GULF WEEKLY: Aramco sells bonds, Adnoc signs up LNG investors, Pezeshkian wins Iran’s presidency

GULF COUNTRIES - Report 12 Jul 2024 by Justin Alexander

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

* Masoud Pezeshkian, a moderate former health minister, won Iran’s presidential election.
* Aramco sold $6bn in 10 to 40-year bonds at tight spreads.
* Saudi Arabia raised a further $1bn from the Aramco equity sale through its greenshoe option.
* Saudi manufacturing (ex-refining) rose by 14% y/y in May to a new record level.
* Riyadh Air signed a strategic partnership with US airline Delta.
* Adnoc secured investments in Ruwais LNG from Shell, BP, Total and Mitsui.
* The UAE convicted 53 people on charges of supporting the Muslim Brotherhood.
* Qatar was the victim of a major online disinformation campaign and criticism in the US Senate.
* The former head of KIA’s London arm sued for unfair dismissal in 2022.
* Oman’s non-oil revenue was strong in May but is still down by -5% y/y.
* Oman published a performance budgeting guide, and there were more rumors about a personal income tax.
* A Bahraini MP was ejected from parliament for having a dual nationality.
* Qatar hosted more Gaza ceasefire talks as a UN panel warned that famine is spreading.
* The new UK government said that it will rebalance its positions on Palestine and Israel.
* Databank updates: Oman fiscal, OPEC+ oil production, Saudi manufacturing, Qatar population.

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