloride and PVC production facility at Ruwais.

The merger of Saudi banks Samba Capital and National Commercial Bank (NCB) was formally completed on 11 July, with Samba rolled into NCB and the enlarged group adopting the new name of Saudi National Bank.

Shares in Al-Yah Satellite Communications Company (Yahsat) made a strong debut on the Abu Dhabi Securities Exchange (ADX) on 14 July, when its share price rose by 13% in early trading before settling back. Abu Dhabi’s Mubadala Investment Company raised Dh2.7bn ($731m) in the initial public offering (IPO) of the satellite operator, making it the second largest listing on the bourse after Adnoc Distribution’s $851m IPO in 2017.

Risk grade - B↓2↓ Overview Politics: Governed by the Al-Sabah family since the 18th century, Kuwait gained independence from Britain in 1961, with a constitution confirming the hereditary monarchy but giving significant powers to an independent judiciary and elected assembly.

The last stretch of tarmac on a 720km road linking Ibri in Oman with Al-Ahsa in Saudi Arabia’s Eastern Province was completed on 14 September, suggesting that the new crossing will open as planned before end-2021.

Crown Prince Mohammed Bin Salman’s favoured vehicle the Public Investment Fund (PIF) is to acquire a 25% stake in Emaar, the Economic City, to settle a debt of SR2.8bn ($755m) that the master developer of King Abdullah Economic City owed to the Saudi sovereign wealth fund.

London Stock Exchange-listed Petrofac has admitted seven counts of failing to prevent bribery in relation to contracts awarded in 2012-15 in Iraq, Saudi Arabia and the UAE, contrary to Section 7 of the UK Bribery Act 2010.

The Gulf Co-operation Council is to launch formal negotiations on a free trade agreement (FTA) with the United Kingdom in 2022, according to an 8 October British government statement. The GCC negotiating team will be led by Saudi Arabia’s Abdulraham Ahmed Al-Harbi.

GSN Risk Grade: B↓3 Haitham in Qatar: Sultan Haitham Bin Tariq Al-Said made a rare visit to another GCC country, with a trip to Qatar on 22-23 November. Emir Sheikh Tamim Bin Hamad Al-Thani hosted a lunch on his arrival and the two leaders held talks and witnessed the signing of six agreements covering cooperation on military affairs, taxation, labour, investment, tourism and transport.

S&P Global Ratings revised its outlook for Bahrain’s sovereign rating to stable from negative on 26 November, citing its expectation that the government will implement further measures to reduce the budget deficit and will also benefit from support from other Gulf sovereigns.

The United States has announced further sanctions on a network – led by financier Said Al-Jamal – that it said helped fund the Houthi war effort

An attempt by GCC secretary-general Nayef Al-Hajraf to convene a fresh round of dialogue in Riyadh for Yemen war belligerents appears to have failed, with the Houthis refusing to take part. However, there are signs of further Saudi-inspired political initiatives to break the stalemate on the ground, which could have significant consequences for President Abd-Rabbu Mansour Hadi and the wider political process.