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GSN Risk Grade: C↑3↓ Fiscal balance: Finance and national economy minister Sheikh Salman Bin Khalifa Al-Khalifa insisted on 9 May that the government’s fiscal balance programme was on track to hit its target of balancing revenues and expenditure by 2024.

GSN Risk Grade: D↓5. Food protests: A sharp rise in the price of wheat and other staples has provoked protests around Iran. The Ministry of Agriculture cut subsidies on wheat imports on 1 May, in the face of rising international prices, which have been driven ever higher by the war in Ukraine, a major global supplier.

Allies of Iran-backed Shia party Hizbollah under-performed in Lebanon’s 15 May parliamentary elections, when they failed to secure a majority in the 128-seat National Assembly. The shake-up to the Lebanese political environment offers new opportunities for Gulf states that may be thinking about re-engaging with Beirut after a period of keeping their distance.

Saudi Aramco is said to be considering a stock market listing for its Aramco Trading arm. Analysts have predicted the unit could be valued at more than $30bn. Omani state energy company OQ is reportedly considering a sale of shares in some of its upstream and downstream assets. Meanwhile, Bahrain’s Nogaholding is due to complete a comprehensive energy strategy in six months, which could pave the way for an “asset monetisation” programme.

Saudi officials issued a statement on 16 May insisting that the futuristic city of Neom, under construction in the north-west of the kingdom, would be governed by the same rules that apply to the rest of the country in terms of security, defence and border protection.

Islamic Republic of Iran Armed Forces chief of staff Major General Mohammad Bagheri inaugurated a drone factory in Dushanbe, Tajikistan on 17 May. Bagheri had arrived the previous day, to be greeted on arrival in the Tajik capital by chief of the general staff Lieutenant General Imomali Sobirzoda.

The UAE Ministry of Defence has cut the length of national service for male recruits holding a high school diploma or above, from 16 to 11 months. However, those without a high school diploma will now have to serve three years, up from two years previously. The national service for female recruits will be 11 months, down from 12 months previously.

Abu Dhabi National Oil Company (Adnoc) has appointed McDermott International as the design contractor for a new liquefied natural gas (LNG) plant in Fujairah. The 9.6m t/yr capacity plant is being developed to tap into the growing international demand for natural gas.

France has condemned the arrest of two of its citizens in Iran as 'baseless' and called for their immediate release. Several other French citizens have been arrested and convicted of spying in recent years.

Iran appears to have succeeded in placing at least one surveillance mini-satellite into orbit in late December, based on imagery released this month showing large parts of the Bahraini capital Manama, including the headquarters of the US Fifth Fleet.

Sheikha Bodour Bint Sultan Al-Qasimi, president of the Geneva-based International Publishers Association (IPA), has been in Argentina and Colombia to attend the Buenos Aires International Book Fair and the International Book Fair in Bogota.

Donors have pledged $33m for a United Nations plan to secure the decaying FSO Safer oil tanker, moored off the Yemen coast. The funds were pledged at an event in The Hague on 11 May co-hosted by the UN and the Dutch government.

Recently appointed United States Central Command (Centcom) commander General Michael Kurilla held a meeting with then Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed Al-Nahyan (MBZ) at Qasr Al-Shati, Abu Dhabi on 12 May, some three months after his predecessor had seemingly been denied an audience with MBZ.

British prosecutors have accused two former defence industry executives of orchestrating the payment of millions of pounds of bribes in Saudi Arabia, some of which went to Prince Miteb Bin Abdullah.

Gulf governments have been reporting healthy budget surpluses for Q1 2022, as they reap the benefit of high oil prices.