The United Arab Emirates has canceled the entire debt (just under $7 billion) owed to it by Iraq, an unnamed UAE diplomatic source told Reuters on July 7. [more]
Kuwait announced that it would be increasing its oil output by 300,000 barrels per day (bpd) by mid-2009. That goal seems likely given its oil reserves and financial situation. (With Stratfor map)[more]
Rather than giving the ruling al-Sabah family a more cooperative legislature, Kuwait's May 17 elections resulted in a parliament that will serve as an obstacle for the royal family. [more]
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