The Gulf states were already struggling with half a decade of low oil prices before Covid-19 struck. Now the pandemic is putting their economies and sovereign balance sheets under further pressure.
Lockdowns have closed the region’s glittering shopping malls. And while the United Arab Emirates is relatively less exposed to the renewed oil-price fall since March, it is the most exposed to the global collapse in air travel, given its role as the region’s financial and tourism hub.
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