GULF WEEKLY: Aramco and ADQ issue debt, Gulf leaders attend UN, Oman has a strong Q2 GDP

GULF COUNTRIES - Report 27 Sep 2024 by Justin Alexander

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

* Oil dipped as the market offset returning Libyan and Saudi supply against China’s stimulus plans.
* OPEC’s long-term demand forecasts were hiked and it sees 18m b/d demand growth by 2050.
* Aramco issued $3bn in sukuk, lifting total debt issuance by KSA/PIF/Aramco this year above $50bn.
* ADQ issued $2bn bonds, in 7 and 30-year tranches, following on from its debut in May.
* Leading chipmakers TSMC and Samsung are considering factories in the UAE, backed by Mubadala.
* The UAE-New Zealand Cepa was finalized after just four months of negotiations.
* The UAE is reportedly considering a $1.5bn loan to support Kenya.
* The EU cleared the UAE’s e& of anti-competitive subsidies in its takeover of PPF Telecom.
* Qatar is in discussions to export LNG to South Africa.
* Ooredoo raised financing to expand its data centers in the region to meet AI demand.
* Qatar was the first Gulf country granted a US visa waiver. The Amir addressed the UN General Assembly and visited Trump in Florida.
* Oman’s non-oil GDP grew by 5.6% in Q2, driven by manufacturing, trade, transport and construction.
* Bahrain’s 2023 final accounts showed a deficit of 4.5% of GDP. Gas revenue was far below budget.
* The UAE’s president met separately with Biden, Harris and Trump, as well as US corporate leaders.
* At the UN, Gulf leaders advocated for ceasefires in Lebanon and Gaza, and Saudi Arabia formed a new group with the EU to advocate for Palestinian statehood.
* Databank updates: Bahrain fiscal, Oman GDP, Kuwait BoP, UAE forecasts, Dubai inflation.

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