GULF WEEKLY: Aramco finalizes China investments, Abu Dhabi crown prince appointed, Fitch gives Qatar a positive outlook, Oman prepays $1.5bn loan

GULF COUNTRIES - Report 31 Mar 2023 by Justin Alexander

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

* Oil has partly rebounded after Iraq temporarily halted 450k b/d in pipeline exports via Turkey.
* UAE, Qatar and Saudi Arabia all ranked in the top 25 in AT Kearney’s FDI confidence index.
* Unemployment amongst Saudi nationals fell to 8%, the lowest in over three decades.
* The Saudi current account surplus narrowed to 7% of GDP in Q4, averaging 14% for 2022.
* Al Rajhi Bank sold a sustainable sukuk, and SEC is issuing another.
* Aramco finalized investments in two Chinese refining & petrochemical plants, supplying 680k b/d.
* MBZ’s eldest son, Khaled, is Abu Dhabi’s crown prince. Three of MBZ’s brothers also got promotions.
* The UAE revoked the license of Russian bank MTS after it was sanctioned by the US.
* Presight AI soared by 149% in its first week of trading. More IPOs are planned in the UAE.
* Adnoc and BP have made an offer to buy a 50% stake in a major Israeli gas producer, NewMed.
* An LNG cargo from the UAE, traded by TotalEnergies, made history as the first settled in yuan.
* Fitch put Qatar on a positive rating outlook and sees debt falling to 42% of GDP by 2024.
* There were protests in Kuwait over the annulment of the 2022 election results.
* Oman prepaid $1.5bn from a syndicated loan, reducing its debt to about 38% of GDP.
* Bahrain’s GDP grew by 4.9% in 2022 (6.2% non-oil, -1.4% oil) but some sectors still lag 2019 levels.
* Bahrain’s current account surplus was a record 15% of GDP in 2022 but FDI was at a 6-year low.
* Abdulla bin Khalifa al-Khalifa was appointed as CEO of Bahrain’s SWF Mumtalakat.
* Databank updates: Bahrain GDP; BoP for Bahrain, Qatar & KSA; forecasts for Bahrain & Qatar.

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