The UAE’s plan to introduce a corporation tax next year will help to diversify public revenues away from oil and may provide Dubai’s government with greater resources to step in if corporate debt problems resurface. Elsewhere, the EU recently lodged a WTO trade dispute against Egypt and if the matter escalates, the EU could possibly raise trade barriers and hurt Egypt’s exports to a key trading partner. And finally, yesterday’s OPEC+ meeting was a fairly straightforward affair with the group raising output by 400,000bpd as expected. Rising production feeds into our above-consensus growth forecasts for the Gulf.
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