GULF WEEKLY: All bar Kuwait hike by 75bp, grand plans unveiled for The Line/Neom, Kuwait has a new prime minister

GULF COUNTRIES - Report 29 Jul 2022 by Justin Alexander

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

* Libyan production has nearly recovered, and the US announced additional strategic oil releases.
* OPEC+ sources have downplayed US hopes for a major supply boost in September.
* Once again Kuwait limited its rate hike to 25bp but the other Gulf states did the full 75bp.
* The Line’s design was unveiled: a 170km-long arcology targeting a population of 9m by 2045.
* Neom will IPO in 2024 to help raise $320bn to finance its first phase of development.
* MBS visited France and Greece on his first European tour since the 2018 Khashoggi murder.
* Dubai’s inflation rose further to 5.8% in June, driven by transport, food and recreation.
* The son of Kuwait’s Amir was appointed as the new prime minister.
* Oman Investment Authority returned 10.3% (annualized) in its first year and a half of operations.
* Bahrain’s FX reserves fell by -15% in May to the lowest in over a year, despite strong export earnings.
* Tunisia approved the new constitution that grants strong powers to President Saied, on only 30% turnout.
* Sadrists stormed Iraq's parliament to protest their rivals' latest candidate for the premiership.
* Databank: Bahrain, Kuwait and Dubai inflation.

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