GULF WEEKLY: Aramco equity offering raises $11bn, Kuwait crown prince appointed, Oman spending down -2% in 2023
A skimmable summary overlaid with our analysis and links. Headlines:
* Brent crude partly recovers to $80, after initially bearish sentiments about the OPEC+ deal.
* Qatar is hosting more ceasefire consultations as Biden’s Gaza plan faces pushback.
* Qalibaf and Ahmadinejad added their names to the list of possible Iranian presidential candidates.
* The PMI dipped in Saudi Arabia, was flat in the UAE, but rose slightly in Qatar and Kuwait.
* Aramco raised $11bn+ in its secondary offering, which was priced at a -6% discount.
* PIF raised £650m its first GBP bond, with 5 and 15-year tranches.
* Qatar signed another major LNG deal to sell 4m t/yr to Taiwan’s CPC.
* Qatar’s Emir received a visit from Ukraine’s president.
* Former PM Sabah Khalid al-Hamad al-Sabah was named as Kuwait’s crown prince.
* Oman’s final accounts for 2023 showed expenditure down -2% y/y and non-oil revenue up 7%.
* Oman cut its debt further with the repayment of a $1.8bn sukuk.
* OIA’s profits rose to $4.4bn in 2023, and its assets to $50bn.
* Bahrain’s FX reserves dropped by -10% m/m in April to the lowest in over a year.
* A bilateral Bahrain-China FTA is under consideration.
* Egypt reached a staff-level agreement with the IMF on its third EFF review.
* Databank updates: Oman fiscal, OPEC quotas, Bahrain & Abu Dhabi inflation, PMIs, Qatar population.
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