GULF WEEKLY: Adnoc Gas IPO soars, Bahrain MPs reject 2021 accounts, Russian firms in UAE sanctioned, Saudi FM visits Ukraine

GULF COUNTRIES - Report 03 Mar 2023 by Justin Alexander

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

* Iran is receiving a visit from the IAEA chief as worries grow about its uranium stockpile.
* The first projects in KSA’s Shareek private investment scheme were announced, mainly by SOEs.
* ACWA Power closed financing for its Neom green hydrogen plant and is considering 3 more.
* The Saudi foreign minister visited Ukraine and formalised a $400m aid pledge, drawing US praise.
* There were signs of progress in Saudi-Houthi talks in Yemen as the first general cargo ship in 8 years docked in Hodeida.
* Dubai’s inflation slowed to 4.6% in January on sharply lower transport and recreation prices.
* The UAE is negotiating 26 additional comprehensive economic partnership agreements.
* The Adnoc Gas IPO raised $2.5bn, Abu Dhabi’s largest, and 8 more IPO are expected this year.
* Mubadala will pay a $1.8bn settlement to Malaysia over the 1MBD fraud.
* Key Russian firms with subsidiaries in the UAE have been sanctioned by the US and EU.
* Ridesharing app Careem unexpectedly lost regulatory approval in Qatar due to Uber’s acquisition.
* Oman approved the first foreign mining concession, for nickel, and plans more soon.
* Bahrain’s inflation dropped sharply to just 0.8% as the VAT hike fell out.
* Bahrain’s lower chamber rejected the 2021 accounts, signalling a pending clash over the 2023 budget.
* Databank update: Bahrain & Dubai inflation, UAE PMI, ESCWA regional forecasts.

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