GULF WEEKLY: Biden-MBS bump fists, Sharjah junked, Oman’s Q1 GDP looks weak

GULF COUNTRIES - Report 22 Jul 2022 by Justin Alexander

A skimmable summary overlaid with our analysis and links. Headlines:
* Oil rose this week despite Biden’s Saudi visit and a restart in some Libyan facilities.
* Gulf bond issuance was down -80% y/y in H1, and loans were down by -31%.
* MBS was likely pleased with the optics of Biden’s visit, despite the controversy over Khashoggi.
* The IMF is trying to firm up Saudi commitment to finance Pakistan before disbursing more loans.
* Moody’s downgraded Sharjah to junk (Ba1) due to the lack of a credible fiscal adjustment plan.
* Dubai’s inflation jumped to 5.8% in June—driven by fuel, flights and food—and UAE federal inflation was 3.4% in Q1.
* Grocery chain Union Coop was the latest IPO to trade down in its first week.
* The UAE jailed a US lawyer linked to Khashoggi who was transiting through Dubai.
* S&P revised Kuwait’s rating back to stable given the supportive oil environment.
* There is confusion about who will be Kuwait’s prime minister, with a reformist economist reportedly favored.
* Oman published quarterly real GDP for the first time, showing a -0.9% non-oil decline due to weak construction.
* Oman is considering issuing a dollar sukuk and local Islamic money market instruments.
* Bahrain has lifted its Qatar travel ban after the King and Emir met in Jeddah.
* The UN is working toward a 6-month extension of Yemen’s ceasefire, which expires in August.
* Databank updates: Oman GDP; inflation for Saudi, Dubai and Oman; Sharjah and Kuwait forecasts.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.