Oman may be rowing back on an austerity plan to fix its shaky finances in the face of protests over unemployment but investors are cutting the Gulf state's new ruler some slack for now.
Middle EastAbu Dhabi back to bond markets despite rebound in oil
Yousef Saba
3 minute read
Abu Dhabi plans to sell U.S. dollar bonds on Tuesday in its first foray in the international debt markets this year, raising cash for state coffers despite a recent rebound in oil prices.
The oil-rich emirate gave initial guidance of 70-75 basis points over U.S. Treasuries for seven-year U.S. dollar-denominated bonds expected to price later in the day. It did not say how much it intended to raise.
The United Arab Emirates, where Abu Dhabi is the capital, was hit hard by the COVID-19 pandemic and last year s crash in oil prices, but a rebound in global crude demand as economies re-open has reduced the urgency to borrow for budget purposes.
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DUBAI (Reuters) - Groups of Omanis demanding jobs held fresh protests on Tuesday, activists said, in the biggest challenge yet to the Gulf state’s new ruler, who ordered the government to accelerate plans to create thousands of jobs.
FILE PHOTO: Sultan Haitham bin Tariq al-Said gives a speech after being sworn in before the royal family council in Muscat, Oman January 11, 2020. REUTERS/Sultan Al Hasani
Social media postings showed a group of protesters holding a sit-in under a bridge in the northern city of Sohar, where protests have taken place for three consecutive days. Other protests were reported in several other towns, including Rustaq, Nizwa and Sur.