The surprise increase in Saudi oil production in January suggests the Kingdom is no longer willing to shoulder the brunt of oil output cuts, which reduces the chance of deeper cuts in response to the coronavirus outbreak. Dubai’s property slump is showing signs of intensifying after the developer DAMAC reported its first loss since 2010. If the real estate sector continues to struggle, the exposure of Dubai’s GREs to it may make servicing large upcoming debts difficult. Elsewhere, the IMF confirmed that it is providing technical assistance to Lebanon as the first steps towards a deal are made. But any deal is likely to come with a devaluation and debt restructuring.
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