Gulf Economic Barometer

The Gulf Economic Barometer monitors initiatives taken by Gulf states as they seek fiscal, monetary, and labor policy changes to meet the challenge of reduced state revenue from natural resources. The key trend is a major shift in the way the GCC countries have been spending on public sector wages, infrastructure, and social services over the last decade. The GEB documents the policy changes as they are announced and/or implemented by country and by sector and will be updated regularly as data becomes available. The information here is neither official nor exhaustive.

June 19, 2017
Oman Power and Water Procurement Company is expected to announce its pick of consultants for its first coal-fired independent power project.
June 18, 2017
Saudi Arabia has entered into long-term public-private partnerships with private companies for the development and operation of five of its airport.
June 12, 2017
Saudi Arabia to implement a monthly employment tax on foreign laborers and their dependents, starting July 2017.
June 11, 2017
Saudi Arabia implements "sin tax", imposing a 100 percent tax on tobacco and energy drinks, and 50 percent tax on soft drinks.
June 7, 2017
Kuwait’s National Assembly passes amendment to a labor law that increases holiday entitlements for public and private sector employees.
May 31, 2017
Saudi Arabia considers listing Marafiq, a state-owned utilities company, on the local market.
May 28, 2017
Saudi Arabia announces a selective tax of 100 percent on tobacco and energy drinks, and 50 percent on carbonated beverages to be applied from June 10, 2017.
May 24, 2017
Oman raises $2 billion through sukuk, with an interest rate of 4.397 percent.
May 23, 2017
UAE announces a selective tax of 100 percent on tobacco and energy drinks, and 50 percent on carbonated beverages to be applied in the fourth quarter of 2017.
May 17, 2017
Oman plans to raise $2 billion through sukuk sale.
May 12, 2017
S&P downgrades Oman sovereign to non-investment grade, from BBB- to BB+.
May 10, 2017
Saudi Arabia's deputy minister of civil service promises to eliminate non-nationals from public sector jobs by 2020.
May 9, 2017
Oman seeks to borrow $3.6 billion from three Chinese banks to meet spending needs.
April 21, 2017
Oman considers listing Oman Oil Company's assets on the local market.
April 13, 2017
Saudi Arabia raises $9 billion with its first international sukuk issue.
April 4, 2017
Kuwait plans to increase its public debt ceiling from 10 billion dinars, to 20 billion dinars ($65.62 billion).
March 15, 2017
Oman announces plans to list a 49 percent IPO in Muscat Electricity Distribution Company by June.
March 13, 2017
Kuwait to raise $8 billion with its first international bond issue.
March 2, 2017
Oman issues $5 billion in international bonds.
February 27, 2017
Oman increases income tax, with significant changes applied to small businesses.
February 21, 2017
Bahrain issues a $600 million tap from its $1 billion October 2028 bond.
February 7, 2017
Oman issues short-term treasury bills to the local bank market in the amount of 32.77 million Omani rials ($85.08 million).
February 2, 2017
The GCC value added tax is closer to implementation.
January 31, 2017
Kuwait announces a 50 percent IPO in the Az-Zour North Independent Water and Power Project.
January 17, 2017
Qatar sells 15 billion Qatari riyals ($4.1 billion) in bonds to the local debt market.
January 16, 2017
Kuwait prepares for its first dollar-denominated bond issue.
January 5, 2017
Qatar amends the new labor regulation, reinstating the requirement for workers to have permission of employers to leave the country.
January 3, 2017
Oman prepares for an international bond issue.
January 3, 2017
Expatriate workers are sentenced to flogging and jail time for protesting unpaid wages in Saudi Arabia.
December 13, 2016
Qatar eases restrictions on foreign worker mobility, contract transfer
November 30, 2016
Qatar introduces new fees for alcohol licenses for expatriates.
November 30, 2016
Saudi Arabia dips into its reserves to fund the Public Investment Fund an additional 100 billion Saudi riyals ($27 billion).
November 8, 2016
Kuwait's quasi-sovereign EQUATE issues a new government-backed corporate bond.
November 8, 2016
Kuwait announces plans for an international bond sale in 2017.
November 2, 2016
Oman issues short term treasury bills to the local bank market in the amount of 42 million Omani rials ($109 million).
October 31, 2016
King Saud University in Riyadh lays off hundreds of expatriate medical staff under the pressure of hiring nationals.
October 19, 2016
Saudi Arabia's first international bond sale will be larger than expected.
October 4, 2016
Bahrain issues $2 billion in international bonds, half in a sukuk.
September 23, 2016
Oman moves assets between the Ministry of Finance and other government-related entities in preparation for its privatization efforts.
September 20, 2016
Saudi Arabia removes subsidies and increases fees for government services to issue passports, driving licenses, car transfers, traffic violations, residence permit renewals for domestic workers, and increases customs duties on 193 commodity products, effective October 2.
