GULF WEEKLY: Biden confirms talk of Saudi visit, OPEC+ increases taper, Yemen ceasefire extended, S&P positive on RAK
A skimmable summary overlaid with our analysis and links. Headlines:
* OPEC+ boosted its taper by 50% for July and August, but in a rather peculiar way, and Brent is touching $120.
* Despite the oil windfall, Saudi government and FX reserves both declined in April.
* There is talk of building a miles-long skyscraper in Neom, a project plagued by a toxic management culture.
* The UN has negotiated a two-month extension to Yemen’s ceasefire.
* The US praised the role of Saudi Arabia, in the ceasefire and in OPEC+, and Biden spoke about a possible trip to Riyadh..
* Russia’s foreign minister met with GCC counterparts in Riyadh.
* The UAE’s PMI rose in May, on strong orders and despite input inflation. Dubai’s inflation hit 4.6% in April.
* Fitch lifted RAK’s outlook to positive given an expectation of ongoing fiscal surpluses.
* Borouge soared on its first-day trading and there is movement towards Tecom and Utico IPOs.
* Qatar may be planning debt issuance after sharing details of a new GMTN program with rating agencies.
* Oman announced a modest supplementary fiscal package equivalent to about 0.3% of GDP.
* Bahrain’s inflation eased to 3.4% in April, but this is likely just a seasonal quirk related to Ramadan.
* Nabi Berri was re-elected speaker of Lebanon’s parliament, a role he has held for 30 years.
* Databank updates include: April inflation for Bahrain, Kuwait and Dubai. Bahrain & Abu Dhabi forecasts.
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