The seventh round of talks to revive the Iran nuclear deal resumed today, having halted last week, and it appears as though reaching an agreement is some way off. This could put upwards pressure on oil prices and give governments in the Gulf greater scope to avoid tighter fiscal policy. Indeed, Qatar’s 2022 State Budget published this week showed plans to raise spending slightly. Elsewhere, the news that the working week in the UAE will shift is unlikely to have a significant macroeconomic impact, although it does feed into the sense that the UAE is pulling out the stops to make itself an attractive destination for expats and investment.
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