GULF WEEKLY: $10bn Saudi bond, Kuwait political turmoil, Shell invests in Omani hydrogen, Gulf bailout for Egypt and Pakistan

GULF COUNTRIES - Report 13 Jan 2023 by Justin Alexander

A skimmable summary overlaid with our analysis and links. Headlines:

* The UAE pledged a $1bn loan to Pakistan and extended an existing $2bn.
* Saudi Arabia added $1bn in oil financing and is considering an extra $2bn loan and an extra $9bn investment.
* Gulf states are expected to roll over their $28bn of deposits in Egypt until at least 2026 and invest $7bn in SOEs.
* KSA unexpectedly issued $10bn in 5-30 year bonds, more than all GCC sovereigns in 2022.
* Various Saudi mining deals were announced including new exploration by Canada’s Barrick.
* Singapore’s Olam Agri is considering an IPO in Saudi Arabia (as PIF owns 35%).
* Emirates NBD issued the first dirham bond priced against the new local Treasuries yield curve.
* Qatar’s non-oil GDP grew by 5.3% y/y in Q3 as trade and transport continued to rebound from Covid, but finance slowed as the lending boom ahead of the World Cup cooled.
* Hotel prices in Qatar quadrupled in November, during the tournament, but occupancy fell to 56%.
* QatarEnergy and Chevron Phillips finalised plans for the $6bn Ras Laffan Petrochemicals complex.
* Kuwait’s parliament and cabinet fell out (yet again) over a proposal to buy and reduce citizens’ loans.
* Shell signed a 10-year LNG offtake agreement and took a stake in a large hydrogen project.
* Bahrain claimed positive results from an evaluation of gas reserves, but with no details.
* Databank updates: Qatar Q3 GDP plus tourism and population.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.