Sukuk issuance by Gulf sovereign borrowers is expected to rise to around $34 billion this year, from $25 billion in 2019, as funding needs rise as a result of lower oil prices and the coronavirus crisis, Moody's said.

Bahrain's government revenue fell 29% in the first half of 2020 on the back of low oil prices and the coronavirus pandemic, the country's state news agency said on Monday.

The Kingdom's trade deficit fell to BD485 million ($1.29) during the second quarter 2020 compared to BD492 million ($1.31) for the same quarter of the previous year, recording a 1.4% decrease on an annual basis, the Information & eGovernment Authority (iGA) stated.

Bahrain has raised its holdings of United States bonds to $1.323 billion, an increase of 83% on an annual basis.

Countries of the energy-rich Gulf are expected to accumulate $490 billion in deficits by 2023 due to the double hit of low oil prices and the coronavirus slowdown, Standard and Poors said in a report.

The twentieth annual study of global wealth management conducted by Boston Consulting Group (BCG) revealed that the year 2019 witnessed 68.8% of wealth being held by millionaires in Bahrain, while the study expected the number of millionaires in the Kingdom to grow by 1.1% annually in the coming years.

McLaren Group says falling sales of its vehicles means that it will need to raise further funds, despite securing a life-saving 150 million pound ($190 million) loan in June.

McLaren is looking to sell a share of its Formula 1 team after months of hardship triggered by the coronavirus pandemic and the delayed start of the F1 season, the sports Car Scoops websites reported.

The Ministry of Finance and National Economy published the Q1 2020 Bahrain Economic Quarterly report for the Kingdom of Bahrain. The report revealed a decline in real GDP growth (at constant prices) at a rate of 1.1% YoY.

The National Bank of Bahrain has granted a £150million loan to McLaren to help it cope with the aftermath of the Coronavirus pandemic.

McLaren is poised to secure a loan from the National Bank of Bahrain to solve its cash-flow problems, news websites have learned.

A recent study confirmed that about 95% of the private sector jobs have been acquired by foreigners in recent years, noting that remittances abroad have increased significantly.

McLaren are considering selling a minority stake in their once-dominant Formula One team to raise funds to help the company weather the COVID-19 crisis, Sky News reported on Wednesday.

Abdulhakim Al-Shammari, Chairman of Commercial Market Committee and Board Member of BCCI, stressed the need to open the bridge linking Bahrain and Saudi Arabia to reduce the losses the Bahraini economy has suffered as a result of this closure, which occurred due to measures to combat the Coronavirus epidemic.

Bahrain's holding of U.S. bonds fell by 17% in April 2020, on a monthly basis.

State oil giant Saudi Aramco started laying off hundreds of employees this month, two sources familiar with the matter said, as global energy companies reduce their workforces in response to the coronavirus crisis.

Gulf bourse markets rebounded on Tuesday, tracking the impact of global equities, supported by the increasing oil prices due to record cuts in supplies and increase on oil demands.

The government has agreed to pump an additional BD177 million ($470.7 million) into this year's budget to deal with the emergency expenditures incurred by the country as a result of the Coronavirus pandemic.

Bahrain's fiscal deficit is seen widening to 12% of GDP this year from 4.6% in 2019, largely due to lower oil prices, S&P Global Ratings said on Saturday.

In its latest report on the effects of the Coronavirus epidemic on the economies of the Gulf States, the World Credit Rating Agency Fitch said that Bahrain will need the oil price barrel to be $94 to reach the point of fiscal balance.