September 20, 2016
Qatar sells 4.6 billion Qatari riyals ($1.26 billion) in bonds to local debt market.
September 20, 2016
Bahrain announces a new flexible visa for temporary employment.
September 6, 2016
United Arab Emirates Cabinet approves bankruptcy law, expected to come into effect in 2017 pending presidential signature. The law is aimed at safeguarding the rights of creditors and debtors in insolvency situations, including measures that prioritize secured creditor rights, and enable companies to restructure without unanimous creditor approval.
August 23, 2016
Saudi Arabia continues bond sales to the local bank market in local currency, up to 20 billion Saudi riyals ($5.3 billion ) in August.
August 9, 2016
Saudi Cabinet approves new visa fees, including 8,000 Saudi riyals ($2,133) for a two year multiple entry permit, as well as reducing the benefits of a 500 Saudi riyals (about $133) multiple exit/entry visa from three to six months
August 2, 2016
Kuwaiti Cabinet approves increasing petrol prices by 41 percent for low octane petrol and 83 percent for low emission petrol, starting in September
June 29, 2016
State-owned Petroleum Development Oman obtains $4 billion in loans from international banks.
June 29, 2016
The price of petrol in Qatar will increase by 7 percent starting in July from 1.20 Qatari riyal ($0.32) to 1.30 Qatari riyal ($0.35) per liter.
June 15, 2016
Outbound travelers through Oman’s airports will have to pay 2 Omani rials ($5.19) extra in tax, starting July 1.
June 13, 2016
Kuwait Investment Authority intends to sell its stake in nuclear group, Areva.
June 9, 2016
Oman issues debt in the form of a $2.5 billion bond – its first debt issue in nearly 20 years.
June 1, 2016
Omani government approves an increase in corporate tax
May 31, 2016
In June, the revised price for regular petrol in Oman will be about 170 baisas ($0.44) per liter, super graded will be about 180 baisas ($0.46), and diesel will be about 185 baisas ($0.48).
May 26, 2016
Qatar issues debt in the form of a $9 billion bond (in three maturities: five, 10, and 30 years), surprising markets with the amount of investor interest.
May 26, 2016
Qatar's Ministry of Energy and Industry announces gasoline prices increase to 1.30 Qatari rials ($0.36) per liter for Super 97, 1.15 Qatari rials ($0.32) per liter for Premium 90, and 1.40 Qatari rials ($0.38) per liter for diesel.
May 19, 2016
Kuwait makes plans to issue a sovereign bond.
May 15, 2016
Bahrain issues a $435 million privately placed sukuk.
May 14, 2016
Moody’s lowers Oman's credit rating from A3 to Baa1.
May 14, 2016
Moody’s lowers Bahrain's credit rating from Ba1 to Ba2.
May 4, 2016
Qatari government announces plans for a bond sale aiming to raise up to $5 billion
April 30, 2016
The revised price for regular petrol in Oman will be 149 baisas ($0.39) per liter in May.
April 25, 2016
Saudi government sells five, seven, and ten year floating rate notes.
April 25, 2016
Saudi Arabia announces that it has no plans to introduce tax on income, capital, or basic goods.
April 24, 2016
Private Omani firms consider issuing sukuks.
April 12, 2016
Qatar’s Ahli Bank completes a $500 million debut bond issue.
April 4, 2016
Kuwait plans to issue debt worth 2 billion Kuwaiti dinars ($6.6 billion), split equally between sukuk and conventional bonds.
April 1, 2016
Kuwaiti work permit fee raised from 2 Kuwaiti dinars ($6.63) to 50 Kuwaiti dinars ($165.78); renewal from 2 Kuwaiti dinars ($6.63) to 10 Kuwaiti dinars ($33.16)
March 14, 2016
Kuwait plans to impose a 10 percent tax on company profits, a 5 percent value added tax, and a proposed tax on money transfers by expatriates.
March 1, 2016
Standard & Poor’s lowers Oman's credit rating two notches to BBB-minus.
February 27, 2016
Moody’s lowers Oman's credit ratings by two notches to A3.
February 23, 2016
Bahraini government terminates a $750 million bond sale of five and ten year bonds, only to reopen the cancelled sale as $600 million, with borrowing costs raised by 25 basis points.
February 17, 2016
Standard & Poor’s cut Saudi Arabia's credit worthiness twice in less than six months to A-.
February 17, 2016
Standard & Poor’s lowers Bahrain's credit worthiness from BBB- to BB, now rating it as junk.
January 12, 2016
Bahrain raises regular petrol prices to 0.125 Bahraini dinars ($0.33) per liter (56.3 percent increase).
December 31, 2015
Oman's Shura Council votes to increase corporate tax by 3 percent (from 12-15 percent without discrimination).
December 7, 2015
Bahrain contemplates proposal to introduce higher rates on traffic registration and inspections for expatriates and companies, impose fees on expatriate students at government schools, and new rates for unused plots of land and sewage usage.